The Nifty Index stayed within our first Resistance 6120 (week high 6106.60) and first Support 5970 (week low 5984.60) indicated on 9th Feb - meaning Nifty was range bound for the week.
Friday's price action ensured a 'Bullish Harami' candlestick on the daily chart. A Bullish Harami suggests a stall in the preceding trend - which is down now. It is not necessarily a trend reversal candle but a signal to the Bears to close at least part of Shorts or Tighten (or lower) Stop loss. The weekly candle is more of a 'Spinning Top' indicating indecision on the part of market participants.
The Trend though is still down but it lacking momentum on the downside. The supports and resistances remain the same for the coming week too.
Supports are seen at 5970, 5877 & 5800. Resistances at 6120, 6180, 6200 - 6220.
Friday's price action ensured a 'Bullish Harami' candlestick on the daily chart. A Bullish Harami suggests a stall in the preceding trend - which is down now. It is not necessarily a trend reversal candle but a signal to the Bears to close at least part of Shorts or Tighten (or lower) Stop loss. The weekly candle is more of a 'Spinning Top' indicating indecision on the part of market participants.
The Trend though is still down but it lacking momentum on the downside. The supports and resistances remain the same for the coming week too.
Supports are seen at 5970, 5877 & 5800. Resistances at 6120, 6180, 6200 - 6220.
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