Nifty CMP- 11769.60
During the last week Nifty price broke the long standing trend line on Monday’s session i.e, 12th of Oct. which indicated a bearish sentiment in the market. Subsequently on 15th of Oct we have seen a major fall in Nifty price which pulled the prices down to the low of 11661.30. There after on Friday’s session we have witnessed a slight recovery in prices.
Below Nifty one hour chart indicates the price action on EOD basis –
As for the coming week we anticipate the following price action –
Above is the Nifty One hour chart illustrating the support and resistance levels.
After the breakdown in Nifty prices on Monday, we can plot the immediate support near 11624/11600 range. On the other hand Resistance can be seen near 11828 range. One has give due attention to the price action near the above mentioned levels before taking any positions.
One can expect high volatility on 21st Oct.
Daily Nifty spot levels are posted @ Nifty Spark page.