Nifty CMP- 11504.95
This week Nifty index was able to close just above 11500. On last Monday, Index made the opening near 11550 range, and made the low near 11512 in its first hour of trading session. However Nifty failed to maintain higher levels and started to fall. Once the discussed PRZ range was crossed below, selling pressure increased and we have witnessed 11400 range. During the week Index made the high of 11618.
Below is the EOD chart illustrating the price action –
As for the coming week, we anticipate the following price action –
Nifty Harmonic Pattern
Nifty on hourly chart is likely to complete Bullish BAT Pattern. One can look for buying opportunity near PRZ i.e., 11410 with feasible stop loss. .
As illustrated above Nifty is having a major support Support (LTF) near 11246. On the other hand 11652 shall act as significant Resistance in the coming days.
Along with above mentioned levels one shall also keep in mind the price action near the following levels before taking any positions –
Resistance – 11581/11722
Support – 11490/11410-11374
One can expect high volatility on 21st Sept.
Daily Nifty spot levels are posted @ Nifty Spark page.