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Weekly Market Update : The index is firmly placed above all the major exponential moving averages Says Mr. Apurva Sheth, Samco Securities
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Weekly Note on Market By Mr. Apurva Sheth, Head of Market Perspectives, Samco Securities.
Nifty continues to trade in green and manages to close above 18100 levels on the weekly time frame with a gain of 1.86 percent. On the daily chart and has maintained its cycle of higher highs – higher lows, construing to have a bullish setup.
On a technical aspect, the index is firmly placed above all the major exponential moving averages. We have seen some tentativeness at higher levels; but we do not construe this as any sign of worry. Traders are just opting to take some money off the table after seeing a decent up move in the previous couple of weeks.
As far as levels are concerned,17750-17700 is likely to cushion any fall on an immediate basis; whereas on the flipside, a decisive breach over the immediate resistance of 18200 could trigger a strong rally towards 18400 and beyond.
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