Nifty Weekly Technical Analysis for 29 July, 2013

Nifty Daily Chart as on 26 July'13

Nifty Daily Chart as on 26 July’13

Nifty Weekly Chart as on 26 July'13,

Nifty Weekly Chart as on 26 July’13,

High Volatility, Big Gaps and No Trades…

High Volatility, Big Gaps and No Trade, that’s how month of July’13 is ending. (Still, we have 3 sessions to go, but expiry is over). As we mentioned in our daily review, according to analysts view Nifty almost reached 6100 mark, and turned lower. Bank Nifty lost almost 500 odd points during last week, and proved to be one of the major contributors for this pullback, because still CNX IT is making newer highs although with very small range.

Let’s take technical snap shot of Nifty.

  • After four weeks of rally Nifty lost 143 points week on week basis, after making a high of 6093.35. Going ahead on the downside Nifty has crucial support from its 40 Week Moving Average, which is coming near 5800, which also one of the important psychological mark. So breaking below 5800 level will be key challenge for market now, as every trader and analyst must have kept eye on it, and also chance of false breakdown also increases. Also it has trend line support which is still valid, and may support Nifty in days to come near 5750 levels. 

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