Weekly Technical View for 01 July onwards – Harish Thakkar

Technical Views from our Guest Author Mr. Harish Thakkar

nifty weekly technical view - by harish thakkar

Market made weekly Bar Reversal with gap up above previous day high, holding the gap with almost all gains. Market sets trending up move with buy on dips up to 5715 for targets of 5913 and 5990.

To trade is step by step process, once Nifty sustains above 50 DEMA- 5847 will add strength. And previous swing high of 5863 will be immediate resistance and 5870-5900 is cluster of resistance. Nifty has to give litmus test near weekly swing high of 5931, which will validate the strength of the market.

Use 5DEMA or 34 HSMA for trailing Stop Loss and 3 Hourly swing low for Intraday fresh positions.

Markets are in overbought condition on hourly time frame, so it is better to wait to cool down for fresh positions.

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