By Mehul Kothari
Senior Technical Analysit – Equity, IndiaNivesh
During the first session of the week, index Nifty spot attempted to meet 11000 mark and registered an intraweek high of 10987. However, during the final session Nifty closed near week’s low of 10756. Eventually, index lost more than a percent during the week went by. After clearing the hurdle of 10930 mark, the index faced some profit booking from higher levels and has closed below 10800 mark. On the daily chart,
Nifty seems to be bouncing from the support formed by the rising line of triangle pattern. We need to watch in the upcoming session how the index reacts because it has closed just below that trend line.
On the downside, move below 10750 could dwell the upside momentum but the uptrend would be in jeopardy if index breaches the critical support of 10690.
Thus for the coming week, 10690 remain a trend deciding level for the markets. On the upside, bulls would be in safe heaven only above the 11000 mark.
Before that 10900 – 10930 zone might act as intermediate resistance in the coming sessions. Traders are advised to remain stock specific due to earning season and avoid over leveraged positions.