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The index opened this week with a modest gap down and formed a spinning body candle showing indecision to the ongoing down leg. The Index then managed to protect the lows of Monday and saw the incremental gains as week progressed. On the weekly time frame, the price action witnessed a technical pullback multiple supports like the 100 WMA, moving average bands, and the channel support line resulting in the formation of an insider bar. Going forward the resistance comes near 15750-15900-16200 whereas support comes near 15550-15350-15180.

Index opened the week on a positive note with gap up, but as the week progressed index turned highly volatile and end the week with minor gains. Going ahead index has index has an immediate support around 15600-15450-15200. While on the other hand resistance is present around 15880-16050-16230.

The index opened the week with a wide gap down, but as the week progressed index recovered its gains and remained strong for most sessions of the week, and ended the week around the week’s high above 16200. Going ahead index has key resistance around 16400, sustenance above the same will open the way for 16700-16880. Whereas, on the downside, immediate support is visible around 15930-15680-15300.

The head index Nifty after failing to sustain above the major previous gap-down area of 15880 – 16200 saw a corrective intermediate trend. The decline has also come on declining VIX which indicates profit taking after a 7% up move from the intermediate bottom formation. The index on Thursday halted the decline at the support of the gap and saw a pullback on Friday managing to cross and sustain above the short term moving average. On the weekly timeframe the price action is bolstered by the upper moving average band where the intermediate bottom formation was formed. Going ahead the resistance come near 16200 – 16450 – 16550 whereas support comes in near 15850 – 15700 – 15550.

Index opened the week on a flat note, index gained strength as the week progressed and ended the week near the weeks high with strong gains. Going ahead index has an immediate resistance around 16850-16900 zone which coincides with 50% retracement level of it’s prior fall, sustenene above the same will open the way for 17100-17250. Whereas on the other hand support is placed at 16580-16400-16150.

Nifty extended its winning streak over fourth consecutive week and ended the week at 4 months high at 17698. In the process index has hit a significant slanting resistance trendline which has acted key resistance earlier. Breakout above the same will be significant, to continue its upward momentum. RSI placed around 60 readings, surpassing above the same shall trigger fresh upward momentum. On the level front, Nifty has an intermediate resistance around 17750-17880-18000. While on the downside support is placed around 17500-17300-17000.

The index witnessed a bullish breakout decoy and tracked back into the channel making 3 new consecutive weekly lows. The index remained highly volatile throughout the week as it opened with a massive gap-down of 370 points followed by a sharp uptick of 446 points and then remained choppy as the week progressed. The index is trading closer to the channel resistance after it formed a bullish island pattern on the daily timeframe and was bolstered by the shorter-term exponential moving average on the weekly timeframe. The index is likely to attract further bullish momentum on crossing and sustenance above the resistance whilst protecting the levels of the island gap and the moving average near 17150. However, on failing to do so the index can then retest the pivotal support near 16800. The resistance comes near 17800 – 18000 – 18120 whereas the support is near 17300 – 17150 – 16800.

The previous gap-down area defined by the levels of 17475 – 17180 coupled with the shorter term EMA underpinned a sharp technical pullback such that the head index managed to close above the channel. This indicates a stronger base going forward. Nifty faces immediate overhead pivotal resistance at 17992 and sustenance above the same can attract further bullish momentum. The support comes near 17750 – 17450 – 17150 whereas resistance is near 18000 – 18120 – 18350.

Index opened on a positive note and scaled higher for the first half of the week hitting 18000 level, while in the last 2 session index lost its prior gains and witnessed sharp selling pressure to end the session near weekly low. Index has formed a bearish engulfing pattern at the resistance suggests caution for an ongoing trend, bearish followup in the coming week will provide the confirmation. Going ahead index has immediate support around 17380-17200-16950. Whereas on the higher side resistance is present at 17850-18050-18300

The head index opened on a positive note, but the tide turned negative in mid-week. The trading week witnessed 4 distribution days and cracked below the 20 DMA on Thursday and the 50 DMA amidst the turmoil on Friday’s trading session. This indicates that the uptrend under is potential pressure. Going forward the index will have to brace the support of 17166 and failing to do so, the price action will validate a potential bearish reversal pattern of double tops. The support comes near 17150 – 16950 – 16800 whereas resistance comes near 17900 – 18280 – 18600