Nifty as said in previous week analysis jas formed a Doji pattern which means a trend reversal is on cards. Nifty closed below previous week low of 4380 a sign of trend reversal but more confirmation will be required will keep u all updated.
And after week we are down 6% on Nifty so whats next as seen from the Weekly Charts we have a formed a bearish engulfing pattern,
But Bulls have not given up the fight uptil now and we have taken support at 34 EMA and bounced from there.
This week we can see a bounce till 4413-4420 Levls and these levels should be used to trim yu long positions and create postional shorts as if Weekly low of 4206is broekn we are down to 4150 4000 3950 levels as we need to fill the gap we have created. On the long side if suppose 4413-4420 is broken and we close above that we may head towards 4500-4600 levels which i consider a very rare possiblity.
Nifty Weekly support is at 4206 4116 4090
Nifty Weekly rsesistance is at 4385 4415 4540