NSE Nifty technical analysis for Expiry Week Part -I

Nifty and Sensex continued with there consolidation phase, positive takeaway from last week’s movement is that the Sensex is holding above 19,000 and the Nifty continues above 5,825 which gives bullish touch this phase of consolidation. RBI maintained its status quo and disappointed market once again with no tweaking with rates. Namo( Narendra Modi) became 3 time CM of Gujarat and his ambition to Delhi 2014 gave a boost. Next week being an Expiry week with Holiday on Tuesday.
Lets discuss Nifty Trading Strategy for Next week.

 Nifty Hourly Chart

Nifty continues to trade below  the important 50 Hour SMA 5883 is the number to be watched for Monday.Till 5883 is not crossed bulls remain on backseat. Till 5825-15 is not broken convincingly bears will remain on backseat.  Basically we are in grinding range,best is to wait for the market to show direction before jumping into the...

Continue Reading