Nifty View 11th January to 15th January- Equity Tips

The week started on a weak note with a loss of 38 points at 7925 levels and registered a week high of 7938 levels. Since starting of the week, we saw NIFTY sliding down lower and lower on back of economic worries from china. NIFTY failed to break high of previous week and could not sustain at lower levels to our mentioned support zone. As week progressed serious selling pressure forced NIFTY to trade near multiple support zone of 7550 – 7500 levels. What NIFTY could gain during the previous three week, whipped off during just a week. Thus week ended with a loss of nearly 360 points (or 4.55%) at 7601 levels.

Observation:-

1) On weekly chart, 8 & 20week EMAs are placed at 7810 & 7940 respectively, while 89week EMA is placed at 7840 level.

2) On weekly chart stochastic is negatively placed while MACD is on average of giving negative crossover.

Expectation:-

Considering the above placements of NIFTY on weekly chart, NIFTY to continue 7550 – 7500 levels as we observed multiple support levels in a mentioned range. In case the range is violated decisively on a closing basis we will see NIFTY sliding down to lower levels. In this instance we will see NIFTY trading lower levels such as 7345 mark, which is trend line support area as drawn in weekly chart. On other hand, 20 & 89 week EMA which are placed at 7810 & 7840 levels will act as supply zone for NIFTY.

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