This Week Nifty - Outlook : 18.11.2019
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The truncated week started on subdued note and nifty retest its previous week low of 11850.25 on Monday. Subsequently, some of the weak hands might have existed market as a result nifty went tad below the support zone of 11835 – 11815. However, the follow-up selling was clearly missing and we saw sharp rebound in nifty. On Friday, bulls made a valiant attempt to surpass 12000 mark however profit booking during the fag end of the session resulted into a close tad below 11900 mark. In the process, nifty ended the week with a nominal loss of 0.11%.
* Looking at the weekly chart, last two weeks price action resulted into a formation of ‘Narrow Range’ candles which indicates indecision.
* During the week, daily RSI (14) took support near 60 level and rebound which was a bullish indication.
* Broadly speaking, nifty likely to oscillate in a range of 12035 on the higher side and lower side support seen near 11800.
* At this juncture, we continued to maintain our bullish view and expect nifty to retest its all-time
high of 12103.05 sooner or later whereas immediate resistance seen near 11980. On the flip side, 11800 will be an immediate support below which strong support placed near 11700.
* Looking at the weekly chart, last two weeks price action resulted into a formation of ‘Narrow Range’ candles which indicates indecision.
* During the week, daily RSI (14) took support near 60 level and rebound which was a bullish indication.
* Broadly speaking, nifty likely to oscillate in a range of 12035 on the higher side and lower side support seen near 11800.
* At this juncture, we continued to maintain our bullish view and expect nifty to retest its all-time
high of 12103.05 sooner or later whereas immediate resistance seen near 11980. On the flip side, 11800 will be an immediate support below which strong support placed near 11700.