Nifty Daily Chart
The global markets have largely digested what was a taper-without-tantrum and have inched higher to show the momentum.
India VIX (Volatility) came down over the previous sessions; INDIAVIX came off by9.63% to 15.75.
Weekly RIS = 67.82
MACD is bullish and above the signal line
Nifty Weekly Chart
Had able to bear the selling pressure of the last two weeks and am again ready to move ahead.
The weekly options data show a higher likelihood of the NIFTY moving past this point. Unless this happens, we will continue to see the markets consolidating in a broad range.
Nifty Monthly chart:
Do not show any sign for reversal.
Nifty open on Monday will largely adjust to Friday’s global trade setup which has been steady and buoyant.
No doubt, for the NIFTY to resume its up move, it will be crucial moving past the 18000 levels.
The coming week is expected to see the levels of 18000 and 18265 to offer resistance to the markets. The supports will come in at17865 and 17680 levels.
In long run, still, we can see the Nifty in a broad consolidation phase at present, and below it, we can see the opportunity to buy good stocks at lower levels.
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