Today I am here with my analysis of NSE Nifty Future based on various timeframe charts - Daily Chart, Weekly Chart etc. For some good time Indian markets are in up trend and whenever people think it has been enough, we see new upper levels! The current trend is certainly strong. But, as I have told in my last post, the uptrend is quite steep in rise and such vertical rallies can surprise anytime.
Considering it is a good uptrend going on we should better be waiting for corrections to buy rather than jumping straight away. Following are the points I have arrived at :
- Looking at price action in last two days of this passing week, I think a correction to 3250 odd level is possible next week. If it corrects more then even 3150 is possible.
- 3140 was key resistance level when it went up and it is again key but support level. Breaking 3140 on closing basis will not be good for bulls.
- If 2920 (too far for now) breaks then this entire rally will be over.
- Going upwards, 3750 - 3780 will be key resistance area although there will be other resistance levels before that - 3520, 3580, 3699
- Support - 3304, 3264, 3230, 3175, 3140