On daily charts, nifty gained 1.7% and closed at the highest level this week. The weekly close was also 1.7% which means all gains came on Friday.
Charts point to possible formation of a higher swing low at 6100 levels. Holding this level coming week will be bullish. On the other hand, if markets close below this level this week, it will mean a lower swing high has formed.
Option writing points to support at 6200 and a cut in positions in 6300 call... this has bullish implications. However JAN series (tentative) point to support at 6000 and resistance at 6500 levels.
Weekly charts: expanding triangle is seen... this has bearish implications with a retest of 5200 levels possible. If you ignore this pattern, this swing low at 6000 becomes the support for the rally. In other words, holding 6000 is bullish.
Charts point to possible formation of a higher swing low at 6100 levels. Holding this level coming week will be bullish. On the other hand, if markets close below this level this week, it will mean a lower swing high has formed.
Option writing points to support at 6200 and a cut in positions in 6300 call... this has bullish implications. However JAN series (tentative) point to support at 6000 and resistance at 6500 levels.
Weekly charts: expanding triangle is seen... this has bearish implications with a retest of 5200 levels possible. If you ignore this pattern, this swing low at 6000 becomes the support for the rally. In other words, holding 6000 is bullish.
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