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Weekly analysis : 100 DMA AS SUPPORT - 12/07/2019

100 DMA AS SUPPORT - 12/07/2019.

 

INSIDE WEEKLY BULLISH GAP SUPPORT.

 

The disappointment in the Budget was clearly reflected in the Market movement this week as the indices struggled to move higher. As a result, Nifty breached the lower end of the trading range and entered the strong Support Zone of Weekly Bullish Gap 11591-11426. Currently the Nifty has taken support inside this zone but more precisely at the confluence of 100dma (11522) and Trendline (11528). This confluence has already come to the rescue for 4 trading days in May and it has done the same this week for 4 days. A bounce can take the Nifty right upto the Bearish Gap (11771-11797), which will act as Resistance. A break of the confluence Support can lead the Nifty down to another Support Zone of 11300-11315.


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