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Weekly analysis : NIFTY SURVIVES 10583 - 22/02/2019

NIFTY SURVIVES 10583 - 22/02/2019.




It seems that the market is in a perennial Trading Range, every attempt of a breakout in either direction is being foiled. It is now around three months into this trading range and lot of hope was pegged to the upward bullish breakout witnessed two weeks before. But surprisingly even that attempt failed and we went down to test the lower boundary of the trading Range (10583). Once again we successfully rebounded after making a low of 10585. As suggested in the previous week’s article that the bunch of critical Moving Averages continue to provide Resistance (10807-10860). A break below 10583 will lead the Nifty down to Support level of 10333 and then towards the dreaded neckline of Weekly Bearish Head & Shoulders at 10050. A close above the upper boundary of the Trading Range (11089-11118) will ensure a safe passage towards higher targets of Nifty 11416-11644.


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