Nifty Weekly Price Action Analysis-E1
Nifty gave a very strong bull close last week but the rally is weak. There are no continuous bullish follow ups. It is trading near its All time high of 18887 but unable to break above it. All time high is a strong resistance. Most likely, it may see selling pressure near this level. Nifty is not in bear trend but selling pressure may create a deep pull back. It may take support neat weekly moving average or previous swing high. The support zone is 18300-18100.
(Disclaimer: The above analysis is based on certain assumptions and current market conditions. Any change in Market conditions and assumptions will invalidate this analysis. The analysis also takes into account the probability of future events which may change due to market conditions. Reader discretion is solicited)
