Nifty Trend : During the last week Nifty was crucial managed to stay above 10,275-10,300 support level. The session on Friday wiped out the gains in entirety and the benchmark ended the week with a net loss of 31.70 points, or 0.31 per cent.
This weekly figure does not suggest any serious loss, but the manner in which volatility ruled all through the week is certainly a cause of concern.
For the coming week, we should focus on two critical levels. First is the 200-DMA on the Daily Charts that stand at 10,161 and second is 50-Period Moving Average on the Weekly Chart at 10,024.
Due to the volatile trading sessions last week, we could not find the accurate but we can say that zones of 10,040-10,160 will be the strong support. On the upside, the Nifty will face resistance at 10,300 and 10,390 levels.
Conclusion: Nifty Outlook : Nifty Trend
# Broad range for the week is seen from 10040 on downside & 10390 on upside.
# Minor Support – 10161
# Strong Support – 10040
# Minor Resistance – 10250
# Strong Resistance – 10390
Note : For Market opening trend keep an eye on SGX Nifty Chart.