The NSE Nifty ended unchanged at 4,084 after coming in the striking distance of its all-time high at 4,245 by hitting the weekly peak of 4,218. |
The NSE index may face stiff resistance for its short-term target of 4,250. A break of 4,035 this week could see the index dropping to a low of 3,955. |
The weekly support and the resistance levels for the Nifty are as follows: the index is likely to face resistance around 4,145-4,165-4,180, while it may find support around 4,020-4,000-3,985. |
The Sensex moved with a positive bias for most of the trading week until the Friday selloff, which saw the index shedding the entire gains in a single day. The index from a low of 13,850 rallied to a high of 14,384 -- an intra-week gain of 534 points. However, in the Friday's selloff, it ended almost flat at 13,909 . |
Last week, we had reported the possible short-term targets for the Sensex at 13,990-14,275-14,565 against which the index touched a high of 14,384. |
While the possibility of the index attempting to scale 14,565 still remains intact, it may counter stiff resistance around 14,240 on its way up. |
While there is no clear direction available on the Sensex chart, the broader range of the idex next week could be from 13,580 to 14,240. |
The index may find support around 13,705-13,640-13,580, and may face resistance around 14110-14175-14240. Get set for a profitable week. |