Equity Eagle Eye: Nifty ends week on a weak note
Rajesh Desai
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Nifty ends week on a weak note
The Nifty closed in the negative today, down eight points at 6029. But over the next couple of days it is expected to head higher till 6080. In this period the key support will be at 6005-5986 levels and resistance will be at 6066-6080 levels.
Other technical observations
On the daily chart the index is trading above the 20-daily moving average (DMA) and the 40-DMA, ie 5849 and 5884 respectively. The momentum indicator is trading in positive mode.
On the hourly chart, the Nifty is trading above the 20-hourly moving average (HMA) and the 40-HMA, ie 6005 and 5986 respectively, which are crucial intra-day levels. The hourly momentum indicators have turned negative. The market breadth was negative today with 431 advances and 737 declines on the National Stock Exchange.
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CA. Rajesh Desai