With the Nifty now in short term uptrend, and closing above the 200-day EMA, the coming week could see the Nifty targeting the recent high of 10,985.
The market ended the week in the green after sliding lower in the initial part of the week. A sharp bounceback was seen from the lows of 10,534 which roughly corresponds to the 50-DMA.
With the Nifty now in short term uptrend, and closing above the 200-day EMA, the coming week could see the Nifty targeting the recent high of 10,985.A close above these levels could see bulls gaining control. This will imply that the Nifty has broken out of the 6-week trading range. Crucial support for the coming week is in the range of 10,820-10,764.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.