Nifty

Nifty back to resistance level on Weekly chart!

One of the best days we got on Nifty but unfortunately we were not able to trade but anyways Markets are not gonna close tomorrow so we shall trade now after some confirmation on the upside. Today after a false breakout trade below 200 day SMA at 7868 in opening minutes, we have closed way above the same showing positive market sentiments. On daily charts we dont have any near term resistance levels as we trading above all of them so we should lookout for the same on Weekly chart as attached. Today we have taken support exactly at the channel line for second consecutive level while resisted too at the same level 7972 which is Fibonacci resistance of last fall.  But looking at the indicators we can be confidence of going long. Though indicators and stock charts are suggesting to go long we must but above that Fibonacci resistance 7972 while the small target could be 8055 which is 50 Weeks SMA. while 200day SMA should act as a Stop loss at 7868

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