Nifty closed in red for three out of four trading session in a volatile week for Indian markets and Friday remained shut on account of public holiday. The index started the weak on a weaker note and consolidated between 50 and 100 SMA which acted as a respective resistance and support for the week.
On a weekly basis, the Nifty50 closed with losses of 0.27 percent, however small cap and midcap outperformed the benchmark indices. The volatility is likely to continue in the coming week as market participants will take cues from Modi-Trump meeting.
In the hourly chart, the index is trading right at the convergence of 50, 100 and 200 Moving Averages and the consolidation is likely to continue until it breaks either side of the range 12000-12200 in the near term.
Technical parameters including RSI, CCI and stochastic trading in their respective neutral zone and probable resistance in the near term comes at 12160-12200 as of now. Probable support comes at 11990-12000 on an hourly closing basis.
Nifty Hourly chart
The index started the week below daily resistance zone and after a sharp bounce from 100 SMA on tuesday, it failed to sustain above 50 SMA and ended below 12100 mark.
Crucial resistance in the daily chart comes at 12150-12160 and next crucial resistance zone comes at 12250-12300 as of now. Probable support on the downside comes at 11950-12000 which is a crucial zone to watch out for and closing below the same may extend further weakness.
Technical parameters including RSI, CCI and stochastic trading in their respective neutral zone which suggest neutral view and likely consolidation in the specified range.
Nifty Daily chart
On a broader basis, Nifty is likely to stay weak below 12500 which is likely to act as a very resistance in the medium term. Breakout above 12500 may lead to steep move in the index. Probable support comes at 11900-11950 in the weekly chart.
Nifty Weekly chart
Nifty Tech Table