After a recent fall in nifty we seen good recovery in last week. we seen bullish candles with runaway gap pattern on chart.
nifty able to take support near to 50DMA level near to 8450 and given some bounce for whole week.
we clearly see on chart that its a “EXPANDING TRIANGLE” pattern development on chart now.
as per the weekly chart we can see “TWIZZER TOP” formation of last two candles.
even rsi if we look at, we can see that after a recent fall it not able to move in oversold zone, and take a bounce before that only.
even previous two waves we can see that market able to face resistance in-between before resuming some fresh trned, and at same level it able to reach now.
so for current week we can see that market able to move strong, but as per chart and technical patterns we can see that for next up move it has to move above 8850-75 range on closing basis, then only we can expect a more up move for a fresh high, which can produce levels till 8900-8970-9020-9150 also.
but if we see any negative candle formation here, then again we can expect a good fall till 8700-8600-8400-8200 also, if we consider expanding triangle playing a role then.
so overall one can keep strict eye on 8850-75 range on closing basis for next move to resume in any direction.
weekly calls for current week.
buy AMTEK AUTO above 173 sl 155 target 192-210
buy SNOWMAN above 89 sl 84 target 94-105
buy GATI above 262 sl 240 target 285-310
buy TCI above 250 sl 234 target 270-297
buy SUNILHITECH above 162 sl 145 target 178-188-210
buy SELAN above 310 sl 280 target 340-370-420
buy AJANTA PHARMA above 2720 and above 2750 sl 2600 target 2850-2950-3100