Share On:

Nifty close 8831 points: The Nifty opened flat but rallied to a high of 8893 points on Thursday (as the FED left rates unchanged) before selling off on the last day of the week. This resulted in the Nifty gaining a meagre 52 points (0.59%) last week primarily because of some heavyweights like HDFC Bank, HDFC Ltd, Reliance etc. The Reliance group stocks were in the limelight. The weekly trendline support (connecting the lows of 6825-7927 points) has moved up to roughly 8800 points, for this week. This should be an absolute Stop Loss on longs from at least a short term trading perspective. A breach in weekly close of this level could see the Nifty slide to the next crucial support of 8688 points which also if broken could see it test the 8517-8543 points range.

Read More