Outlook for Nifty future for week ending July 26, 2019 (weekly
view): For the week ended
19th May, 2019, price witnessed a sharp fall on the last day of the
week & closed at an Eleven week low, a consolidation break-down on chart is
also seen. The price action suggests the intermediate trend to be weak, with
the weekly trend deciding level placed at around 11527. Considering the
intermediate trend & chart structure it suggests a sell on rise strategy
for trend based traders. Any initial rise in price towards the zone of
(11505-11530) likely to offer a shorting opportunity with stop placed above
11590 (which coincide with the 100-DMA mark on daily chart). The immediate
support zone is placed at (11341-11320) & it is expected that on the event
of initial fall in price during the week price likely to get arrested around
the stated support. It is to be noted that price has the potential to move
further lower (if supply pressure intensifies) to test its’ 200-DMA mark around
11150. Hence any contra buy around support should be done with strict stoploss
basis.
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