Last week Nifty opened a gap-down below 9850 support level. And did the low around 7830, that is the Important Gann Mathematical support level for the Index. The market completed the preceding week with 1209 points fall.
In the past week’s analysis, I discussed one of my Private Nifty ‘Time Cycle’ calculation. That ‘Cycle’ effect is still intact. If we look after making the low near 7830, Nifty rallied over 1000 points.
In the same analysis, I, too, discussed the above Nifty Chart. The price went below the Green Angle Support line but didn’t give even close below it. The bulls need to hold angled line on Weekly/Monthly basis for getting strength back.
In the forthcoming week, 24 & 25th March are the significant dates.
The major hurdle for Nifty on the upside is to pass over and stay above 9080-9100 resistance range. Above that, we can expect more rise. On the lower side below 8380-8395 Index can re-visit lower stages.
Nifty Weekly Trading Levels
Next week 8930 will serve as Resistance above, which moves towards 9000/9100/9350 can be seen.
While I expect Support to take place at 8500 below, that move towards 8430/8330/8080 can be seen.