Last week Nifty opened a gap-down below 8500 and did the low around 7511 level.
The low was just below the critical Geometrical angle point, the greatest strength place from their bulls then become active and moved the market towards higher side. The market completed the preceding week with 85 points fall.
Upside in the last week was the effect of ‘Time Cycle’ about which I discussed in my past Nifty Weekly Trading Level Analysis posts over here.
Markets are also near the Seasonal Cyclic point, so both the forces helped the Index to rise from the lower levels.
In the coming week, 31st March is the important date. The last week Gann date resulted in the low on 24th March Tuesday.
The primary hurdle for Nifty on the upside is to cross over and stay above 9200-9250 resistance range. Above that, we can expect short to medium trend change in the markets.
On the lower side, 8125-8105 range is crucial below that Index can re-visit lower levels.
Nifty Weekly Trading Levels
Next week 8725 will serve as Resistance above, which moves towards 8800/8920/9200 can be seen.
While I expect Support to take place at 8375 below, that move towards 8300/8180/7900 can be seen.