Weekly NIFTY Outlook From 06th June to 10th June 2022
After struggling to cross 50 EMA resistance Nifty on Friday crossed it finally and the momentum helped it to cross 200 days EMA too. But the joy was short lived and 200 days pushed NIFTY downwards so hard that end of Friday the indices where reeling under both 200 and 50 EMA as you can see in the chart. Now NIFTY will look to find a support again. Only after finding a proper support, Nifty will rise again and try to conquer both 50 and 200 EMA Resistances which are close to one another and a formidable resistance to conquer.
The Support Zones: 16531, 16442, 16228, 16086, 15904 (Very strong support) and finally 15756. Below 15756 bears will have full control of the market.
The Resistance Zones: 16674, 16746 (Very strong resistance), 16793 and finally 16951. Above 167953 we can see the rally consolidate towards 17300 levels.
The Support Zones: 16531, 16442, 16228, 16086, 15904 (Very strong support) and finally 15756. Below 15756 bears will have full control of the market.
The Resistance Zones: 16674, 16746 (Very strong resistance), 16793 and finally 16951. Above 167953 we can see the rally consolidate towards 17300 levels.
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