Nifty Future weekly outlook for Indian stock market for coming week.

The week gone by:-

 

Nifty Future closed at 14714.95 down by 1.04% from the previous week’s close of 14869.55.

 

During the week Nifty Future open at 14968.25, made a high of 15023.35, made a low of 14620.00 and closed the week at 14714.95. The volumes were lower than the previous week showing weakness in the down move. This week Nifty Future gave range of 403.35 points.

 

Pattern:

 

On the weekly chart, Nifty Future has formed Descending Channel Pattern. Descending Channel Pattern has two parallel trend line that are sloping downwards. Index is likely to remain within its channel, one can initiate trades when the price fluctuates within its channel trend line boundaries. A breakout above upper trend line can push the index further upwards.

Nifty Future is also taking support of the Long term upward sloping trend line joining low of 8811.05 made during mid May 2020 and low of 10800 made during late September 2020 which can act as support level.

The Nifty Future may find support around the following levels of 14046--14253--14460-  on the downside which is price extension drawn from low to high.
​The Nifty Future may find resistance around the following levels of 14717--15132--15546 on the upside which is price extension drawn from low to high.
During the week Nifty Future made a high of 15023.35 crossing the resistance of 14717 and closed below the resistance of 14717 at 14714.95 just 2 points below. For bullishness, Nifty Future has to remain above 14717 levels from a yearly point of view. Nifty  Future has made a low of 14620 without taking  our support of 14460 .
​We were right in telling last week, that Nifty Future has closed above 14717 at 14869.55 but the average is below it. So be cautious in buying, profit taking can set in. Same thing happened this week and Nifty future closed below 14717.
Broader trading range for the week: 14046 – 15546

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Immediate probable trading range for the week: 14253 – 15132

Nifty Future weekly outlook for Indian stock market for coming week.