Nifty Weekly Chart
Nifty Weekly Chart we can see A-B-C Correction happening.Well this scenario is in progress and C wave can further be subdivided into 5 sub waves and as per correction from past 3 weeks we can assume 4 wave is done and we are into 5 wave from the coming week.
Nifty will be entering into expiry week and market can either break dow below 5980 or breakup abvoe 6125.
Bulls if can hold and cross above 6125 levels short covering can surge the index to higher levels.RIL looks ready for a breakout and 3% move in RIL can surge the index to a new high.
STOC is near its support level as seen in the chart and RSI is still above 70
Nifty Weekly Pivot:6053
Weekly Resistance:6140 and 6214
Weekly Support:5980 and 5893
Nifty Daily Chart
As one can see in Daily Chart we are trapped in a trading range between 5980 and 6121.Break on any side can give us 1-2% quick move.
RSI is nearing oversold terrotiry and STOCH is giving a buy signal.
Lot of Call writing at 6200 Levels and if we are able to break 6125 and 6180 tommorw we are in for a rapid rise in this expiry as Call writers will run for cover.