This week Nifty weekly chart shows price has just closed below the upward sloping trend line and with good volume.
TREND : IF 5750 holds trend is UP to Sideways and below 5650 trend is DOWN.
In weekly charts you can clearly see, Price has formed head and shoulder pattern, and the break of the neck line will take the price furthur down. To a pattern target of 5200. So be cautious for the week.
Conclusion
Based on levels plan the strategy, below 5650 look for short opportunities and above 5750 if you see any bullish patters look for long.
Notes: In last week analysis we said trend of the nifty has changed down, you can see what happened. we are not saying we are always right, we want you have a view for the week or the day and plan the strategy according to the view and be prepared if you are wrong(with stops).
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