NiftyFuture last close : 11024.05
NiftyFuture extended losing streak to fourth consecutive week. Disappointing auto sales, Taxes for motors, Weak quarter numbers, and Weak macro-economic data were the majors factors for markets lower.
Global news : US President tweeted on concerns about the US-China trade war “Impose on additional 10% tariff on $300 billion Chinese imports”
NiftyFuture losing a fourth consecutive week, However last two sessions Index took strong support around 10900 and bounced up to 100-150 points
My weekly technical outlooks, NiftyFuture will take minor support around 10900 (23.6% Fibonacci retracement level)
On the other hand, NiftyFuture finding a major resistance around 200 DMA at 11170. Next 5 sessions watch two major level 10900 and 11170
Suppose if breaks and closes below 10900………Expecting more weakness up to 10725 and major support at 10600 (Six month low)
If bulls return to dominate……. and NF if sustains above 11170 will move up to 11280-11360. Again if comes resistance zone can create shorts!!
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Last week NiftyFuture technical view Click here
Updated : 06.12 PM / 03rd Aug 2019