NIFTY Weekly Chart Technical Analysis:
(each candlestick represents one week of movement)
Nifty had a fun day on its post-Diwali opening session and rose by almost 160 points as compared to its previous close.
This is a welcome rise, but there is the strong line of resistance to break near 5450. This resistance has lasted over an year now, and is quite strong. Nifty is moving in a price channel and it will be interesting to watch what it does once it hits the resistance.
If NIFTY breaks above 5450 with good power, it would be a very positive sign. Otherwise, prepare for another fall!
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NIFTY Weekly Chart Technical Analysis
