For the weekend 17th July'20-Friday... Updated on 12.07.20, Sunday : 8.01 am

Nifty Index last week traded in a range bound between 10847.85 to 10676.55, whenever it moved near 10820-10850 levels, it witnessed the sell-off till 10700 and not inclined to move down below 10700, finally ended the week at 10768.05 with a marginal gain by 160.70 points i.e.,1.51%. 

Nifty index may open on Monday-13th July'20, with a positive note to re-test 10845, if able to open and surpass beyond last week high i,e.,10847.85, then 10895 is an immediate resistance to test, further upmove above 10895 then, the Index may test 10935-10990-11035-11125-11185-11280 levels.

On the other hand, the immediate support lies at 10676-10630, any sell-off below this band, the Index may re-test 10555, which will act as a strong support to hold the Index, the sell-off beyond 10555 then, further support for the coming week lies at 10330-10225-10195 levels.

Special Mention: The last week trading formation looks like Island pattern, we should wait and watch on Monday whether the Index able to surpass the last week high or not, the Island reversal may happen, if the Index trades below the last week low point i.e., 10676.55, the close below this level for three consecutive trading sessions, may drag the Index to 10330-10200 levels in the near term. The Nifty Index continuously up for the last four weeks, this week is a crucial one to close on a positive note, if fails to close above 10770 this week, then the weakness may drag the Index as mentioned earlier, till 10200 levels.

Trading Strategy: The Investor/trader may exercise due caution at the higher levels i.e 10845-10890-10990, the profit booking area lies at these levels if, unable to cross and closes above these levels then, book profit in the equity segment and invest in the Nifty 50 stocks, when the Nifty Index trades near 10200-10000 levels, for a short term gain around 10-15%. This is a traders market, to trade for short term gains, rather to wait for long term basis.

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