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Weekly analysis : TRENDLINE RESISTANCE DOES THE TRICK - 31/07/2020

TRENDLINE RESISTANCE DOES THE TRICK – 31/07/2020.

 

DAILY GAP @ 11244-11035 PROVIDES SUPPORT.

 

Surpassing one Resistance after another had become a ritual for the Market, but there was a twist in the tale for the week gone by. It took the Weekly Trendline Resistance at 11344 to stop the rampaging Nifty in its one way upward journey. It started with formation of Bearish Harami on Wednesday, the top of which lay exactly at the Weekly Trendline Resistance. The fall in the Nifty finally found Support at the lower boundary of daily Gap at 11244-11035. For the week ahead, strong Support will be seen at the Weekly Gap Support at 10953-10933 followed by 10860 which is the 200dma. On the positive side, only a weekly closing above Nifty 11344 will negate the bearishness of past week.

 

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