For the week Nifty traded in a range of 46 points and Closing in green up by 0.6%. Once again on weekly chart nifty formed by Positive candlestick pattern Hammer.As well as on other side it has closing above the sloping resistance trend line subsequently turning to support (in blue) and rising trend line (in green).which indicates a potential short-term reaction up where the interim resistance is seen around 4960 follow by 5092. On lower side support is expected around 4865 follow by 4730 levels.To confirm the reversal of the current trend one can watch the nifty follow up by closing above 4960 for this week.
Please find attached chart for reference.
Note : Trade with stop loss.
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