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Weekly Market View

Nifty gave breakout of all time high level and ended at new life time high at 11283.40. Nifty traded higher for the third week continuously surging to new life time high backed by strong money inflow by FII and DII amid firm global cues.Throughout the week nifty trade with positive sentiments and closed at 11278.35. One can expect upside movement if it crosses immediate resistance mark of 11300 and immediate support level is 11180.Technically also
closed above 20 SMA which supports bullish view.

Global Markets Update: 
World markets had positive trading session peak after the European Union and the US reached an agreement to cooperate on trade.Though as market participants waited for data on the strength of the U.S. economy in the second-quarter. US S&P 500 settled at 2837.44. The German index DAX closed at 12875.85.The Asian peers closed the bell with Japan’s Nikkei 225 closing the week at 22712.75 and Shanghai composite at 2873.59.

Chart Pattern: On weekly chart nifty formed bullish kicker pattern.

nifty weekly levels

Nifty Weekly Levels & Trading Strategy

Nifty Traders  may follow the below mentioned levels for 30.07.2018 to 03.08.2018-

Buy above 11,300 for targets of 11,380/11,450

Sell below : 11,180 for targets 11,100/ 11,020

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