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  • Mtechtips MCX-SX JPYINR INTRADAY trading analysis 31-08-2015

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 31-08-2015

Mtechtips MCX-SX JPYINR INTRADAY trading analysis 31-08-2015

Mtechtips Nifty spot this week closed with loss. We see high volatility in this week but at last nifty recovered most of the losses and closed near open of the week. This was third losing week for nifty index. In these three weeks period nifty tumbled from high above 8600 to low below 7700. Total 900 points fall in very short span of time. This week nifty high point was near 8100 while low was below 7700. Total 400 points range or almost 6% volatility in week and another weak closing for market.For next week, nifty support zones are 7822 and then 7600. On upside 8010 and 8160 are strong resistances. On daily chart bar last negative closing givens fresh weakness sign and in next week nifty might test previous low of 7667. But overall strategy should remain buy on decline. We will see strong recovery in medium terms while short term outlook remain stormy.
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