Nifty Technical Analysis
On 13th April, Nifty closed at 7850 which is in the proximity of trend line resistance (7852). The trend line resistance level is likely to be broken on Monday pre-market open, with much of the force comes from better than expected Infosys results and Forward guidance.
Market sentiments tries to follow the positive momentum tone set by Infosys and take Nifty to 7950-8000 levels (may be in this week) where it faces a very tough resistance. With most of the Indian Inc last 3 quarterly results disappointing , one cant expect huge turnaround in the annual results. As a result, market may not have enough fuel to go pass the 8000 levels.
The downward trend line which acted as resistance so far will be transformed to resistance-turned support and Nifty will trade in the range of 7960 -8000 in the upside & 7750 levels in the downside;By the end of June Nifty will reach out to 8000 in anticipation of better Q2 2016 & economic recovery.
On the other hand if 8000 levels gives up in April, Nifty can move upto 8300 by June end.
Written by me in Quora on 17th April, 2016.