Provided is the weekly line chart of NIFTY spot. Here I am using simple approach to analyse current market behaviour instead using much complicated Elliot wave or Harmonic patterns. As we can see classical multi tops are clearly visible on this chart near the areas of 6340. This time index did a high of 6342 on the auspicious day of Diwali during Muhurat Trading but wasn’t able to produce weekly close above the 6340 levels to confirm a clear breakout. On longer term time frame NIFTY has been consolidating among key support of 4700 and resistance at 6340 since 2009. INDEX was moving up with weakening momentum that can be seen on RSI oscillator. RSI was not able to hit its previous highs that were placed during the previous attempts towards 6330 zones and now hovering under 60 zones is a clear case of bearish divergence and indicates zone shift that may result in consolidation or trend reversal. Rising parallel channel is also drawn on the chart above but index turned back from previous highs instead hitting the upper line of this channel and now moving downwards. As per current scenario INDEX is likely to get support near 6050-6030 zones if fails to hold these levels then next potential support would be around 5800 zones. If bulls fail to hold that support then we may see a deeper correction towards 5500 and more below that towards 4700 zones which is the actual support for this 5 yearlong consolidation phase. Key resistance still remains at 6340 zones and 2 or more weekly closing above that level would confirm a fresh rally that would bring 6700-7000 on cards. Stability below 6340 remains bearish and support levels can be used as down side targets as mentioned above.
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