Dalal Street Week Ahead: Nifty's bear trap? Why this dip could be a buying opportunity
resistance levels. The Nifty stayed under strong selling pressure over the past five
sessions and violated key support levels on the daily charts. The range remained wider on the anticipated lines; the Nifty traded in a wide 1,243-point range over the past days.
Volatility shot up as well; the India VIX surged 15.48% higher to 15.07 on a weekly basis. Following a weak performance, the headline index closed with a weekly loss of 1,180.80 points (-4.77%). Over the past few days, the Nifty has shown many technical events highlighting the importance of some key levels.
The index resisted the 100-DMA for several days and the
20-week MA for some time; this highlights the importance of these levels as key resistance points for the markets. In the process, the Nifty closed below the key 200-DMA, placed at 23,834 while dragging the resistance points lower. The Nifty has also
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Technical Analysis
