Markets are at highest level of 2016. In last update we mention about resistance of 8000 level on nifty. After breaking out of that range we are witnessing nice rally on both the indices.
Market has rallied from 6825 to 8262 in 3 months of periods but if we look at the YTD performance nifty is just up around 3.75%. so still a long way to go.
From here on nifty likely to trade between 8000 to 8400 range.
In the next week and after that many big events likely impact the markets significantly.
Weekly Levels for Nifty
On Friday nifty made NR7 pattern which is smallest range in last seven trading sessions. So another big move is just around the corner.
On the upside above 8277 nifty could potentially touch 8333 and 8404.
On the flip side below 8200 it could retest 8150 and than 8078 and 8028.