NIfty weekly prediction for 25th july to 29th july 2016

Nifty made 7th time Bearish harami patterns on daily chart from last low 6825. Bearish harami is made up of two candlesticks .Bearish harami The first has a large body and the second a small body in other words we can say that large bullish green candle on Day 1 followed by a smaller bearish or bullish candle on Day 2. this pattern is considered to be a signal of trend reversal, it indicates that the bull is weakening and there is a possibility of bear to take over the market. And in other aspects when I have taken extention level from low 6825 to high 7978 low 7715 then we get 61.8 retracement value that is 8520 and nifty still closes above this today at 8565 that is also loking postive but when we draw price channel then we can clearly see that nifty is still unable to close above this channel price not able to sustain. So make trade accordingly  and remain cautious and book profit time to time.

NIFTY SPOT CLOSED @ 8541

5DMA@ 8531
20DMA@ 8419
50DMA@ 8419

WEEKLY EXPECTED RANGE IN NEXT WEEK FOR NIFTY

RESISTANCES: 8594,8650,8733

SUPPORTS: 8479,8405,8351,8332

this is for my study purpose not for trading..