NIFTY WEEKLY PREDICTION for 4th July to 8th July 2016

Nifty completed Hanging Man pattern on monthly chart previous month , Hanging Man is bearish single reversal candelistick pattern in uptrend which requires confirmation on next candle. The long lower shadow of Hanging man is generally is bullish signal and buyers are more aggressive. Hanging man formation does not mean that bulls have lost control ,So confirmation of trend reversal is required and it can be identified when next candle closes below the real body of Hanging man or another trend reversal patterns like engulfing pattern or piercing pattern. But I would like to make u clear that previous to previous nifty made Spinning top bearish candle on weekly chart means Real body is small on weekly chart and wide range of price movement throughout trading week. Means after uptrend a prolonged uptrend bulls are losing interest as per weekly chart analysis and reversal may be come soon but last week nifty made so strong green candle with stong real body. next week trade in this given range:

NIFTY SPOT CLOSED @ 8328

5DMA@8246
20DMA@8175
50DMA@8038

WEEKLY EXPECTED RANGE IN NEXT WEEK FOR NIFTY

SUPPORT 8221,8109,8050, 8005

RESISTANCES 8444