Dalal Street Week Ahead: Nifty likely to attempt technical rebound in truncated week

With the pressure remaining consistent at higher levels, no rebound was seen during the week, and Nifty ended the week with a net loss of 212 points, or 1.90 per cent.

The week gone by saw violation of some critical technical levels on the weekly charts. The 100-week moving average, which currently stands at 11 259, had been acting almost as a proxy trend line for the past couple of months. The said trend line had formed the lower end of the broad trading range that the index was moving at over the past months. This support has been violated on a closing basis. Now, any technical pullback will see this level act as a resistance.

In the coming week, which is a truncated one with Tuesday being a trading holiday on account of Holi, is expected to see Nifty make good efforts to gain some stability and attempt a technical rebound. The 11,090 and 11,250 levels will act as key resistance, while supports will come in at 10,900 and 10,760 levels.