NIFTY 50

Nifty started the week on a positive note but witnessed selling at higher levels to end the week on weak note. Nifty closed at 16985 with a loss of 526 points on a weekly basis.
Since the past three weeks index is consolidating within 17600-16800 levels indicating short term consolidation.
The chart pattern suggests that if Nifty crosses and sustains above 17100 level it would witness buying which would lead the index towards 17300-17500 levels.
However if the index breaks below 16800 level it would witness selling which would take the index towards 16600-16400.
Nifty is trading below 50 and 100 day SMA's which are important short term moving averages, indicating negative bias in the short to medium term.
For the week, we expect Nifty to trade in the range of 17300-16500 with a negative bias.
The weekly strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias