*Nifty 50-weekly update*
In last week Nifty made high 11618, low 11383 and closed at 11504. Nifty faced resistance in the range of 11550-11600 and it could not sustain on higher levels and it slide up to 11400.
One should remain cautious as Nifty made a Bearish Engulfing patter on the weekly chart just a few weeks back. On the upside Nifty has resistance in the range of 11550-11620, thus one should take fresh long positions only above 11620, if it sustain above 11620 then it can move up to 11800, on the downside the range of 11500-11400 will play as an important support for the immediate term, if it breaks that then it can test its recent low of 11185.
*Weekly Pivot Levels*
R2 - 11736
R1 - 11620
P - 11502
S1 - 11386
S2 - 11267
Broad range as per current data 11375-11620.
Disclaimer-Educational purpose only.