Analysis for upcoming week for September 7 to September 11.
As per short term charts Nifty is looking weak. 11290 to 11300 is crucial support level. Sustaining below this level might invite a downtrend.
In long time frame perspective, Nifty is still in an uptrend with higher highs and lows. However it has recently broken down a chart pattern and Bearish engulfing has formed in weekly timeframe.
It is the biggest red candle formed since April in weekly timframe Global Markets have been extremely bearish and volatility has increased in the past few days. Since there was already a good down move in the past week, there might be consolidation this week with slightly bearish bias.