Nifty Weekly Technical View

By | August 30, 2009

Nifty daily Charts are showing Bullish Inverted HnS with neckline placed around 43730 levels.If that is crossed with vols we cane see 4780 levels.4800 being 61.8% of fall from 6.2 to 2200 so will defiantly will be a resistance.

61.8% retacement metioned in charts above will prove a significant Resistance.I will like to bring in to the notice of the reader than it can be a false breakout making everyone bullish on streets and than tanking big time.Market has its own way of operating.

Weekly Resistance:4766 4801 4859

Weekly Support:4674 4614 4589

Below 4589 if broken with vols short heavily

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