Nifty Weekly and Daily Charts are presented above:
1. Nifty was unable to cross the Fibonacci 61.8% Resistance of 4793 in the present up move.
2. Bearish divergence were highlighted in previous week analysis Click to View
3.On EOD charts the present uptrend in extremely short term is broken and rallies till 4585-4600 should be used to short with strict sl as above 4600 we are again back in the uptrend.
4.The present correction can move upto 4380-4420 levels but looking at the way dow has rallied i have a strong felling we will move at least 2% on Monday and the rise will be led by RELIANCE.
Weekly levels which need to be watched:
Resistance:4560 4600 4653
Support:4432 4386 4293