Nifty continued with its winning streak third week in a row with 1% gain on weekly basis.It made a u turn in the afternoon session on friday and closed up with 62 point gain,But was unable to breach the resistance of 5080 as shown in charts attached above.
FII and DII were net sellers on friday after such a good up move.Coming week is an expiry week so accept lots of volatility.My guess is if 5080 does not break on upside than we can go down till 4850.
Nifty Weekly Pivot: 5,021
Nifty Weekly Resistance: 5080 5,109.7 5,167.3
Nifty Weekly Support:4,875.3 4,963.7