Nifty Weekly Technicals

By | January 10, 2010

Nifty Daily Chart is attached.As seen from the chart following conclusion can be deduced for the coming week.Market after hitting a new high is consolidating in a narrow range,Now from past 4 days it has litreally has not given any move,Most of the action is happening in small and mid caps space where stocks from no where are seeing a move of 5-15% on good vols.I would say it time to be caution instead of being elated.Keep booking profits and trail your Stop loss

Levels needs to be watched is 5169 on downside (61.8% Retracemet from 4951 to 5311),If that gets broken we may see 5121 5075 5018.
Pivot Levels for Monday
Pivot:5252
Support:5227 5210 5194

Resistance:5269 5294 5311

On Weekly Charts Momentum is declining and RSI and MACD are showing negative divergences,but prices are not coming down of 5 W EMA so still we are in an uptrennd.5 Week EMA is at 5146 level should be watched on closing basis on weekly charts

Pivot Levels for Week
Pivot:5242
Support:5170 5097

Resistance:5314 5384



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