Nifty Weekly Technical

By | February 28, 2010

Nifty Daily Charts are attached as above as it can be easily intrepretted from charts we are seeing a trendline support at 4850 levels.It that support is held and we close aboce 4950 for 2 days we are heading towards the 5050 and 5100 Levels.

For Tuesday trading session Long positions may be taken in support zone around 4880 with the SL of 4850, for likely target of 4950/4990.

On Weekly charts one good thing to note is we are forming Higher Lows and Higher Highs with resistance at 4950 Once that’s crossed a good bullish momentum can take our markets higher and if 4850 is held at closing basis.

ON Friday FII were net Buyers of 800 Cores in cash and PCR at the starting of series is 1.33 which is to be considered as Bullish Sign.

Rgds,
Bramesh
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