Nifty Weekly Technical

By | February 21, 2010

The forthcoming week is likely to be highly volatile driven by expectations from the upcoming
Union Budget. The highly eventful week begins with the Railway Budget on 24 Feb 2010 to be
followed by tabling of Economic Survey on 25 Feb and the Union Budget on 26 Feb. Also, the
expiry of Feb derivatives contracts this week will add to the volatility on the bourses.

As seen in Charts Fibo 50% is making resistance so that needs to be crossed for further upsides.
For trading during the coming trading sessions, trend deciding level is 4850. If Nifty shows strength above 4850 levels then we may see rally to 4950/4990/5025. If Nifty doesn’t sustain above 4850 levels then decline to 4800/4725/4650 may be seen.

3 thoughts on “Nifty Weekly Technical

  1. Ritesh Bhansali

    ya ur right about 3 points on downside but wht abt 8 points of u have considered on the up side (5310 -5318)

    please clarify on that also

  2. Bramesh

    Thnx Ritesh for pointing that out U are right but 3 points whip saw we can consider

  3. Ritesh Bhansali

    Sir,

    you have taken retracement from 5318 to 4535 which i think is not correct as nifty never reached 5318 at that point and low point wa not 4535 .

    correct retracement should have been 5310 (6th jan 2010) to 4538 (3rd nov 2009)

    correct me if i am wrong

    Thx
    Ritesh

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