Nifty Weekly Technicals

By | February 7, 2010

Nifty Daily Charts is attached as above:

Nifty showed a bit of resilience on Last Saturday special trading session and closed with a 1% of gain.We look quiet oversold on Daily Charts as per MACD and RSI.

Now immediate support for Nifty comes at 4692 the low of Friday and Immediate resistance at 4832 Higher of the gap which was formed on Last Friday.

As per the weekly we look quiet oversold on on Weekly charts.As per the technical outlook we look bearish as we are not forming higher highs and higher low.The bearish scenario will be negated if and only if we close above 4951.On the downside we need to watch the level of 4630 which is 200 DMA.

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