Nifty Technicals for 24 Feb Expiry Week

By | February 19, 2011

Nifty Hourly Chart

Next week is expiry and accept lots of volatility in Nifty.Nifty expired at 5604 in Jan contract and any close above it in next week will make things bad for bear camp because of simple reason Bears will start coming into loss and Bulls even if gave a liitle bit of support above 200 DMA@5635 Nifty will just move up on short covering.

Nifty Hourly chart at last showed some cooling off in indicators thanks to rumors floating around in market from morning.I have dram the treanlines in hourly charts and we made low to bottom of bollinger band which can be termed as a positive sign for coming week.

STOCH has cooled off from Hourly overbought zone to hourly oversold zone,RSI is near 48 which can be tremed as neutral zone.

Nifty Hourly Chart

Nifty Hourly chart with Bollinger band and looks good for a Bounce if lows are not broken.Hourly Charts once nifty give hourly close above 5520.

Nifty Daily Chart

Nifty Daily chart i have drawn the Fibo Levels from low of 5177 to high of 5595

61.8% Retracement @5433 while Fridays Low was 5340

50% Retracement @5385 SL for BULLS

Below 5385 we should visit the lows again and expiry could be at lows.

Nifty Daily Chart

Market never moves in a row 200 DMA@5635 was a well advertised levels and people were watching that level closely and market reacted before it.Well the correction welcome talking from technical perceptive as market can again attempt to regain 200 DMA level in next up move and will clear it.

RSI is unable to cross 50 levels and once it crosses 50 levels we can see a sustained rally.

Nifty Weekly Chart

Weekly Charts RSI is in oversold zone and trendline resistance is @ 5595 cross above it Nifty will attempt 5635 levels and after that it will attempt 20 WEMA @5743 levels

Nifty Pivot@5466

Resistance@5592,5725

Support@5333 and 5207

Nifty Open Interest

Nifty OI higher OI in PE @ 5400 and CE@ 5600 which suggests the range for the Monday as OI change on hourly so Monday EOD we need to revisit the OI again.

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