Nifty Weekly Technical for Week 31 May

By | May 28, 2011

Nifty Hourly Chart

Nifty Did a U-Turn again and took everyone by surprise on its move on Last thursday. This move shows highly unpredicatble nature of market.

Market always follow the path of Least Resistance

On Hourly chart market has broken the downward trending trendline as Shown in chart. Next level of Resistance comes @5510 on Hourly charts.

 

Nifty Daily Chart

20 SMA is a tough resistance to crack on daily chart and in Extreme short term,Closing above 5485.8 will give another boaster to bulls to continue the trend on upside.

On Daily charts next level of resistance comes around 5518 the lower end of Flag and Pole pattern breakdown. This is also an Important swing high formed before this uptrend and its should be crossed for further upside.

MACD is going to trigger a Buy and market closed above 5 EMA High on Daily charts .

Nifty Weekly Chart

On Weekly charts Nifty broke its short term trendline during the week but quickly recovered the same during the last 2 days indicating the Demand coming on downside and decreasing of Supply pressure on upside.

Trend Deciding Level:5518

Weekly Resistance:5555,5587,5621

Weekly Support:5445,5375 and 5329.

Break of 5329 will lead to a panic selling in market and we can revisit the levels of 5177

 


Nifty OI Chart

Based on OI charts the Weekly range looks in Between 5700 and 5300

2 thoughts on “Nifty Weekly Technical for Week 31 May

  1. Bramesh Post author

    Hi Sir,

    I have mentioned the trendline you have mentioned on Charts.

    By unpredicatble i meant the 40 point jump we saw on Thursday Dow theory will never be able to predict that move 😉

    Thanks for views appreciate them.

    Rgds,
    Bramesh

  2. Shaikh Jamil

    Market is not highly unpredictable Bramesh. if you use dow theory you will find a trend line support from where market has taken a u turn.
    Hope you find this helpful.

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