Nifty charts had formed continuous Hammer Patterns on the chart.

Hammer candlesticks are formed when a security moves significantly lower but bulls retraced back from those lows to reach near the open. By day end buyers were able to push prices back to the upper range creating a short body candle with a long shadow. The Hammer pattern signifies a weakening in bearish sentiment.
Resistance on Pull back would be arrested around each major medium to short term moving averages and as of now the values are around
• 150DMA : 5080
• 100DMA …

Coming week will be a a crucial week for markets, as IIP-data for Feb.2010 will be announced on Monday 12th Apr, consensus estimate is 15.75% as compared to 16.7% previously. Lower IIP for feburary could prove to be a dampner. Following day on Tuesday 13th Apr, IT major INFOSYS will kick-start earning season for Indaian corporates. On 14th Apr markets have holiday and this will be followed by Monthly Inflation data for March to be announced on 15th.

10 …

Nifty made a new 52 Week High @5329.55 levels but bulls were unable to sustain at higher levels.

Last Week we saw Bulls facing resistance at 5330 levels and than reversing from that now 5330 if not crossed now will become double top and can be a bearish sign.
For authentic breakout of this upward resistance, the index need to stay above the 5330 for  at least 3 days or it needs to go up minimum 3% (presently around 5450) of the respective value.
A negative crossing of 100 DMA …

Nifty Weekly Technical view is present as below:
1. Market are showing good strength and trading well above 5 EMA.
2. RSI is showing negative divergence
3.Nifty is very near to its 52 week high of 5311 and facing quite a high resistance at 5290
4.Nifty is moving in a channel and will find support at the bottom of the channel around 5200 oce it is not able to cross 5311 during the early part of week
5.OI charts are attached Good OI is at 5200 PE should prove to be a good support …

Nifty posted a good post budger tally with a weekly gains of 3.4%,Coming Week IIP data which is bound to release on 10 March will decide the furthur Trend.
As of now we are in good Uptrend and 5065 is proving to be a good support for Nifty.If we take the fibo levels as indicated on charts we will find a resistance at 5164 levels.As we have closed above 5 WEMA so this is further evidence that trend is quiet strong and we may see a good rally till 5164 levels.

Short …