NIfty Weekly 1-5 September

WEEK GONE BY
NIFTY was suggested weakish below 4370, support was expected around (support trendline @ 4200). Nifty made a low of 4201.85 on Thursday and bounced sharply on Friday to close at 4360.


WEEK AHEAD
50% Retracement of upmove from mid July to mid Aug comes around 4215,Nifty has bounced from this supports. Nifty is recovering from oversold zones, strong resistance are expected around 4450-4540. Nifty movement is of utmost importance around 4400-4500, if any down move starts from 4400-4500, it makes a classic bearish Head & Shoulder formations!
Weekly Support expected at 4200-4160, Weekly Resistance expected at 4540. Nifty Strong/Weak Above/Below 4370 for the week. Nifty very weak below 4160-4200.