Nifty Weekly Technical for 07 March

Nifty Hourly

Nifty Hourly chart saw some cool off from the overbought conditions and took support at middle of Bollinger band and vertical trendline which is shown on chart.
If Nifty moves below 5524 which breaks both Bolliger Band Middle line and vertical trendline we can see 5480 levels.

Nifty Daily

Nifty daily chart is showing some intresting set up with 50 DMA@5651 and 200 DMA@5654 touching each other.
2 Scenarios are possible
BULLISH
IF 50 DMA is above 200 DMA than bulls can have a party time and 200-300 points in Nifty can come in 1 Weeks time frame
BEARISH
If 50 DMA crosses 200 DMA on downside than we may see a touch of 5177  and can move lower till..

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