Nifty Weekly Technical Analysis for Week 9 January

The Opening Week of New year 2012 was won by Bulls as Nifty closed up by 2% in a range bound and dramatic closing of week as market was open on Saturday also.
One interesting observation i found out on Facebook thought of sharing with readers
On 6 Feb 2010 Markets were open on Saturday and Nifty was trading ,High was 4768 and Low was 4712,4712 remained low for almost 2 years. So do we see the History repeating again ?
Another Interesting aspect for this week gone by was Food Inflation which dipped in negative but it failed to cheer markets nor Policy maker and surprised the common public.Normal Households food budget has doubled from past 1 year but as per Government data  food inflation is negative. How is tht possible?
Food Inflation dropped is more because of High base effect we were having in past 1 year so its a mere statistical representation of year-on-year movement in prices of select items.
 Fuel prices (especially LPG) that materially impact household consumption budgets, remain a contentious issue. Hence, it is too early to celebrate the decline in food inflation numbers. RBI cutting rates on this number will be a wishful thinking. 
Coming Week will be quiet exciting in term of news flow data as ...

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