Nifty Weekly Technical Analysis for Week Beginning 05 March

The Week gone by had bout of volatility with Nifty closing below 1.3% WoW basis. Last week market was a range bound volatile  moves  with loads of Intraday volatility. After Dull Jan and Feb months March promises to be a volatile month where money can be made on both sides. Its an eventful month with starting with UP,Punjab,Goa and Uttrakhand results. Most Important results to watch out are of UP election and this will provide further trigger to market.
The coming week has Holiday on 8 March on account of HOLI.
Lets see which color Holi is played on Dalal Street Will it be Green or Red ?
Exit Polls conducted by various news channel has given a Hung Assembly in UP. Can they be trusted. I bet not reason being lets have a look at Exit Poll results by various news agencies  in 2007 election and what turned out to be in reality
The Indian Express-CNNIBN-CSDS pre-poll survey placed the SP’s tally in the 145-155 band; the BSP’s between 140 and 150 and the BJP’s between 50 and 60. The Times Now-Hansa exit poll put the SP’s tally between 100-110; the BSP’s between 116 and 126; and the BJP’s between 114-124. The NDTV-IMRB exit poll placed the SP between 113 and 123, the BSP between 117 and 127 and the BJP between 108 and 118. Star News-Nielson exit poll put the SP’s tally at 96, the BSP’s at 137 and the BJP’s at 108. The Congress came uniformly at the bottom of the heap in all surveys.
The final results were a surprise for all. The BSP virtually swept the polls with 206 seats. The SP bagged 97 seats and the BJP 51. The Congress scored the lowest with 22 seats.
So do not trust the Exit Polls results and wait patiently for 6 EOD to know the final outcome which if good will lead to a good rally in Indian markets. Lets analyses the coming week on technical grounds.

Nifty Hourly Chart

On Hourly chart Nifty is forming a triangle pattern with a stiff resistance at...

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