Nifty Weekly Technical Analysis for Week Beginning 27 May

Nifty halted its down move, made a low of 4803 but outperformed BRIC as we are up  0.6% WoW basis. Last week as we discussed below 4898  trend remain bearish and Nifty made a low of 4803 high of 4934.Click Here to Read the Previous Week Analysis

INR made a life time low of 56.3 before closing 55.41, on news that we can see Diesel Hike and Cooking Gas price gas hike which will help in getting its finance in order. Next Week is Expiry do except a volatile week ahead. Till 4960 is not crossed Bears are having upperhand and they will want to push nifty down to cover there shorts at lower rates,Bulls if able to cross above 4960 will lead to huge short covering coupled with value buying.

Nifty Hourly Chart

Trading comfortably above 50 HSMA @4880. Hourly charts are approaching overbought conditions and pullback till 50HSMA should be bought into.Below 4880 low of 4805 can be retested again.

Nifty Gaps

Nifty has the following gaps so any close below 5000 will lead to gap filling so keep a close eye on..

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