Nifty Weekly Technical Analysis for Week Beginning 6 August

World markets had a hell of ride last week, Am talking in particular of Spain,Italy and peripheral Europe market,For instance Spanish market were down 8% intraday after Mr Darghi spooked the financial market, on Friday Spanish market was up by 5% again so things are getting highly volatile. Euro as a currency made a swing high and low of 1.21 to 1.24 is matter of hours. Indian markets stayed on the bullish course which started from 5033 NS and facing hurdle near 5259. Telecom Policy by TRAI  on keeping spectrum reserve price at 14K crores which is lower than 22% which might be a welcome move for the depressed telecom sector. In one reads fine print in details The biggest concession made is that telcos have to pay only one-third the auction price upfront. After this they have a two-year moratorium, and the rest is payable in 10 annual installments. In short, they have 12 years to pay up. So telecom stocks will be in focus on Monday.

Nifty Hourly Chart

Nifty Hourly Charts are forming ascending triangle with breakout above 5267 NS.Monday should be another gap up day and its possibility we might open around...

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