Nifty Weekly Technical Analysis for Week Beginning 13 August

Nifty is defying that Gravity exists with each small dips is getting bought into(Well it goes with our analysis),but if you look at the internal of market Nifty is driven higher with few stocks namely HUL,ITC and RIL. Bharti Airtel and State Bank of India have broken down after results. So we have  market rising on few stocks and poor market breadth and deteriorating fundamentals of Indian economy as Many prominent brokers have cut the GDP target of Indian Economy. But due to ample liquidity present Nifty is not breaking down. So go with the trend till the music lasts , Many trades want to short have shorted Nifty based on above facts but do not be impatient lets the signal emerge till than either be on sidelines or be on long side.  Coming week is Holiday shortened week as we have Holiday on 15 August.

 Nifty Hourly Chart

Nifty Hourly Charts are forming ascending triangle with breakout above 5380 NS.Support now exists at 5282. Till Nifty is trading above 5297 which is..

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