Nifty Weekly Technical Analysis for Week Beginning 21 August

Nifty gained strength for the 3rd consecutive week as  inflation hitting 32 month lows,  but gave up gains  due to disappointing export-import data, release of the controversial CAG reports in the parliament & rising crude prices which have crossed 115$ per barrel. 

According to CAG report, financial benefit accrued to private companies due to non-transparent allocation instead of auction of coal blocks was pegged at Rs 1.86 lakh crore. Major Companies amongst those 25 named are Reliance Power, Essar Power, Hindalco, Tata Power, Tata Steel & Jindal Steel and Power.

This has once again casted doubts on the credibility of the Government Functioning which has already been dented to a great extent by the 2G Telecom scam.News on Friday that showed CBI has not chargsheeted Kalmadi in Commonwealth game has brought a new low in the credibility of Government of India. So expect lot of volatility in Equity markets for coming week.

 Nifty Hourly Chart

Nifty Hourly Charts are forming symmetrical triangle with breakout above 5400 NS.Support now exists at ...

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