Nifty Weekly Technical Analysis for Jan 21- Jan 25

At last GOI bite the hard bullet and gave a partial deregulation of diesel which fueled rally in Oil and Gas Sectors where two heavy weight Reliance and ONGC. RIl came up with a spectacular set of number and closed almost 4% up in London exchange. As i always say price have everything in it, RIL we discussed on 17 Jan Post saying above 870 Inverse HnS pattern will start showing its effect and mid term target of 1000.

Trends in motion will stay in motion, they will persist, until they reverse.

Lets discuss Nifty Trading Strategy for Next week.

 Nifty Hourly Chart

Nifty is trading comfortably above 50 SMA which lies at 6019. Negative divergences have been observed in Hourly chart but we need price confirmation till 6019  is not ..

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