Nifty Weekly Technical

Nifty posted a good post budger tally with a weekly gains of 3.4%,Coming Week IIP data which is bound to release on 10 March will decide the furthur Trend.

As of now we are in good Uptrend and 5065 is proving to be a good support for Nifty.If we take the fibo levels as indicated on charts we will find a resistance at 5164 levels.As we have closed above 5 WEMA so this is further evidence that trend is quiet strong and we may see a good rally till 5164 levels.

Short term trend of Nifty fut is up. Buying on dips may be considered
around 5070 level with the SL of 5050 for the target of 5135/5170/5220.

On the way down if 5050 breaks we may see the levels of 5035 4980 Levels.

For Option Traders Buy 5100 PE when Nifty is near 5164 Levels with a SL of 5200

For Nifty Daily Pivot Levels :http://niftystockpivot.blogspot.com/

For Pivot Point Caluclator:http://pivotpointscalculator.blogspot.com/

Nifty Weekly Technical Views

Nifty Weekly and Daily Charts are presented above:
1. Nifty was unable to cross the Fibonacci 61.8% Resistance of 4793 in the present up move.
2. Bearish divergence were highlighted in previous week analysis Click to View
3.On EOD charts the present uptrend in extremely short term is broken and rallies till 4585-4600 should be used to short with strict sl as above 4600 we are again back in the uptrend.
4.The present correction can move upto 4380-4420 levels but looking at the way dow has rallied i have a strong felling we will move at least 2% on Monday and the rise will be led by RELIANCE.

Weekly levels which need to be watched:

Resistance:4560 4600 4653
Support:4432 4386 4293

Nifty Weekly View 15-19 Dec