Nifty Weekly Technical View

Nifty Futures Technical View


As seen from the attached daily chart we did a break above 34 EMA and triggered SL for many longs also as discussed from last week Nifty Technical View 5110 was trend line resistance and above that we can move till 5190 Levels we did move to 5147 levels but as Non Farm Payrolls came pretty bad and dow tanked  3% and we should accept a huge gap down and probably we may open sub 5000 levels.

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Nifty Weekly Technical

The forthcoming week is likely to be highly volatile driven by expectations from the upcoming
Union Budget. The highly eventful week begins with the Railway Budget on 24 Feb 2010 to be
followed by tabling of Economic Survey on 25 Feb and the Union Budget on 26 Feb. Also, the
expiry of Feb derivatives contracts this week will add to the volatility on the bourses.

As seen in Charts Fibo 50% is making resistance so that needs to be crossed for further upsides.
For trading during the coming trading sessions, trend deciding level is 4850. If Nifty shows strength above 4850 levels then we may see rally to 4950/4990/5025. If Nifty doesn’t sustain above 4850 levels then decline to 4800/4725/4650 may be seen.