Nifty Technicals for week starting 14 March

JAPAN....

We are deeply saddened by the loss of so many lives and property as a result of the earthquake.We offer prayers for those who have lost their lives in this tragedy and condolences to their families.

Nifty Hourly Chart

Nifty Hourly chart is trading in Channel as pointed in below chart with Support at 5400 Levels and Resistance @5459 on Hourly charts.

STOC is near oversold region and only a move above 5459 makes it buy in Hourly charts.

Nifty Daily Charts

On Daily charts we see significane of Support of 5400 as market has been saving this from 4 times of not breaking 5400 and nifty is getting support at it and resistance @5522 which is laxam rekha for bulls.


Also 50 DMA @ 5599 has crossed 200 DMA@5668 on downside which is a bearish indication.

RSI@50 if it moves above it Bulls will take control and below 50 bears will have upperhand.

Weekly Chart

On Weekly chart 50WSMA is proving a tough resistance to cross as shown in chart. Till the range of 5400-5600 does not break except choppy moves in market.

Nifty Pivot: 5472

Weekly Resistance:5536 and 5627

Weekly Support:5381 and 5317


Nifty OI 

OPen Intrest Chart shows 5400 PE OI @ 9,553,950 which should be support in near future and

5500 CE@6,258,150

which should act as resistance in near future.

Interesting week ahead... as Most of market participants are having short bias depening on middle east concerns and Japan Earthquake,European debt concerns.

Well market always cause pain for the majority of traders hence i feel we can see a quick upmove in coming week till 5600 (wishful thinking)