Nifty Weekly Technical Analysis for 2011 December Expiry week

Wishing all Site Readers a Merry Christmas and Happy and Profitable New Year 2012

It's Christmas Eve today and we are almost reaching the close of 2011. From India's perceptive 2011 is the year everyone wants to forget as it was primarily characterized by  prolonged bear market, economic slump,inflation,corruption scams and weak rupee.
Will things change in 2012 for India and World's Perceptive?
In India a State Level election poll will keep the governments busy in wooing people  to vote for them and expect policy log jam at center for the time being. From Stock Market perceptive  Inflation is showing moderation Food Inflation at 3 Years Low, but 13 rate hikes have put the brakes on economic growth. It will take a while before the growth engine starts chugging along at full steam. Stock Markets takes the cues in advance and price in both good and bad news well in advance.
THERE IS ALWAYS DARKNESS BEFORE THE DAWN and we all expect a brighter 2012 which will make us forget the doom and gloom of 2011


Lets jump into the technical of Nifty for last trading week of 2011. On Personal front i expect it to close on a Strong note looking at History of December month on account of Increasing fund flow for US markets,value buying by Indian  Mutual funds and Quarter ending   so NAV adjustment by MF and Hedge funds.
As per Last Week Analysis (Click on Link) we anticipated a relief rally above 4675 and Nifty made a high of 4762 above 4675.

Nifty Hourly

Nifty on Hourly chart was able to close above the hourly trendline support of 

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