Nifty Weekly Technical Analysis for Week Beginning 16 Jan

The Week Ended up with the inevitable,long due and  bold decision by S&P Rating agency: Downgrade of EU Nations

Standard & Poor's carried out a mass downgrade of euro zone countries on Friday, stripping France and Austria of their top-grade AAA ratings, Nine of the 17 members of the euro area had their credit ratings cut by S&P. France and four other countries suffered a one-notch downgrade while Portugal, Italy, Spain and Cyprus were cut by two notches.

The decision of S&P will have impact on Europe Financial Stability fund (EFSF) as its Credit Rating will also be downgraded as France was big lender for EFSF fund and its rating has been downgraded to AA.
Next Week main event to watch

1. ECB President Draghi's Speech
2. Bond Sale of EFSF fund on Tuesday How market react to it ?
3. Monday being an Holiday for US market so its EU news and Stock markets reaction which needs to be watched closely.

HAPPY Pongal & Makara Sankranthi to all Blog Readers

Lets move to technical of Nifty

Nifty Hourly

On Hourly chart Nifty is forming Rising.....

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