Saturday, September 3, 2011

Nifty Weekly Technical Analysis (05th-09th Sept)


Nifty Spot Closing Price @ 5040
Nifty Spot Supports @ 4970-4860-4720
Nifty Spot Resistances @ 5120-5250-5336




 
We didn't posted Nifty Technical Analysis for last 3 weeks due to technical reason.

For Next Week, Nifty is in neutral zone with negative bias. Overall, still weak and last week rally was pullback rally after big correction. Until and Unless Nifty Spot holds 4970, Chance of pullback till 5120-5250 is possible. 5220-50 will be strong resistance zone. There is 100 point gap between 5230 and 5330 which need to be filled for bullish trend. On Downside, Support stands at 4970-30. Closing below 4930. 4860-4800-4720 possible. On Upside, 1st resistance stands at 5120, Closing above 5220-5250 will come in picture. As per trading strategy, High risk trader can go long until 4970 Holds. Short term will be bullish only if closes above 5120 and then 5250 on closing basis.  Now, Both short term and medium term are Bearish and long term is bullish and this is the time to accumulate fundamentally strong scrip's in systematic way for 1-2 year time-frame as this was ongoing consolidation and corrective phase for long term.

" Trade with Levels not with Hope "


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