Sunday, October 2, 2011

Nifty Weekly Technical Analysis (03rd-07th Oct)

Nifty Spot Closing Price @ 4943
Nifty Spot Supports @ 4843-4720
Nifty Spot Resistances @ 5051-5170


Last week market continued with its downtrend and made another low on weekly basis. Nifty Spot made low of 4758 very close to crucial support of 4720. Although market recovered from 4758 to 5034 after Monday steep fall but it closed at 4943 due to profit booking. Technically, Market is still range-bound and sideways with no clear direction. On Downside, Strong supports stands at 4843-4720. On upside, immediate resistance stands at 5051. Closing above for 2 days, It will move towards 5121-5170-5238. As of now, Market is Buy on decline until and unless holds 4720 and Sell on highs until and unless fails to cross and closes above 5170.

Short term is side-way/neutral. Medium term is 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 "

Regards,

www.equityahead.com
www.equityahead.net
www.equityahead.in