NIFTY Weekly Technicals

Markets give up gains post Christmas.

US is closed for next few days. Asian markets may cherish this week.

I see markets may remain in upward trend this week.

The supports on the way down are at 2950 and resistances on the way up are at 3113-3168.

Above 3115 we can see 3200 and 3270.

Simple Moving Averages –

5 D	8 D	13 D	20 D	39 D	50 D	200 D
2972	2990	2958	2873	2852	2908	4111

At present we lie between 39 days SMA. Only if we cross 50 day SMA we heades towards 3050.

Fibonacci price projections-

	0%	61.8%	100%	161.8%	261.8%
Up	2503	2707	2833	3037	3367
Dn	2833	2629	2503	2299	1969

Chart –

Chart shows bearish movements from past couple of days.

Taking position for long term is now advisable.

Monday we can see a gap up opening.

If people say 6000 is the bottom (Sensex) we should have atlest corrected till 7850 on Sensex till now.

Other Indicators –

- Volume (last/ 5 day average): 0 / 0

- 5 day RSI: 31 - no indication.

- 14 day RSI: 46 - no indication.

- Williams % R(14): 38 (summation factor 100)

- Average Directional Index ADX: 16

- Average True Range ATR: 5 days - 99 .....14 days - 122

Happy Investing!

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