NIFTY Weekly Technical Analysis.

>> Sunday, January 11, 2009

Last week we broke the trend due to Satyam’s saga.

Last week markets gave up much of its gain.

I think markets will give up some more gain. NIFTY channels are now breaking channels are breaking in each time cycle.

Levels to watch out in this week would be 2745 and 2650 as supports and 2980 and 3055 as the resistance.

Currently we are trading between 20Day and 39Day simple moving averages. NIFTY needs to cross 2985 to break the trend.

More volatility expected this week.

Chart -

Happy Investing!

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