NIFTY Weekly technical analysis.

>> Sunday, March 8, 2009

Last week we saw NIFTY was in a rangebounded mode.
Last week NIFTY closed at 2763 and this week at 2620.15 a decrease of 150 points odd.
The week was volatile.
NIFTY TRIN at 3.045
Over all Nifty is Bearish.
5 day EMA at

Pivot - 2597

Support - 2595 and 2490
Resistance - 2691 and 2745
Reversal from either of these levels would provide the opportunity to initiate fresh short positions. (Resistance)

Over all mode "Volatile"

The medium-term outlook for the index is negative and this view will be mitigated if Nifty closes above 3000. Last week’s move signals that the long-term down move from last January’s peak could have resumed that can take the index down to 2252 or 2172.

Chart -