NIFTY Weekly Technical Analysis.

Last week we saw NIFTY was in a bullish mode. A good uptrend was seen. Followed by strong global cues.
Last week NIFTY closed at 3211.05 and this week at 3342.05 an increase of 130 points odd. A good one.
The week was followed with good global cues and also good local cues.
NIFTY TRIN at 0.566
Over all Nifty is Bullish.
NIFTY Nature - Heavily Over Bought

Support - 3150 and 3100
Resistance - 3425 and 3510
Reversal from either of these levels would provide the opportunity to initiate fresh short positions. (Resistance)

Nifty recorded the intra-week peak at 3401 and ended with a 131 points gain. The doji formation in the daily chart and the halt below the 200-day moving average at 3441 implies indecision in the short-term. A short-term correction can pull the index down to 3234 or 3131. Fresh longs should be avoided on a decline below the first support. Medium-term view will, however, turn negative only on a close below 3000.

Immediate targets for the current rally are 3326 and 3450. If there is a vertical break-out above 3450, next target would be 3911. However, targets for the B wave of the long-term down-move from the 6357 peak are 3680 and 4050. These could be the ceiling for the index for this calendar.

NIFTY Auto generated EOD Technicals.

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