NIFTY Technical Analysis : Weekly Show !

>> Sunday, May 31, 2009

The UPA victory changed the phase of the markets and it also changed peoples conception towards markets.
Turnover has increased in the markets.
FII's have turned net buyers over a period of time.
NIFTY Looks over brought. But the trend remains positive.

Last week we saw NIFTY zooming up.
Last week NIFTY closed at 4238 and this week at 4448.85 a major gain again.
FII's participation was excellent.
NIFTY TRIN at 0.24
NIFTY Range - Between 4210 to 4645

Current Spot - 4448.85
Support - 4340 and 4210
Resistance - 4575 and 4635
Reversal from either of these levels would provide the opportunity to initiate fresh short positions. (Resistance)

NIFTY Targets on the upside for short term - 4525 and 4670

Chart :

NIFTY Chart in the month of May basically indicates uptrend.

NIFTY Auto generated Technical analysis.