NIFTY Weekly Technical analysis.

Last week we saw NIFTY was in a bullish mode.
Last week NIFTY closed at 3473 and this week at 3620 a huge gain.
FII's participation was good.
NIFTY TRIN at 1.735
Over all Nifty is Range Bounded.
NIFTY Nature - Between 3400 - 3750.

Waiting till Election results are declared is the best strategy.

Current Spot - 3620.70
Support - 3540 and 3470
Resistance - 3725 and 3805
Reversal from either of these levels would provide the opportunity to initiate fresh short positions. (Resistance)

Nifty scaled the 3600 mark last Monday and went on to close the week above this level. Next medium term target zone for Nifty, if we consider the retracement of the down-move from January 2008 peak, lies between 3800 and 4000. July 2008 trough at 3790 will also be keenly watched as a possible resistance. Close below 3270 is needed to mitigate the positive medium-term view for the index.

Short-term outlook for Nifty is also positive and immediate targets are at 3730 and 3794. Supports for the week would be available at 3560 and 3460. Fresh longs should be avoided on a close below the first support.

Happy Investing!