NIFTY Weekly Technical Analysis

>> Sunday, May 17, 2009

Basically the win of Congress will surely take the markets up this Monday. It would not be influenced by more of technicals and global markets.

Last week we saw NIFTY was in a range bounded mode.
Last week NIFTY closed at 3620 and this week at 3671 a minor gain.
FII's participation was good.
NIFTY TRIN at 0.748
Over all Nifty is Range Bounded. But bullish for Monday.
NIFTY Range - Between 3500 - 3750.

Monday expect a gap up opening.

Current Spot - 3671.35
Support - 3610 and 3545
Resistance - 3735 and 3795
Reversal from either of these levels would provide the opportunity to initiate fresh short positions. (Resistance)

Happy Investing

NIFTY Auto generated Technical Analysis.