NIFTY Weekly technical analysis.

>> Sunday, May 24, 2009

The UPA victory gave a sharp movement in the markets. Couple of upper circuits and the markets were hardly open for 50 seconds on Monday.
Tuesday we saw a record turnover also witnessed by profit booking.
NIFTY Looks over brought. High volatility expected in the markets in the coming week.

Last week we saw NIFTY zooming up.
Last week NIFTY closed at 3671 and this week at 4238 a vary major gain. (In fact the maximum gain ever)
FII's participation was excellent.
NIFTY TRIN at 1.184
NIFTY Range - Between 4050 to 4400

Current Spot - 4238.50

Support - 4150 and 4080
Resistance - 4325 and 4390
Reversal from either of these levels would provide the opportunity to initiate fresh short positions. (Resistance)

NIFTY Targets on the upside for short term - 4350 and 4500.