Weekly Technical analysis : After the gains !

>> Sunday, June 7, 2009

Its almost the sky limit for the Indian Stock markets isn't it !!!
The million dollar question going on every mind is that when will this rally end or even when will markets cross 18K !

What the trend signify is that NIFTY is heavily overbought.
Turnover has increased in the markets.
FII's have turned net buyers over a period of time.

Last week we saw NIFTY zooming up.
Last week NIFTY closed at 4448.85 and this week at 4586 a good gain again.
FII's participation was excellent.
NIFTY TRIN at 1.566
NIFTY Range - Between 4350 to 4695

Current Spot - 4586
Support - 4490 and 4385
Resistance - 4650 and 4720
Reversal from either of these levels would provide the opportunity to initiate fresh short positions. (Resistance)

NIFTY Targets on the upside for short term - 4620 and 4670

Chart :

NIFTY Auto generated Technical analysis.