June 29, 2011

NIFTY Weekly chart Analysis

  • Price approaching its weekly resistance level.
  • Recent attempts to stay above 20 week moving average has failed.
  • So a bigger breakout cannot be seen unless price closes above 20 week moving average.
  • Second chart shows stochastic turning in favor of bulls. Now if the corrections are not large price may continue to move up. 
  • Lets wait and see how price reacts near 20 week moving average. 
By at

2 comments:

  1. niftyJune 29, 2011 at 9:23 AM

    San,

    Thank U for the charts.

    Would it be right to assume that 5720-5740 be the resistance on the weekly charts for this week ?

    ReplyDelete
  2. SanJune 29, 2011 at 9:39 AM

    @nifty
    For now the most crucial level is 5604. A daily close above this level can add more strength for the bulls. We will go step by step with trailing stop loss.
    One more thing is the weekly close above 20 week moving average if that is done then 5700 is possible

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