April 23, 2012

Nifty Weekly Analysis

  • Closing below the middle bollinger band or 20 Day SMA may trigger a sell.
  • For bulls its the 50 Day SMA, Bulls also need to stay above the falling resistance line to avoid a bigger correction.
  • Weekly chart shows bullish engulfing pattern which needs confirmation. Increasing volume and closing above 5 week High EMA should confirm bullish momentum.
  • 5180 level is shown as a price pivot zone. price has visited this place many times, For now nifty is unable to move away from this zone. Bulls or bears if manage to cross important levels we may see a bigger move away from this zone.

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