August 6, 2012

NIFTY Weekly update


  • NIFTY Daily chart shows strong support near 50 and 100 Day SMA (5139 - 5146).
  • Sustaining above the support zone should take nifty towards the resistance line of the contracting triangle pattern. Breakout above this resistance line should lead to the weekly resistance line from 6335 - 5629. Here price will face stiff resistance from this trend line and 100 Week SMA.
  • For bears price need to stay within the contracting triangle pattern for a possible fall towards the support line of the pattern.
  • We may also see a false breakout from the contracting pattern and price getting resisted at the weekly trend line or 100 Week SMA. This could take nifty to the 5380 - 5400 area.
  • RELIANCE INDUSTRIES UPDATE


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