Saturday, January 28, 2012

S&P CNX Nifty for the week 30th January 2012 to 3rd February 2012.

The Nifty was in a strong bullish trend last week as the supply seems to have petered out. 5250 should act as an important resistance which if conquered conclusively will take it to 5325 and subsequently 5400 levels. However, a technical correction is over due as indicated by the stochastics and the RSI. The immediate support should be at 5140 which if breached will see Nifty go down to 5045. If 5045 level holds then the breakout of last week stands confirmed and Nifty will see a new range in the current series. 

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