WEEKLY TECHNICAL VIEW ON NIFTY 17 to 21 JUNE: Nifty remained weak as anticipated for better part of the week, however the pace of decline was surprising as key retracement levels and 200 EMA was unable to hold the slide . Nifty slipped for first four trading sessions and snapped back sharply on the last trading day of the week. Weekly spread was 249 points, Nifty lost 73 points on weekly closing basis. Island Reversal on hourly charts and Morning Star Candlestick pattern on daily charts noted. Nifty has managed to reconquer 200 EMA buy yet trading below its 20 EMA. Momentum indicators have turned into buy mode from oversold zones. Key local and global events early next week can add to volatility and choppiness. As advised in earlier newsletter 5850-5750 were areas to book half shorts and 5750- 5650 areas were areas to open contra longs. Bears should have trailing stops above 5830. Bulls can expect positive momentum in Nifty if it is able to close above 5830 by midweek. Key resistances for the week are 5830-5870-5910-5940-5973-6011. Key supports for the week are 5780-5730-5683-5630-5610-5555. In immediate short term Bulls regain control above 5830, Bears can gather strength again below 5730.
Posted on: Mon, 17 Jun 2013 03:54:05 +0000
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