Friday, February 26, 2010

NIFTY - weekly out look.


* Nifty can be bearish till it does not hit 5206 in this week.

*For time being, down trend has weakened.

*On eod 50DMA = 5013.68(sloping down), 100DMA = 5008.07, 200DMA = 4744.18

*Weekly RSI14 is 52.53, and LBB (20,2) is 4681.65, one can buy in panic near this level.

*Weekly 20SMA is 4999.95, which could have been one of the reason of resistance on last Friday's budget day. (Another reason could be - on daily chart, it moved far beyond UBB, with RSI-14 near 50mark.)

* Weekly floor pivot is 4915.82, be cautious with shorts above it and with longs below it.

*If nifty does not breach 4755, then nifty can go upto 5184 in March.

I will be off for next week.

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