NIFTY - Weekly outlook.

*Nifty bounced back from lower Bollinger Band and closed above 20sma, which was worrying for bears.

*5257.10 will be very important level to watch. If nifty is able to hold on to this level in next week, it can give more bullish moves in coming days. *5199.40 can be a panic support.

*5351.10 and 5370.30 can be important resistance points. Can see short covering above these levels.

*5265.60 is weekly pivot, hold on to longs as long as nifty remains above this levels.

*Indicators on daily chart is giving buy signal, while weekly chart suggests some resistance ahead. It is an expiry week. Market can be very volatile in next week.

NIFTY - to test 4,863.23?

* Nifty breaking down the supports - can test 4863.23 eventually. ( The floor of the channel)

* If there is any bounce due to any positive surprises, avoid going long unless closing is above 5350.65 in this week. (Can be stop loss for positional shorts).

*RSI 5period of daily charts is 19.70, there can be pullback from lower Bollinger Band up to 20sma. If fails to close above 20sma, shorts need not worry.

*There can be intense selling below 5149.50 in this week.

NIFTY - Weekly outlook.

* Weekly pivot for nifty is 5350.55. Carry on longs above this level.

*Strong resistance can be 5410.85, 5459.95. Be cautious with longs near this levels.

* In any panic situation, 5301.95 & 5241.15 will be one of the supports during the week.