Saturday, April 24, 2010

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.

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