Nifty spot - possible levels for next week

Nifty - where it can go now from here?

NIFTY - Weekly outlook.

* 5345 to 5365 is an important support level for this week.

* 5475 to 5500 can act as a resistance zone.

* 5356.90 is a Monthly Floor pivot.

* For forthcoming days, 5236.30 can be interesting level to be watched if we get weekly closing below 5356.90.

* Buy and hold in panic !

* Move above 5500 can bring in short covering.

NIFTY - weekly out look.

Great Bhalooji gave one level of Nifty long back, that is 5479 as a very important one. Despite of good rally in US market, nifty did not go above 5477.50. I was having overnight short position in Nifty, and still have short position. I added more short at gap up, and covered it at lower levels. Stop loss for pending short position is 5485 spot.

* Last week, 5345 was not breached. Nifty showed good bullishness.

* If the positive break out in Nifty is not a false one, Nifty can immediately hit 5499.87.

* If it is a false break out, Nifty can go down up to 5375.97.

NIFTY - Weekly outlook.

* 5184.92 is one of the support. If nifty does not respect this support, it can plunge upto 5060.12

* Move above 5320 can lead nifty upto 5391.63.

* Nifty looks bearish at this point of time. On 1st July, Thursday, at around 9.30am warning was posted in the shoutbox along with the chart link.

* In the post of 5th June 2010, fears of interest rate hike was posted. http://dharmeshtshah.blogspot.com/2010/06/global-jitters.html

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.

*Nifty futures respected last week's strong resistance level of 5309.21.

*Weekly Pivot for nifty is 5254.27. Can add more longs above this level. Be cautious with longs below this. Any fresh shorting below 5254.27, needs the stop loss above 5273.00

*Immediate upside target for Nifty spot can be 5347.55.

*Strong weekly resistance can be 5360.97.

*Dow looks weaker. Under any global jitters, nifty is unlikely to break 5179.83 in March.

*Nifty has made a hanging man candle on weekly chart and overbought status on EOD chart can be tempting factor for shorting. But overall situation is such that, nifty is buy on dips.

*For Monday, if any one is overnight short, 5303.96 spot can be the stop loss.

Nifty 4hr chart - RSI developing +ve divergence.

EOD chart is showing negative divergences. But there are many supports down ward. RSI on 4 hour chart of nifty is developing some +ve divergences, which can provide some buoyancy on monday. ( Dow effect? )