Nifty goes beyond 5184 !

Today nifty escapes the narrow range ! Thanks to Reliance. Reliance also crossed its one of the resistance near 1050 level. Nifty peaking out of the rising wedge. There can be a throw back, which will be a good buying opportunity for the left outs.

Will nifty go beyond 5184?

* Weekly floor pivot is 5129.05.

*20SMA of 6month, 1month, weekly, daily and even 30min chart is sloping up. (This makes me more bullish on NIFTY)

*Any correction up to 5002 (20week SMA) can be a golden dip for buying.

*5169.55 will be the first hurdle on upside.

*If in near future 5310.85 is taken out, then nifty can get the target of roughly around 5940.

*Fibonacci retracement levels of the recent correction from 5310.85 to 4675.40 are given below.

0.00%	4,675.40
23.60%	4,825.37
38.20%	4,918.14
50%	4,993.13
61.80%	5,068.11
76.40%	5,160.88
100%	5,310.85

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.

Nifty - weekly outlook.

Weekly pivot - 4894.58
5ema on weekly chart - 5053.41
Nifty can take support near 4747.20.
Failing to do so can lead the fall towards 4624.88.
20 week MA is 5030.60. Bulls can give a try to get weekly closing above it.
To resume the uptrend in next week, nifty needs to go above 5311.00
Weekly trend has become bearish.
There can be very volatile movement in next week.

NIFTY - weekly out look.

Weekly Pivot - 5240.75

If nifty is not able to bounce back from 5181.00, it can test 5109.80. Panic situation can lead it towards 5050 levels.

On upside nifty has the resistance at 5288.71, 5311.95. Nifty can be very bullish above 5324.22. Above 5324.22, it can test 5371.70.

20 week moving average is 5010.00.

Nifty can continue its uptrend till it is above 5812.00 in this week.