Nifty Weekly Outlook

Last week we had written that nifty future support is at 4935.

The low of the week happened to be 4937 !!!!!

The third long target of the week was 5205. High of the week was 5210.

Link to last week's article - http://jerrytechnicals.blogspot.com/2009/12/nifty-weekly-outlook-21-december-till.html

Nifty

Chart Take

As per chart last week's low of 4937 is critical to the further fortunes of nifty.

As long as 4937 holds in the coming weeks, nifty will tread higher.

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Fibonacci

As per fibonacci extentions, nifty will face huge resistance at 5260 next week. Trading above this

resistance level with volumes, nifty will move to 5300, 5365 and 5420.

If nifty future is unable to trade above 5260 with volumes, it will correct to support level of 5050.

As per fibonacci studies, 4940 is critical support level that nifty should not break, which is the inference that we get from weekly chart also.

Breaking and trading below 4940, nifty will move to 4820.

Note: Next week is a truncated week with 2 trading holidays.

Access the list of holidays here : http://jerrytechnicals.blogspot.com/2009/12/list-oif-trading-holidays-2010.html

Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.