Last week we had writen that below 5240 nifty will fall to 5175 ( see link http://jerrytechnicals.blogspot.com/2010/01/nifty-weekly-outlook-11-january-till-15.html).
Nifty low for last week was 5176.
Nifty is range bound so far. And we have been using bands to trade.
Bands are currently placed at
1) 5386
2) 5229
3) 5172
4) 5115
5) 4960
These bands indicate huge support and resistance areas and any reversal from these would be powerful.
Fibonacci
5258 would be break out point for bulls in the week ahead. Trading above 5258 with volumes 5315 and 5340 are the fibonacci
extension targets. Once 5258 is crossed with volumes, 5220 should act as strong suport.
On the other hand, if after crossing 5258 nifty breaks and trade below 5190, bears would knock nifty down to 5100 and 5050 in the
coming week.
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.
1 comment:
Band did magic today. Great
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