WEEKLY REPORT & VIEW

In this week nifty trade 190 points narrow range 4250-4440.

Market waiting for big event of budget ,after the budget

nifty break the range .I think if nifty want to make new highs it needs good news form budget & global & it sustain above 4650-4700 level.

Otherwise normal or bad news in budget & global can start a down move the nifty if 4200-4150 is break the 3600 level is possible in coming weeks.

DAILY CHART

In daily chart nifty bounce back to the new trend line but shows weakness RSI moving around 50,macd show weakness.any up move in the nifty can go 4450-4520. Than start a down move ,breaking the 4200-4150 . H&S pattern confirm to go the more down side in nifty 3600. I am in bear camp , I am +ve only if nifty cross the 4650-4700 level with volume.

WEEKLY CHART

In weekly chart the nifty show weakness in near term RSI comes out the over bought zone at 69 it can go down ,MACD fast line is cool down form high .REVERSE H&S pattern is under formation so the nifty can go down to 3790-3603 level.Again i am +ve only if nifty trade above 4650-4700 level.

MONTHLY CHART

In monthly chart a bullish formation in both RSI,MACD .RSI trade above the 50 & go high & high,MACD bullish line cross over divergence reach +54 point & ready to cross the center line .So long term view is +ve.

OVER ALL

Nifty weak in short term so investor should buy on dips.

HAVE A GOOD WEEK.