weekly up date 8-8-09

In this week nifty making a year high of 4730 but not sustain the higher level ,selling pressure at higher level nifty correct the 5% closing at 4481 on Friday.

DAILY CHART

In daily chart nifty gives a false breakout above 4700. Thursday nifty break the channel line with volume ,on Friday trend continue closing at 4481 closing near at 25ema . Now nifty support at 4380-4420 , I think this is last support for bulls closing below this level bears control the nifty.Till nifty trade above 4380 the up trend intact.RSI at 51.2 moving down below 50 selling pressure increasing ,MACD div. at +0.81 it also moving down .These both of indicate that in short term trend is down .

WEEKLY CHART

In weekly chart reverse head & shoulder is unfold if nifty close 4750 than 6000 level seen in nifty.RSI traded below over bought zone ,MACD is also in +ve zone ,if nifty selling pressure continue next week these are also weak.

MONTHLY CHART

In monthly chart RSI in range ,MACD fast line cross the zero line it gives a signal of bullish day by day.

OVER ALL

Short term trend is -ve , nifty weak below 4380.Nifty is in up trend ,so buy on dips .

HAVE A GOOD DAY.