weekly update for 7-9-09

Last week nifty start with decline ,after consolidation nifty bounce back on Friday.

DAILY CHART

Nifty trade in a triangle in up side break out above 4750 on closing basis trend line support at 4560.Daily trend is up so long side is preferred fresh buying above 4750 & exit there long if nifty break 4560.
WEEKLY CHART

In weekly chart nifty is same in triangle nifty made triple top between 4700-4750 maintain the trend line support at 4560 .MACD is divergence is flat to -ve, so fresh buying above break out above 4750.

MONTHLY CHART

In monthly chart if nifty trade above 4750 nifty heading to 4925-5250.

RSI & MACD is strengthen day by day.

OVER ALL

Nifty trade in a range of 4350-4750 or in triangle 4560-4750 . If nifty break above 4750 with volume than nifty goes to 4925-5250, in down side 4560 is first support for long 4350 is the major support if this support is break then we go for a deeper correction .

HAVE A GOOD WEEK.