Sunday, February 28, 2010

Weekly Outlook Indian Stock Market (02 - 05 Mar)

High: 4992.00
Low: 4833.15
Close: 4922.30
Change: +77.40
RSI (14 Days): 50.65
Pivot: 4916
Support: 4840, 4757
Resistance: 4998, 5075

Medium Term
Nifty is in uptrend (from 26th Feb.) with targets of 4990**, 5070, 5150.
The uptrend will ‘terminate’ below 4784.
Short Term
Nifty is in uptrend (from 11th Feb.) with targets of 4880**, 4900**, 4960**.
The uptrend will ‘terminate’ below 4834.
(Targets are +/- 20 points, ** means target achieved)
Resistance: In the week ahead, 4990 the week high EMA would be huge resistance level for nifty. Only if nifty trades above 4990 with volumes, it can move to higher targets of 5015 and 5050.
Support: 4809 the week low EMA would be huge support area for nifty next week. If it breaks and trades below 4809 with volumes, nifty will move down to 4755, 4717 and 4680 in the week ahead.

  • Second week of a higher high and higher low.
  • Channel maintained. Stop loss at 4740 for the coming week.
  • The rise from 4675 has been on increasing volumes.
  • Stochastic has given a buy since last week and is moving up.
Thanks and Regards

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