Nifty Weekly Chart Update -13Aug2012

• Weekly Stochastics Chart Show Mid Point Crisis and Bullish Reversal Signal
• Weekly line chart shows a crucial support resistance line. Weekly close above this line will strengthen bulls further.
• Bulls need to close above 100 Week SMA and the falling resistance line for gaining momentum.
• Weekly upper and lower bollinger bands has acted as turnaround levels in the recent past. If price moves above 100 Week SMA then it could lead to upper Bollinger band at 5450.

Nifty Analysis for 10 Aug 2012

Daily and Weekly Trend is up above 5220(SAR)
Support are 5280-5250-5160-5088-5040-5000-4950-4800
Resistances are (5344)-(5377-5385)-5498-5630
Piercing Pattern at 5164 ,5280 ,Change of polarity at 5280

Inverted Hammer or bearish counter attack pattern 5375 (Still  holding)

38.2% of current rise from 5166 to 5376  is 5297

Symmetry move and 161.8 of previous market structure completed. 

Break way Gap at 5220 was immediate major support 

Profit Target on Long Side are 5350-5375-5500-5630

Happy Krishna Jayanti