nifty daily chart technical analysis
nifty spot index last closed at 6012 with loss in last trading session.on daily chart nifty trend is bullish but on momentum is losing out as profit booking going on.
on daily chart,nifty week average is 5960 and first support on downside.below that 5750 is month average and 5730 is 3 month average and last support from short term view.
on upside 6080 and 6150 are remain as strong resistance levels from short term view.
on daily chart,nifty cci indicator at +124 and off the high and suggesting correction may continue upto support levels.while rsi level is +58 and also off the highs.
nifty weekly chart technical analysis
nifty this week closed with gains.this was 3 rd week of rally and in these 3 weeks nifty rallied from 5300 to 6140.total 840 points rally in very short time.this week nifty spot made low near 5798 while high was at 6142.total 350 points week range and closed with gains.
on upside 6100 and 6200 remain as strong resistances while on downside 5775 is first support on weekly chart and also 6 month average.below that 5725 is 12 month average and 5610 is 2 years average.
on weekly chart,nifty rsi level is +55 and with bullish divergence while cci is +72 and heading towards +200.
nifty forecast for 23 to 27 sep 2013
for next week,nifty view remain sell on rise with stoploss of 6150 and expect target 5960-5750-5700.next bullish move expect above 6150 levels only.rbi repo rate move triggered profit booking and may continue in next week.
from medium to long term view,5600 was investment entry zone and target was 6080 and then 6200 and both of them almost achieved.now wait for next big move above 6200 only.for target 6450-6600 and on downside 5600-5750 remain as buy on dips zone for medium to long term investors.