nifty daily chart technical analysis
nifty on last trading session closed at 5983 with loss.on daily chart nifty is now trading below week and month average and near 3 month average levels and showing corrective patterns.
on chart 6000 is month average and 6040 is nifty week average while on downside 5900 is 3 month average support levels.on nifty momentum indicators on daily chart showing corrective pattern from overbought zones.
nifty weekly chart technical analysis
nifty on weekly chart showing huge cuts in this week and look like topped out at 6200 levels.this week nifty index high was 6229 while low was 5883.total almost 350 points range or 7% volatility range which is suggestive of big hand changing positions.
on chart,still nifty trading above all medium to long term averages.on downside 5830 is 6 month average then 5690 is 12 month average and in last 5525 is 3 month average.all these are target zones if correction continues.nifty momentum indicators on weekly chart showing corrective patterns near overbought zone which is also sign of reversal.
nifty forecasts for 27 to 31 may 2013
for next week,nifty below 6040 spot levels remain sell on rise on downside 5900 is first target but i think we may see sharp sell off here may be upto 5790 and even below in this very short time.traders stay short and keep stoploss above 6040.
from medium to long term view,nifty showing strong correction pattern and for now 6200 remain as top resistance while on downside 6 month average is first correction rally target.in bad news flow environment may touch 2 years average of 5525.