nifty daily chart forecast
Nifty spot index last closed at 5944 with loss in last trading session.on daily chart nifty trend and momentum is strong bullish.
on nifty daily chart,nifty still closed above weekly average of 5928.below that 5795 is monthly as well as 3 month average levels and all these are major supports from short term view.on indicators side nifty daily cci level si +129 and showing correction after touching overbought zone while nifty daily rsi is at 62 and showing correction signs.
on upside 6110 is previous top and only one short term resistance on chart.
nifty weekly chart forecast
nifty this week closed with gains.in this week nifty made low at 5867 while high was 6019.total 150 points bottom to top rally.this was 3 rd week of gains for this index.after taking support at 2 years average nifty given sharp short covering bounce back.
ON WEEKLY CHART,NIFTY TREND AND MOMENTUM STRONG BULLISH.5762 IS 6 MONTH AVERAGE THEN 5645 IS 12 MONTH AVERAGE WHILE 5480 IS 2 YEARS AVERAGE ZONE.ON UPSIDE 6110 IS LAST TOP AND ONLY RESISATNCE FROM MEIDUM TERM VIEW.ON INDICATORS NIFTY WEEKLY CCI IS +54 WITH BULLISH DIVERGENCE WHILE NIFTY WEEKLY RSI IS AT 57 AND CONTINUES BUY SIGNAL GIVEN AT 5600-5650.
Nifty outlook for 6 to 10 may 2013
NIFTY FROM SHORT TERM VIEW MAY SHOW CORRECTION AS INDICATORS ARE IN OVERBOUGHT CONDITIONS BUT STRATEGY REMAIN BUY NEAR SUPPORT AND EXPECT NEW TOPS ON CHART THIS TIME.5790 IS LAST SUPPORT FOR SHORT TERM VIEW.TO MINIMIZE RISK TRADERS CAN BUY NEXT/FAR MONTHS 6000/6100 CALL OPTIONS ON DECLINE AND WITH 5750 CLOSING BASIS STOPLOSS.ON UPSIDE 6100 AND THEN 6275 REMAIN TARGETS FOR MAY 2013.
FROM MEDIUM TO LONG TERM VIEW 5500-5600 WAS GOOD ENTERY ZONE AND NOW 6 MONTH AVERAGE REMAIN TRAILING STOPLOSS FOR INVESTMENTS.ON UPSIDE 6400-6900 REMAIN TARGETS FOR YEAR 2013.