Nifty daily chart analysis for week 10-14 Feb 2014
Nifty spot on last session closed at 6063. On daily chart nifty technical trend is down but momentum is strong bullish as we seen sharp short covering as well as buying from strong hands. Nifty has recovered from lows of 5933 to now trading at 6063.
For next week, on upside nifty may face strong resistances at 6120 and then 6235.these will be upside targets for nifty if momentum sustains.
On downside, 5995 and then 5875 are strong support zones on daily chart and target zones if downtrend resumes. Indicators are bullish so expect short covering rally to continue on good news flow and high targets up to 6240 for nifty in next week.
Nifty weekly chart analysis for week 10-14 Feb 2014
Nifty this week closed flat but covered most of the losses after touching major support of 5935. From medium term perspective, this is very bullish sign and investing opportunity in nifty with strict stop loss at 5900. On upside 6240 and then 6520 target zones alive and may be expect in next 1-3 months period. On weekly chart indicators pattern are still bearish so no buy signal from indicators yet.
Below 5935, next major support on weekly chart is 5640 and in bearish environment, 5640 will be medium target for nifty if it closes below 5940.