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| NIFTY DAILY CHART |
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| NIFTY WEEKLY CHART |
The Nifty began the week on a positive note to test an intraweek high
4,800 and failed to sustain above same. On Tuesday, it faced strong resistance
at the 50% retracement level of 5,094 and 4,531. We stated in the previous
weekly report, intraweek the Nifty is likely to face resistance at 4,810. Last
week, it failed to cross that level and finally ended at 4,624, down 90 points
or 1.9%. On weekly chart, Nifty ended in a bear candle with a upper shadow,
indicating resistance at 4,800 mark. The Nifty has been in a continuous
downtrend, which is depicted by the formation of a lower top and lower bottom
on its daily charts as well as on weekly charts. Daily and weekly RSI below 50 marks, further
confirming this trend. However, on weekly charts, Nifty is approaching the
downward sloping channel around 4,440. It is likely, that it may find support at
those levels and we may witness bounce back. For the week, we expect index to
trade with negative bias within 4720 to 4,470 levels.
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