Sunday, June 10, 2012

Nifty P&F (Wk 1106-1506) - resistance 5140, bears in contention till 5300


A bullishness was expected at a close above 4800, it came back but was much furious than expected.

Weekly Analysis:

Daily Analysis:

Weekly UP, Daily Up. Weekly resistance below 5140, Daily 5110 (BrRL) & 5170 (BlRL). So effectively 5140 (50% fib from the top of 5450) level to offer resistance.

Now the big question, whether a temporary reversal has happened! P&F chart is pretty clear in this sense -
  • w.r.t. the top of 6340 Nov'10, the BrRL has been broken in Feb'12. 
  • w.r.t. of 5620 Feb'12, the BrRL lies at 5300 level.
However, long-term BlSL from the low of 4540 has been broken, therefore we are in bearish mode till the long-term BrRL from the top of 5620.

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