Nifty Weekly Chart: After looking at weekly chart of nifty it seems that nifty has cross its major hurdle of 5590. And 1 st time nifty closed above 5590 on weekly basis after May 2011 that is confirming a positive breakout for near term. And this breakout suggesting us next resistance around 5920. After analyzing weekly chart of nifty I noticed a nice double bottom at 5300 during this correction and nifty is still respecting that level and nifty was not able to close below 5290 on weekly basis, during this correction. That is also suggesting momentum is going to shift now. And I found an ‘w’ formation on weekly chart that is suggesting only 2 major res. For this formation that are 5920-6205 respectively. On weekly basis we can use 5440 as a strong support for this bullish view. A failure below 5440 can confirm some consolidation between range of 5200-5700 and weekly close below 5300 would confirm a decline till 4800 on cards. Technical Recommendation: after looking a...
Rule number 1.Don't lose your money , Rule number 2.Don't ever-ever forget rule number 1.