Nifty Weekly Technical Outlook for 05th Aug, 2013

Nifty Weekly Chart

Nifty Weekly Chart

Nifty Daily Chart

Nifty Daily Chart

Week of Pessimism and Hope…

When party at war throws open challenge and other party got defeated in fight, it will be a double victory for the winner. Last week, Bears were clear dominant player in the market, and they throw open challenge to Bulls and finally they defeated also.

Let’s take technical snap shot of Nifty.

In last two weeks Nifty lost almost 350 point, where last week has contributed 208 points in this fall.  On weekly basis Nifty broke the support of its important 40 week moving average, and as depicted in attached chart, it also broke the trendline support which was projected from July’12. Although on optimistic note, even in last July’13 when prices touched this trendline, initially it gave a false breakdown and resumed higher again. So even this time it is just one candle which is marginally below this trendline, so, we have some scope to debate on this.

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