Nifty Weekly Technical Outlook for 11May’15

Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence. – Helen Keller

Last week was quite a challenging week for hardcore bull, in fact from last four weeks markets are in control of bears, and it is very much prominent that they are still in control. But important psychological shift which I observed during last week was that now all Big Boys are started downgrading Indian markets, so called fundamental opinions have reduced their weight-age over Indian markets, and they are looking support for the market anywhere between 7500 to 7000 levels. What a paradigm shift in their confidence and sudden change in outlook; I don’t think there is any fundamental shift we are witnessing in the markets.

Let’s start week on an optimistic note and flow with the trend.

technical  analysis chart of nifty for week 11 may

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