Technical outlook of NIFTY for mid term

On Feb 03, 2012 NIFTY broken out its down sloping trend line resistance of descending parallel channel and nicely rallied up to 5629.95 but was not able to breach its primary resistance that was 5690.35 (Green line) during that rally. On Friday nifty closed at 5086.85 at crucial support level. 5100-5080 zones are important to watch stability below 5080 would signal continuation of bear market and nifty may head towards 4950 that is 61.80% fib retracement of recent bullish swing. Weekly close below 4950 would signal failure in fresh bullish development and NIFTY may fall till 4850-4650 otherwise jump can’t be ruled out from 4950 zones.

Supports: 5080- 4950-4656

Resistances: 5180-5380-5691

Recommendation: buying between 4930-4970 zones for targeting 5350-5650 with stop loss below 4850 on weekly closing basis might be appropriate.

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