Nifty The index closed on a strong note on the opening session of the week, after which the rally continued throughout the week's trading. It ended the week with gains of 183 points.
Momentum Oscillators On the daily chart, MACD is in buy mode. RSI (14) Relative Strength Index is exhibiting a reading of 82.55 (reading above 70 signifies overbought). Stochastic (5,3) is in overbought zone and in sell mode; it is showing signs of negative divergence. Momentum oscillators are showing overbought reading on daily charts; the index could decline from current levels during the week's trading.
Moving Averages The 50 dma = 4485, 20 dma = 4660, 10 dma = 4819. The index is trading above the averages. Rising moving averages act as support during declines; support can be expected around the 10 dma at 4819 during the week's trading.
Support The index has support around 4930 (low of 26 September 2007), break of support around 4930 could see index decline toward 4800 levels during the current week's trading.
Higher Levels The index can test higher levels around 5076.
Conclusion Index can test higher levels around 5076; support is around 4930, break of which could see index decline during the current week's trading.
Momentum Oscillators On the daily chart, MACD is in buy mode. RSI (14) Relative Strength Index is exhibiting a reading of 82.55 (reading above 70 signifies overbought). Stochastic (5,3) is in overbought zone and in sell mode; it is showing signs of negative divergence. Momentum oscillators are showing overbought reading on daily charts; the index could decline from current levels during the week's trading.
Moving Averages The 50 dma = 4485, 20 dma = 4660, 10 dma = 4819. The index is trading above the averages. Rising moving averages act as support during declines; support can be expected around the 10 dma at 4819 during the week's trading.
Support The index has support around 4930 (low of 26 September 2007), break of support around 4930 could see index decline toward 4800 levels during the current week's trading.
Higher Levels The index can test higher levels around 5076.
Conclusion Index can test higher levels around 5076; support is around 4930, break of which could see index decline during the current week's trading.
No comments:
Post a Comment