WEEKLY INDICATORS:
ON WEEKLY CHARTS, THE CONTINUOUS SLIDE FROM 6TH JAN TOP OF 5310 NIFTY HAD TAKEN THE
WEEKLY INDICATORS AND OSCILATORS INTO THE LOWER ZONE, HOWEVER SMALL BOUNCE DURING PREVIOUS 3 WEEKS NIFTY WEEKLY INDICATORS TO TURN UP FROM OVERSOLD LEVELS BRINGING IN HOPES OF FURTHER RISE IN COMING WEEKS. WEEKLY RSI WHICH HAD GONE BELOW THE 50 MARK HAS INCHED UP TO 52 LEVELS, WEEKLY SLOW STOCHASTIC WHICH HAD GONE DOWN NEARER TO THE LOWER ZONE AT 20% HAS TURNED UP ABOVE THE 20 LEVEL, SIMILAR IS THE CASE WITH WEEKLY W%R THAT HAS ALSO TURNED UP JUST BEFORE ENTERING THE LOWER ZONE. WEEKLY MACD ALTHOUGH IS SLOPPING DOWN YET BOTH THE MACD & ITS SIGNAL LINE ARE ABOVE THE ZERO LINE. WEEKLY ADX AT 21, +VE DMI AT 22 & -VE DMI AT 17 ARE EARLY SIGNS OF BULLISHNESS OR CONTINUATION OF BULLISHNESS ON WEEK TO WEEK BASIS.
THERE IS EVERY POSSIBILITY OF RESUMPTION OF THE UP MOVE TOWARDS NEW HIGHS ABOVE 5310 IN NEXT FEW WEEKS, WITH A STRONG STOP LOSS OF 5026 AND FOLLOWED BY 4930 (BASIC SUPPORT LVL OF BULL)
AILY INDICATORS:
ON DAILY CHARTS, THE CONTINUOUS RISE FROM 8TH FEB, 2010 FROM NIFTY DAY LOW LVL 4675 TO TILL THIS 5TH MARCH 2010 OF NIFTY LVL 5118 = TOTAL 443 POINTS GAIN MADE NIFTY IN OVERBOGHT . NOW NIFTY TUNED WITH INTERNATIONAL MARKET, SPECIALLY DOW AND OTHER ASIAN MARKET.
IN DAILY CHARTS, RSI @ 63 MARK HAS INCHING UP EVERYDAY, DAILY SLOW STOCHASTIC IS AT 95 THIS IS HUGHE OVER HEATED OR AT OVERBOUGHT ZONE, SIMILAR IS THE CASE WITH DAILY W%R THAT HAS ALSO TURNED UP. DAILY MACD IS MOVING UP, YET BOTH THE MACD & ITS SIGNAL LINE ARE ABOVE THE ZERO LINE. DAILY ADX AT 31, POSITIVE DMI AT 27 & NEGATIVE DMI AT 15 ARE SLIGHTLY OVERBOGHT SO, ONE SHOULD BE CAUTIOUS FOR PAUSE / SIDEWAYS OR INTRADAY CORRECTIONS, BUT AS SOON AS NIFTY INDICATORS COOL DOWN, OR MAY CONTINUATION NIFTY AGAIN MOVE UP TOWARDS A NEW HIGH TILL 5049 AND 5002 NOT BREAKS, WE ARE AT BULL RUN.
NIFTY SUPPORTS - 5067 TO 5063 / 5049 / 5028 / LASTLY, 5002 – FOR DAILY BASIS
NIFTY RESISTANCE – 5115 / 5135 / 5165 / 5191 / 5220 / 5267 / FINALLY, 6TH JAN HIGH OF 5311