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S&P NIFTY(INDIA) WEEKLY CHART ANALYSIS UPDATED WITH ELLIOT WAVE COUNTS JUNE 29 2012

Market gained by 132 points for the week and is slated to test crucial resistance zone of 5350/5460. A break above 5460 will mean that higher targets of 5630/5900 will be in the sight of the bulls in the coming months. The targets for this rally for 5350 and 5460. A move below 5178 will weaken the current uptrend and a close below 5015 will cancel the bullish view.

Mohan Raghav
CEO, Financial Markets Algorithms
Web: www.financialmarketsalgorithms.com
blog: fmatechnicals.blogspot.com/
Twitter: camohanraghav

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.