Some excerpts from my postings :
On 28th March : " As of now trend is UP.As and when Nifty closes below 5235 trend reverses.
Supports to watch next week 5235(make or break point) "
My notes : As mentioned nifty EXACTLY made a low at 5235 and moved higher and made 5399.65 high.
On 8th April : " WATCH REVERSAL POINT AT 5290 ON CLOSING BASIS "
My notes : As mentioned and cautioned investors to stay out from fresh investment.After caution note nifty fell 110 points from high's and EXACTLY made a low at 5290 and moved higher.
NoW is evrything bullish ?
Here is Nifty 50 Stocks year to date chart which looks JUST OK.
Out of 50 Stocks only 30 stocks moved higher and 20 stocks are in RED.
Siemens is Winner among 50 stocks.BPCL is big looser.
Next week Nifty ready to make new 52 week highs and watch out those underperformers which may do catch up.
Nifty weekly levels:
Pivot ----- 5350
Support ----- 5301/5241/5192
Resistance ----- 5411/5460/5520
200 day moving average at 4867.
We have moving averages placed between 5260 to 5355 for near term support.
Below these levels strong support between 5040 to 5150 levels.These are based on moving averages.
Watch out a close above 5400-5420 area for real strength in market.
If we manage to close above 5420 level then watch out 5490.
Downside levels to watch out 5290 and 5235 as mentioned by me.
This week we may stuck in narrow range.
Bank nifty weekly levels:
Pivot ----- 9647
Support ----- 9501/9346/9200
Resistance ----- 9802/9948/10103
200 day moving average at 8424
If any correction we have supports between 9380 to 9660
Below these levels moving averages placed between 8980 to 9150.
Watch out 9875 on the way to upside.
Downside watch out 9500.
Here is weekly sectoral performance chart.
Year to date sectoral indices performance chart.
Next 3 weeks possible supports projection.
Disclosure: no positions