NIFTY VIEW FOR NEXT WEEK

Nifty chart view
On chart candles support come at 4441-4396-4320, also 4320 is the 50% retracement from top to bottom in nifty. Also may be there is a rising wedge in nifty if nifty break down below 4440 den next tgt could be 4319 and below that 4200, however if nifty closes above 4650 then that rising wedge most probably will be invalidated.
Now coming to that 4650 mark, in 2007 nifty took a long time to go above that 4650 mark and while coming down in the bear phase 4650 was important, so 4650 is an important psychological resistance , also on weekly chart 4650 is an resistance on candles. A close above 4650 will open up new upside and then nifty can target 4780 which is 61.8% retracement in nifty from top to bottom.
Nifty OI view --4500 puts have high OI indicating strong support at 4500. On calls side 4600 calls have open positions though its not that much, and also 4700 calls have shed OI indicating that still more upside is left.
So fresh longs only on a close above 4650 with good volumes.