NIFTY WEEKLY

NIFTY WEEKLY
On a weekly basis the nifty has given a big bullish candle on a slightly low volume thus validating last week’s bullish advance decline volumes data.
Going forward the weekly support comes in at 5056 and then 4920 with the one at 4920 being the more important one, so a close below 4920 can set off a correction in the nifty.
On the upside the next resistance is at 5190-5242 and a close above 5242 will most certainly take nifty to its next resistance levels of 5300-5342.
The twiggs money flow indicator has already made a new high for itself which points out to the underlying bullishness in the movement of the nifty and also exposes the futility of looking for opportunities for creating positional shorts, it would be better to short only on confirmation which would be a close below 4920, till then maintain medium term long positions with SL of 4920.