QUOTE(anamikarai @ Mar 3 2014, 06:53 AM)
A truncated week was green for the entire week & ends near 6300 mark amid stable global market & positive domestic sentiments. Nifty started last week on positive note with breakout of 6160 resistance mark & extended its gain throughout the week. Trends is strong bullish which led Feb month expiry at higher note. At the end of the week nifty closed at 6277 mark with gain of 1.97%.Weekly Nifty Levels
Support: 6210/6160/6130CHART FORMATION:
Nifty gave a proper follow of dragon fly doji candlestick formation on weekly chart with upside reversal.
Nifty has immediate resistance at down sloping trendline placed at 6300 mark.
Above 6300 mark nifty has next significant resistance at horizontal lines placed at 6360/6415 marks.
50-day SMA is placed at 6180 mark which is decent support at any correction.
Momentum indicator RSI has moved above 50 mark while momentum oscillator stochastic is moreover heading northwards.
Momentum oscillator CCI has moved up to 32 mark while MACD is placed at 62 mark.
STRATEGY FOR TRADERS:
Nifty is in strong bullish trend where 6300 is immediate resistance; if there will be any negative trigger then market may correct for 6180 mark while above 6300 a rally is expected where 6360 is strong resistance. Hence traders are advised to watch 6300 mark & trade accordingly. Read MoreEquity Intraday Tips
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NIFTY SLIPPED SLIGHTLY TODAY DUE TO NEGATIVE ASIAN PEERS AND WEAK GDP DATA. MARKET TRADED UNDER INCREASED SELLING OF CAPITAL GOODS, IT AND AUTO SHARES. HOWEVER MIDCAP AND SMALLCAP SHARES TRADED STRONG. STOCK TRADING CALLS TODAY