NIFTY CHART

click the chart for bigger view.

The above chart shows the resistance and support of the complete move..4950 seems to be the support below which it can be complete retest or break down of the total move up from december..cheers

WEEK 7TH TO 11TH MAY

Markets gave the classic jerk from resistance zones to break the lows and close below 5134 support..The rise from december lows is now being retraced to fill the correction..5080-4770 is the support zone of this correction..some amount of capitulation has taken place on friday..Buy in dips in a SIP way could be the way forward from here..5160 seems to be the S/R for the coming week with a range of 5020-5250 as a possible inner range ,+/- 100 points..Trade accordingly..cheers