Nifty Weekly Charts is shown with 5EMA High-Low indicator applied on top of it. Nifty is trading for the past two weeks between the 5EMA High and 5EMA low on the weekly charts. Currently the 5EMA High is at 5454 and 5EMA Low is at 5248. As Currently nifty is trading very close to the weekly support zone. Breaking this support zone on weekly basis is dangerous to hold deliverable stocks on hand. Nifty is still in the buy mode on the weekly charts however strength of the trend will be maintianed if 5248 doesnt breaks on the Weekly timeframe.
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Rajandran R says
March 20, 2012 at 2:49 pmNifty is stable and 5248 zone is still now protected on the EOD basis. This is the condition for maintaining Bullish View on markets.