Nifty daily chart is showing that falling was stopped and nifty bounced from 38% fib retracement level , ended making red bullish harami candle having long lower shadow indicating that bulls were in strength at 5940 50 level and will not give up easily .Fib support at 5940 & 50 day moving average support at 5922 are ready to prevent fall …. if these 2 supports will be broken then next strong 50% retracement level at 5852 will hold nifty and will not allow further fall . Upside immediate resistance is spotted at 6049-6056 …
Weekly candle closed above 20 WMA in upper zone of bollinger band but large bearish engulfing candle formed which is inviting bears to celebrate for their victory….For trend reversal on weekly chart ,confirmation is required failing which smart pull back can not be ruled out … it is clearly visible that nifty is bounced from 5940- 78% fib retracement level . Trading at pivot point. 5878 is 20 wma and lower pivot is at 5700 …
Seeing all this it can be predicted that nifty spot may trade between in the range of 5850 to 6050 with increased volatility …
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NIFTY MACRO AND MICRO ANALYSIS for week ending 31 May 13
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