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Weekly Analysis- 07-02-2011 to 11-02-2011


Nifty sustained below 200-Day EMA And Nifty traded whole last week near Wave-3 trend line(5460) but sharply slipped below it in last one hour last Friday as well closed more than 1% down below it. These are technically Bear markets confirmation levels and moves.

Next support are as follows:-

1st Support- 5349
1st Strong Support Range-5210-5349.

It is clear that moving below 5210 will mean steep fall to test levels below 5000 but Nifty will not easily break 5210 because 5210-5349 is strong support range and complete selling requires to break it down.

Oscillators are oversold and also showing positive divergence therefore Minor pull back rally possibility can not be ruled out but long term trend is confirm down and until Nifty will not sustain above 200-Day EMA(5640) till then will not be up.

Weekly top and bottom formed in volatile last Friday(5369-5556) and its break out will be watched first in the coming sessions then final views for remaining whole week will be formed after confirmations.
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