[Technical-Investor] Nifty WEEKLY---Bulls trying WEAKLY??

 

Nifty weekly chart attached.

 

I was trying to find out why 5161, today's high is so important, and why 5181 was not seen, in spite of the momentum.

 

Chart shows the importance of today's top.

 

It is bang on the trend line starting from a major top of 5545 in February 2008 and the recent top of 5181.

 

Bulls need to be cautious till Nifty closes above 5161. Till then, anything can happen. Just stay short with a stop loss of 5162 on Nifty spot and then go long.

 

Nifty below today's low will confirm the doji tomorrow, and then targets are 5080---5050, and............................4940

 

Cheers,

 

AP

 

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