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Weekly Outlook for Nifty

Nifty Daily Chart: It could be an interesting week ahead for Nifty, as we move on to a cluster of previous resistance zone. Prices at these levels have failed to cross over and has made a major move downwards. Prior Resistance are at 5944, 6069, 6181, 6284 and 6338 and my pick from the lot is 6181. It is from this level Nifty fell furiously last time.
The factors that might restrict Nifty to move towards 6180 mark are (a)negative sloping trendline still holding on; (b)negative divergences that we see in RSI; (c)MACD has turned negative, however not that bearish; (d)the upper band of the keltner channel coincides with the prior resistance at 5944.
We will keep you posted as the Nifty unfolds and give us a clarity on its move.

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Dear friend, After a span of 4 years in minting money and establishing Pentad and Dalal Times, it's time for me to back with sharing knowledge. Earlier, I have been sharing my analysis on Nifty thrice a day, now I will be sharing my analysis on Nifty, Global Indices, Stocks, Commodities, Economy, Key Events and so on. Over the past 4 years, apart from creating wealth from markets, I have also been consistently upgrading my knowledge on analyzing the markets. Starting 17th August, 2015 this blog would be active with enhanced knowledge sharing. Stay tuned to earn, learn and understand markets better... your market friend & forecaster Praveen Pathiyil