NIFTY Weekly Chart Technical Analysis
(each candlestick represents one week of movement)
Ever since NIFTY peaked in Nov 2010, it has been falling within a price channel as is visible on the chart. Moreover, the entire week saw a small price movement even when the trading volume was good. This week the price may fall further and touch its support line at around 4380 during the week. Let's see what happens from there.
If the price falls below 4380, then there could be an opportunity to short NIFTY. If it doesn't and bounces back, then there could be as short-term opportunity to go long or expect a positive movement. No long term correction in sight, though.
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NIFTY Weekly Chart Technical Analysis
