Nifty Sensex Weekly Technical Analysis Week Ended 11 Feb 2010

Nifty Sensex Weekly Technical Analysis Week Ended 11 Feb 2010

In this week Nifty Sensex are Consolidating near the Bottom levels of The Downtrend which started after 19 january 2010

First See the technical Charts of nifty and Sensex

Nifty Bar Chart

Sensex bar Chart

Nifty Uptrend Resumes after 4916 and Sensex uptrend resumes above 16511.these levels are still at some distance.below these levels we are either in downtrend or consolidating as range bound market .

important technical indicators of Nifty
CMP: 4826
ADX : 41.97 and Declining means that downtrend is about to reverse

50 ema: 4990
100 ema: 4917

Nifty is Below both moving averages.this means we are still in downtrend

RSI: 41.83 Means Bit oversold

MACD =-95.65 Severly oversold in Short term

Now what to expect till Budget

below 4916 Do not buy nifty.Use up days to lighten your positions.Above 4950 closing go long on Nifty.

nifty is Oversold now.But before buying Fresh wait for prices to confirm the reversal in Downtrend.

For sensex wait for close above 16500