Weekly Technical Analysis

Nifty — The index traded positive on the opening session of the week, mid-week it declined toward 4040, after which it saw range-bound trading toward the closing sessions of the week. It ended the week with gains of 82 points.

200-day moving average — The index tested support around the 200 dma (4075). The intra-day index dipped down toward the average but maintained above it on a closing basis during last week’s trading. The 4075 level should be seen as a support level for the current week's trading. Lower support is around 3971 (62% retracement level from the low of 3555 to the recent high of 4648).

Momentum Oscillators — On the daily chart MACD is in sell mode and in negative territory. RSI (14) - Relative Strength Index has turned up from around the oversold zone. Stochastic (5, 3) has triggered a buy. Momentum Oscillators suggest index an see further rise from current levels.

10 & 20 dma — The 10 dma = 4211 and 20 dma = 4309. The index can test the 20 dma around 4309 during the current week's trading where resistance can be expected. Cross above the 10 dma around 4211 will see index exhibit intra-day strength.

Support & Resistance — The index has support around 4148 and 4075 (200 dma).Resistance is around the 10 & 20 dma around 4211-4309.

Conclusion — Expect test of 4300 levels during current week’s trading.