Weekly Technical Analysis

The markets notched up steady gains last week. The benchmark BSE Sensex ended with a gain of 272 points at 15,590.

The index moved in a near 400-pts range during the week, from a low of 15,323 to a high of 15,716.

Though the bias seems positive, the markets may see some profit-taking at current levels as the index nears a new high.

The support levels of 14,650-14,935 mentioned last week will continue to remain crucial for the current upmove.
The index may face a resistance around 15,740-15,785-15,835, while on the downside, it is likely to find support around 15,440-15,395-15,345.

The NSE Nifty moved in a rather narrow range of 100-odd points, touching a low of 4445 and a high of 4548 before settling with a gain of 46 points at 4510.

The Nifty may find support around 4470-4455-4445 and resistance around 4550-4560-4575.

As long as the Nifty holds the support zone of 4260-4315, the bias will remain positive and the index may test new highs in the near term.

The mid-term (50-days) moving average for Nifty is currently at 4395 and the short-term (20 days) moving average is at 4321. The long-term (200-days) moving average is at 4106.