Wkly Technical Analysis: Get set to reap profits

The NSE Nifty ended unchanged at 4,084 after coming in the striking distance of its all-time high at 4,245 by hitting the weekly peak of 4,218.

The NSE index may face stiff resistance for its short-term target of 4,250. A break of 4,035 this week could see the index dropping to a low of 3,955.

The weekly support and the resistance levels for the Nifty are as follows: the index is likely to face resistance around 4,145-4,165-4,180, while it may find support around 4,020-4,000-3,985.

The Sensex moved with a positive bias for most of the trading week until the Friday selloff, which saw the index shedding the entire gains in a single day. The index from a low of 13,850 rallied to a high of 14,384 -- an intra-week gain of 534 points. However, in Friday’s selloff, it ended almost flat at 13,909.

Last week, we had reported the possible short-term targets for the Sensex at 13,990-14,275-14,565 against which the index touched a high of 14,384.

While the possibility of the index attempting to scale 14,565 still remains intact, it may counter stiff resistance around 14,240 on its way up.

While there is no clear direction available on the Sensex chart, the broader range of the idex next week could be from 13,580 to 14,240.

The index may find support around 13,705-13,640-13,580, and may face resistance around 14110-14175-14240. Get set for a profitable week.