Weekly technical Analysis for week ended 11^th April 2015

For the entire week nifty has been moving up, all the five days close was higher than that of the previous days indicating that bulls are dominating the market. One of the positive things about the market is that nifty has taken support at 100 day EMA and moved above 50 day and 20 day EMA. During last one and half years nifty has been finding support at 100 day EMA and this time also it has bounced from the same level. So 100 day EMA is the indicator which has to be watched carefully. 100 day EMA is at 8510 and 200 day EMA is at 8151 so these are the two levels to be watched carefully in weeks to come. For short term 20 day EMA and 50 Day EMA are to be watched as they are as of now near the price. 20 day EMA is at 8645 and 50 day EMA is at 8585 so these are the levels to be watched out for in short term.

One thing which is som what worrying is that even though market is moving up the candle formation is indicating nervousness in the market which would be known only as the time progresses. The body of the candles is very less compared to range. As of now market appears to be in a indecisive mode so we have to wait for it to give a clear break out.

Elliott wave point of you nothing is happening so I would wait for some time before give the same as we may have to frequently change the structure in this case. So have patience in some time the picture would be clear.\

Mahiidar M

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