Nifty Positional View - 10% move on cards

Nifty View:

This is a weekly chart of Nifty and as you see that since month of November or  Feb when it made a bottom around 5200, it has been making lower highs and still holding on to precarious 5200 level on downside. One thing is for sure that we are posied for a big move in the Index on either side during next few months as we expect it will break this pattern sooner or later. Now two key levels to watchout for next few months are 5700 on upside and 5200 on downside. After strong bounceback from previous lows of 5200 Nifty is facing strong supply around the falling blue trendline zone of 5700-5750.  Only a WEEKLY close above 5700-5750 zone will give a confirmation of a bottom in place and will give start to an uptrend that can give 8-10% returns in short time

Regards

Ankit
Technical Analyst
Analyse India