Nifty Weekly technical Analysis and prediction outlook From 22 Feb 2010 till expiry With Elder Ray Bull Bear power

Nifty

CMP 4844.90

5 day RSI: 49
14 day RSI: 44
Williams % R(14): 61
Average Directional Index ADX: 37

Average True Range 5 : 79

ATR(20) :86

Still We are not Bullish on Nifty ans Sensex .

Laxman Rekha for bulls is at 4925 in Nifty and 16546 in Sensex, Below that markets are range Bound

Nifty Put Call Data Suggest that Nifty is having Support at 4800

next Support is at 4700

Similarly resistances are at   4900 and 5000

So we expect Subdues market in Range of 4750-4950 Till expiry.

if Nifty breaks any of the boundry,Take positions in direction of breakout

Means if Nifty breaks 4750 Get bearich

If Nifty breaks 4950 initiate Fresh longs

For investors:

keep away from greed to trade penny stocks.Only invest in Those penny Stocks or even Big Stocks which are fundamentally Sound