Nifty was up by 0.8% last week. Tepid Industrial Productivity (IIP) number at 1.8% in December as compared to November was a Shocker along with a revised GDP outlook of 6.9% as against 8.4% in the previous year were the reasons of rally spoilers for the last week.India's trade deficit too has soared to uncomfortable levels of US$ 14.7 bn.
On International Front Greece drama was and will be in Limelight for the following week,Eurozone dismisses Greek budget deal and holding back the Bailout fund setting 15 Feb as the dealing to Greece to come up with a solid plan worth implementing else Leave EURO zone.
S&P Downgrades 34 Of 37 Italian Banks on Friday.
Lets jump into technical of Nifty.
Last Week we discussed that 5435-50 range being the supply zone with various technical reason (Link to the Post)
Nifty did obliged to us and made a high of 5428 for the last week and started correcting from 5428.
Now Million Dollar question is it a trend reversal or just a correction? Lets try to find answer about it.
Nifty Hourly Chart
On Hourly charts Nifty is consolidating in the range of 5320-5428 with 50 Hourly moving average providing a good support.50 SMA Hourly stands at 5352 levels.
On Hourly charts shown above i have pointed all the 4 Gaps which have been left unfulfilled from the rise of 4640-428 on Nifty Spot. For a healthy rising markets such gaps needs to be filled as it can be considered as VOID...
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Rgds,
Bramesh
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http://www.brameshtechanalysis.com/
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