DOJI : Indecision on weekly charts. After "inside days" on daily, DOJI on weekly charts.

Nifty Spot - Bearish Engulfing Pattern

Finally !!!

Going by the cyclical, the maximum Nifty has rallied, or showed a counter trend movement,
after a significant bottom, was for 14 sessions.
This time there have been 17 and counting.

The 200 MA is also just 100 points away from here and a level to watch.
Notice how it tried to cross the 200 MA but could not, and when it did, could not sustain.

Two areas marked in the chart:

1. 50 Week MA, (although the week is not over), 5540-5555 zone is to be watched for resistance

2. Stoch has given a bullish crossover on weekly charts

Nifty Weekly Chart

Nifty weekly Chart, range boundedness prevails (Click image to enlarge)

The gap marked in the chart being filled.
It can take a support on 50% retracement of recent high and low.
But it might not stay there after taking a support as no good trigger, for upmove, seems to be coming.
5472 zone can act as a support.

Bank Nifty spot chart, 12000 zone seems to be a resistance, lets see how it performs after RBI meet on 3rd May'2011.