It was a flat day on 5th november. Nifty again tries to reach its 200 ema level at 5340. It is showing good support at 5240 and below that 5160 this hard to break. Trend-line resistance stands at 5460 as you can observe in the daily and weekly charts below. This is very strong Trend-line resistance that Nifty unable to cross since one year from November 2010. That is the area where one can go for good amount of shorts with trend-line resistance as stop-loss.
Nifty Levels for the trading week starting Nov-8th-2011
5160 << 5240 << 5280 >> 5340 >> 5390 >> 5460
Daily and weekly charts show positive move in indicators. No negative divergence as such.
It shows resistance at 5514 in weekly Ichimoku charts and Daily charts it is already in buy mode.
Highest OI is building up in 5400CE and 5500CE. So the coming week is going to be a consolidation zone for Nifty from OI view point.
Daily Chart (click on the images to enlarge)
Nifty Daily OHLC Chart
Nifty Weekly Chart
Nifty Weekly Ichimoku Chart
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