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Global Research Limited

NIFTY50

WEEKLY REPORT
01st - 05 August 2011

Global Research Limited

ACC
Weekly Pivots
STOCK
ACC

R2
1065.2

R1
1038.4

PP
1009.7

S1
982.9

S2
954.2

Technical Overview
The stock moved in an uptrend this week. One could still hold the long positions in the stock as its is expected to continue its bullish trend and may move till the levels of 1050-1060 in near term.

Technical Picture

Figure: 1 : Nifty50 Graph

RESISTANCE

SUPPORT

1050

985

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Global Research Limited

Ambuja Cements
Weekly Pivots
STOCK
AMBUJACEM

R2
136.92

R1
133.13

PP
130.22

S1
126.43

S2
123.52

Technical Overview
The stock is consolidating currently. it is expected to continue its up rally and may test the resistance level of 135-137 in coming trading sessions with strong support at 125.

Technical Picture

Figure: 2 : Nifty50 Graph

RESISTANCE

SUPPORT

135

125

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Global Research Limited

Axis Bank
Weekly Pivots
STOCK
AXI SBANK

R2
1378.5

R1
1358

PP
1321.5

S1
1301

S2
1264.5

Technical Overview
The stock moved in an uptrend this week post its better than expected quarterly numbers. It now has major resistance at 1344, crossing of this level will take the stock further upwards.

Technical Picture

Figure: 3 : Nifty50 Graph

RESISTANCE

SUPPORT

1344

1285

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Global Research Limited

Bajaj Auto Ltd.


Weekly Pivots
STOCK
BAJAJ-AUTO

R2
1521.17

R1
1495.38

PP
1456.22

S1
1430.43

S2
1391.27

Technical Overview
The stock today managed to cross its resistance and had an up rally after a range bound movement from past many trading sessions. one could still hold the long positions in the stock as it is expected to move till the levels of 14901500 in near term.
Technical Picture

Figure: 4 : Nifty50 Graph

RESISTANCE

SUPPORT

1490

1415

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Global Research Limited

Bharat Heavy Electrical


Weekly Pivots
STOCK
BHEL

R2
2113.2

R1
1976.4

PP
1888.2

S1
1751.4

S2
1663.2

Technical Overview
The stock is facing downtrend post its worse than expected quarterly numbers. It is expected to continue its bearish trend for a while in coming trading session but may also consolidate a bit after a steep fall.

Technical Picture

Figure: 5 : Nifty50 Graph

RESISTANCE

SUPPORT

2025

1800

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Global Research Limited

Bharat Petroleum Corporation


Weekly Pivots
STOCK
BPCL

R2
686.62

R1
672.23

PP
661.62

S1
647.23

S2
636.62

Technical Overview
The stock is currently moving in a range. It has resistance at 680; crossing of this level will take the stock upwards while it has support at 655, breach of this level will take the stock downwards.

Technical Picture

Figure: 6 : Nifty50 Graph

RESISTANCE

SUPPORT

680

655

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Global Research Limited

Bharti Airtel
Weekly Pivots
STOCK
BHARTIARTL

R2
458.38

R1
447.82

PP
428.68

S1
418.12

S2
398.98

Technical Overview
The stock is currently moving in an uptrend. Its next resistance is at 4440, crossing of this level may take the stock further upwards while it may also resist at higher levels and reverse back.

Technical Picture

Figure: 7 : Nifty50 Graph

RESISTANCE

SUPPORT

440

422.50

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Global Research Limited

Cipla
Weekly Pivots
STOCK
CIPLA

R2
330.2

R1
318.4

PP
311.7

S1
299.9

S2
293.2

Technical Overview
The stock had a bearish trend throughout the last week. one should now wait for sometime in the stock.

Technical Picture

Figure: 8 : Nifty50 Graph

RESISTANCE

SUPPORT

315

300

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Global Research Limited

Cairn India
Weekly Pivots
STOCK
CAIRN

R2
340.5

R1
324.4

PP
315.9

S1
299.8

S2
291.3

Technical Overview
The stock is consolidating currently in a range after a bearish trend previously. One should now wait for sometime in the stock as it is expected to consolidate a bit after this downfall.

Technical Picture

Figure: 9 : Nifty50 Graph

RESISTANCE

SUPPORT

328

303

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Global Research Limited

DLF
Weekly Pivots
STOCK
DLF

R2
255.97

R1
243.48

PP
235.42

S1
222.93

S2
214.87

Technical Overview
The stock consolidated last week with negative biasness . One should wait for crossing of levels on either side before taking any positions in it.

Technical Picture

Figure: 10 : Nifty50 Graph

RESISTANCE

SUPPORT

238

224

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Global Research Limited

Dr. Reddy Laboratories


Weekly Pivots
STOCK
DRREDDY

R2
1653.75

R1
1619.9

PP
1584.95

S1
1551.1

S2
1516.15

Technical Overview
The stock showed an up movement during the trading hour and closed on negative note. The major trend presently in the stock is sideways. The stock is now facing resistance at 1625 and has support at 1560 which is the 50 day moving average of the stock. As the stock closed on negative note a further down move can be seen in the stock once it breaks its support level.
Technical Picture

Figure: 11 : Nifty50 Graph

RESISTANCE

SUPPORT

1625

1560

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Global Research Limited

Gail India
Weekly Pivots
STOCK
GAI L

R2
489.53

R1
475.32

PP
463.73

S1
449.52

S2
437.93

Technical Overview
The stock showed an either side movement during the week and closed on a positive note. The major trend presently in the stock is sideways. The stock is now facing resistance at 471 and has support at 450. As the stock closed with positive biasness a further up movement can be seen in the stock once it breaks its resistance level.
Technical Picture

Figure: 12 : Nifty50 Graph

RESISTANCE

SUPPORT

471

450

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Global Research Limited

HCL Technologies
Weekly Pivots
STOCK
HCLTECH

R2
538.7

R1
512.75

PP
495.9

S1
469.95

S2
453.1

Technical Overview
The stock moved down during the trading hour and closed with negative biasness. The stock is now facing resistance at 510 and has support at 470. Break of support may take the stock further down. One may go for selling the stock once it breaks its support level.
Technical Picture

Figure: 13 : Nifty50 Graph

RESISTANCE

SUPPORT

510

470

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Global Research Limited

HDFC Bank
Weekly Pivots
STOCK
HDFCBANK

R2
521.8

R1
504.3

PP
492.7

S1
475.2

S2
463.6

Technical Overview
The stock showed a continuous down move during the week and closed with negative biasness. The stock is now facing resistance at 499 and has support at 474. As the stock closed with negative biasness a further down movement can be seen in the stock once it breaks its support level. One may go for selling the stock once it breaks its support level.
Technical Picture

Figure: 14 : Nifty50 Graph

RESISTANCE

SUPPORT

499

474

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Global Research Limited

Housing Development Finance


Weekly Pivots
STOCK
HDFC

R2
731.47

R1
710.23

PP
692.77

S1
671.53

S2
654.07

Technical Overview
The stock moved down during the week and closed with positive biasness. The stock is now facing resistance at 698 and has support at 678 which is the 50 day moving average of the stock. Break of support may take the stock further down. One may go for selling the stock once it breaks its support level.
Technical Picture

Figure: 15 : Nifty50 Graph

RESISTANCE

SUPPORT

698

678

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Global Research Limited

Hero Honda Motors


Weekly Pivots
STOCK
HEROHONDA

R2
1875.77

R1
1830.43

PP
1801.72

S1
1756.38

S2
1727.67

Technical Overview
The stock moved down during the week and closed with negative biasness. The stock is now facing resistance at 1840 and has support at 1750. Break of support may take the stock further down. One may go for selling the stock once it breaks its support.
Technical Picture

Figure: 16 : Nifty50 Graph

RESISTANCE

SUPPORT

1840

1750

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Global Research Limited

Hindalco Industries
Weekly Pivots
STOCK
HINDALCO

R2
188.82

R1
178.63

PP
172.42

S1
162.23

S2
156.02

Technical Overview
The stock moved down during the week and closed with positive biasness. The trend presently in the stock is weak. The stock is now facing resistance at 172 and has support at 164. Break of resistance may take the stock further up. One may go for buying the stock once it breaks its resistance level.
Technical Picture

Figure: 17 : Nifty50 Graph

RESISTANCE

SUPPORT

172

164

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Global Research Limited

Hindustan Unilever
Weekly Pivots
STOCK
HINDUNILVR

R2
340.37

R1
332.18

PP
325.82

S1
317.63

S2
311.27

Technical Overview
The stock moved down during the week and closed with positive biasness. The stock is now facing resistance at 332 and has support at 317. The trend presently in the stock is weak. As the stock closed with positive biasness a further up movement can be seen in the stock once it breaks its resistance level. One may go for buying the stock once it breaks its resistance level.
Technical Picture

Figure: 18 : Nifty50 Graph

RESISTANCE

SUPPORT

332

317

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Global Research Limited

ICICI Bank
Weekly Pivots
STOCK
ICICIBANK

R2
1121.85

R1
1079.3

PP
1041.45

S1
998.9

S2
961.05

Technical Overview
The stock moved down during the earlier trading days of the week and then some correction was seen in the stock during the last trading days of the week. The stock is now facing resistance at 1055 which is the 50 day moving average of the stock and has support at 1010. A further up movement is expected in the stock once it breaks its resistance level. One may go for buying the stock once it breaks its resistance level.
Technical Picture

Figure: 19 : Nifty50 Graph

RESISTANCE

SUPPORT

1055

1010

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Global Research Limited

IDFC
Weekly Pivots
STOCK
IDFC

R2
153.75

R1
139.9

PP
131.15

S1
117.3

S2
108.55

Technical Overview
IDFC had negative side movements all through last week and made weekly low of 122.40. The stock now has resistance level at 132 and support level at 121. In short term it is expected to consolidate with negative biasness.

Technical Picture

Figure: 20 : Nifty50 Graph

RESISTANCE

SUPPORT

132

121

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Global Research Limited

Infosys Technologies
Weekly Pivots
STOCK
INFY

R2
2889.57

R1
2832.73

PP
2779.07

S1
2722.23

S2
2668.57

Technical Overview
INFOSYS had sideways trading session last week and traded in tight range. The stock has resistance level at 2810 and support level at 2715. It is expected to consolidate with positive biasness and crossing of resistance level may take the stock to higher levels.
Technical Picture

Figure: 21 : Nifty50 Graph

RESISTANCE

SUPPORT

2810

2715

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Global Research Limited

ITC
Weekly Pivots
STOCK
ITC

R2
218.88

R1
213.62

PP
205.98

S1
200.72

S2
193.08

Technical Overview
ITC had volatile trading session in previous week and it crossed its 52 week high in the last trading session. The stock may take resistance from the level of 212 and it has support level at 203. In short term it is expected to consolidate and remain range bound, also crossing of resistance level may take it to higher levels.
Technical Picture

Figure: 22 : Nifty50 Graph

RESISTANCE

SUPPORT

212

203

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Global Research Limited

Jaiprakash Associates
Weekly Pivots
STOCK
JPASSOCIAT

R2
81.3

R1
73.95

PP
70

S1
62.65

S2
58.7

Technical Overview
JP ASSOCIATES showed negative side movements all through last week and closed with the loss of 11.55%. The stock has resistance level at 69 and support level at 65. In short term it is expected to consolidate with negative biasness in short term, also if it continue to sustain above the support level a bounce back can be seen in it.
Technical Picture

Figure: 23 : Nifty50 Graph

RESISTANCE

SUPPORT

69

65

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Global Research Limited

Jindal Steel & Power


Weekly Pivots
STOCK
JI NDALSTEL

R2
656.52

R1
622.18

PP
602.37

S1
568.03

S2
548.22

Technical Overview
JINDAL STEEL AND POWER moved with negative biasness all through last session and made weekly low of 582.55. The stock has resistance level at 600 and support level at 574. It is expected to consolidate and remain range bound in short term, breaching of support level may take it to lower levels.
Technical Picture

Figure: 24 : Nifty50 Graph

RESISTANCE

SUPPORT

600

574

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Global Research Limited

Larsen and Turbo


Weekly Pivots
STOCK
LT

R2
1915.75

R1
1820.65

PP
1769.4

S1
1674.3

S2
1623.05

Technical Overview
L&T showed downside movement last week and closed with the loss of around 5.6%. The stock has resistance level at 1755 and support level at 1700. In short term it is expected to consolidate with negative biasness.

Technical Picture

Figure: 25 : Nifty50 Graph

RESISTANCE

SUPPORT

1755

1700

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Global Research Limited

Kotak Mahindra Bank


Weekly Pivots
STOCK
KOTAKBANK

R2
507.45

R1
476.25

PP
458.8

S1
427.6

S2
410.15

Technical Overview
KOTAK MAHINDRA BANK had negative side movements all through last week and it closed with the loss of 8.34%. The stock has support level at 436 and resistance level at 460. It is expected consolidate and remain range bound in short term.

Technical Picture

Figure: 26 : Nifty50 Graph

RESISTANCE

SUPPORT

460

436

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Global Research Limited

Mahindra and Mahindra


Weekly Pivots
STOCK
M&M

R2
776.85

R1
748.8

PP
725.4

S1
697.35

S2
673.95

Technical Overview
M&M showed volatile movements all through last week and closed almost flat. The stock has support level at 698 and resistance level at 727. It is expected to consolidate with positive biasness and crossing of resistance level may take it to higher levels.
Technical Picture

Figure: 27 : Nifty50 Graph

RESISTANCE

SUPPORT

727

698

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Global Research Limited

Maruti Suzuki India


Weekly Pivots
STOCK
MARUTI

R2
1266.48

R1
1236.57

PP
1195.08

S1
1165.17

S2
1123.68

Technical Overview
MARUTI consolidated with positive biasness all through last week and it made weekly high of 1225. The stock has resistance level at 1232 and support level at 1185. In short term it is expected to consolidate and may test its resistance level.

Technical Picture

Figure: 28 : Nifty50 Graph

RESISTANCE

SUPPORT

1232

1185

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Global Research Limited

NTPC Ltd.
Weekly Pivots
STOCK
NTPC

R2
189.1

R1
182.6

PP
179.05

S1
172.55

S2
169

Technical Overview
NTPC had negative side movements all through last week and made weekly low of 175.50. The stock has support level at 175 and resistance level at 180. In short term it is expected to consolidate with negative biasness. Also breaching of support level may take it to lower levels.
Technical Picture

Figure: 29 : Nifty50 Graph

RESISTANCE

SUPPORT

180

175

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Global Research Limited

Oil and Natural Gas Corp


Weekly Pivots
STOCK
ONGC

R2
287.35

R1
278.3

PP
273.35

S1
264.3

S2
259.35

Technical Overview
The stock was moving in the tight range of 273-284, in todays trading session it has given a break out and made a low of 268.40. It is now taking resistance at 285 and support at 270. It is looking weak on charts; one can go for short position in it at 270 for the target of 250.
Technical Picture

Figure: 30 : Nifty50 Graph

RESISTANCE

SUPPORT

285

270

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Global Research Limited

Power Grid Corporation of India


Weekly Pivots
STOCK
POWERGRID

R2
113.27

R1
109.18

PP
105.77

S1
101.68

S2
98.27

Technical Overview
The stock was moving in the range of 106-113, in today's trading session it manages to trade and close below the major support level of 106. It is now taking resistance at 100 and support at 108. It is looking weak on charts; one can go for long position in it at 100 for the target of 95.
Technical Picture

Figure: 31 : Nifty50 Graph

RESISTANCE

SUPPORT

108

100

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Global Research Limited

Punjab National Bank


Weekly Pivots
STOCK
PNB

R2
1255.63

R1
1189.77

PP
1136.13

S1
1070.27

S2
1016.63

Technical Overview
The stock had been moving in a downtrend; it is now trading at 1123.90 and it made a low of 1095, from this level further downside of movement would be expected. It is now taking resistance at 1145 and support at 1080. One can go for long position in it at 1145 for the target of 1180.
Technical Picture

Figure: 32 : Nifty50 Graph

RESISTANCE

SUPPORT

1145

1080

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Global Research Limited

Ranbaxy Laboratories
Weekly Pivots
STOCK
RANBAXY

R2
565.45

R1
552.45

PP
540.8

S1
527.8

S2
516.15

Technical Overview
Ranbaxy has been consolidating in a particular price range of 530-550 and it is now trading at 539.45, from this level either side of movement would be expected. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 563 else below 524 it would be in a downward trend.
Technical Picture

Figure: 33 : Nifty50 Graph

RESISTANCE

SUPPORT

563

524

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Global Research Limited

Reliance Capital
Weekly Pivots
STOCK
RELCAPITAL

R2
627.72

R1
601.63

PP
582.92

S1
556.83

S2
538.12

Technical Overview
The stock closed positive and it is showing losing momentum with trading below its moving averages and it is now trading at 575.55. It is looking bearish in the coming trading session; one can go short position in it at 564 for the target of 550.

Technical Picture

Figure: 34 : Nifty50 Graph

RESISTANCE

SUPPORT

589

564

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Global Research Limited

Reliance Communications
Weekly Pivots
STOCK
RCOM

R2
116.12

R1
108.83

PP
101.42

S1
94.13

S2
86.72

Technical Overview
The stock had been sideways and it made a high of 103.65. It is now taking support at 99 and resistance at 105. It is looking strong on charts; one can go for long position in it at 105 for the target of 120.

Technical Picture

Figure: 35 : Nifty50 Graph

RESISTANCE

SUPPORT

105

99

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Global Research Limited

Reliance Industries
Weekly Pivots
STOCK
RELI ANCE

R2
916.55

R1
872.25

PP
847.7

S1
803.4

S2
778.85

Technical Overview
After making high of 892 it is continuously moving in a downward trend and a negative opening made it to trade and close below the 10 days and 50 days DMA. In order to be in an upward trend it has to trade and consolidate above the 10 days and 50 days moving averages. It is now taking support at 820 below this level it would be in a downward trend.
Technical Picture

Figure: 36 : Nifty50 Graph

RESISTANCE

SUPPORT

856

820

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Global Research Limited

Reliance Infrastructure
Weekly Pivots
STOCK
RELI NFRA

R2
617.73

R1
579.27

PP
557.43

S1
518.97

S2
497.13

Technical Overview
The stock is moving short term downtrend and in today's trading session it manages to closed near to the support level of 530, from this level further downside of movement would be expected. It is now taking support at 530 below this level it would be in a downward trend.
Technical Picture

Figure: 37 : Nifty50 Graph

RESISTANCE

SUPPORT

564

530

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Global Research Limited

Reliance Power
Weekly Pivots
STOCK
RPOWER

R2
123.45

R1
117.7

PP
114.15

S1
108.4

S2
104.85

Technical Overview
The stock is moving short term downtrend and in today's trading session it battered down to the level of 110.60, from this level further downside of movement would be expected and it is now trading at 111.95. One can go for short position in it at 109 for the target of 105.
Technical Picture

Figure: 38 : Nifty50 Graph

RESISTANCE

SUPPORT

120

109

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Global Research Limited

Siemens India
Weekly Pivots
STOCK
SIEMENS

R2
977.88

R1
951.12

PP
923.23

S1
896.47

S2
868.58

Technical Overview
SIEMENS INDIA remains volatile all through last week and closed flat. It now has next resistance level at 940 and support level at 905.The major trend in the stock is bullish. One may go for the buy on dip strategy till it breaks its support level.

Technical Picture

Figure: 39 : Nifty50 Graph

RESISTANCE

SUPPORT

940

905

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Global Research Limited

Sterlite Industries India


Weekly Pivots
STOCK
STER

R2
182.25

R1
171

PP
165.15

S1
153.9

S2
148.05

Technical Overview
STERLITE INDUSTRIES shown downward trend all through last week and made a weekly low of 159.30.It has next resistance level at 166 and support level at 159. In upcoming session some correction is expected. One may go for the sell on rise strategy till it crosses its resistance level of 166 .
Technical Picture

Figure: 40 : Nifty50 Graph

RESISTANCE

SUPPORT

166

159

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Global Research Limited

State Bank of India


Weekly Pivots
STOCK
SBIN

R2
2598.07

R1
2471.43

PP
2403.07

S1
2276.43

S2
2208.07

Technical Overview
STATE BANK OF INDIA remains in bearish trend all through last week and made a weekly low of 2334.70. The stock was down by more than 7.5% in last week. It now has next resistance level at 2376 and support level at 2330. One may hold short position in it till it crosses its resistance level of 2376 in upsides.
Technical Picture

Figure: 41 : Nifty50 Graph

RESISTANCE

SUPPORT

2376

2330

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Global Research Limited

Steel Authority of India


Weekly Pivots
STOCK
SAIL

R2
138.58

R1
132.47

PP
129.13

S1
123.02

S2
119.68

Technical Overview
STEEL AUTHORITY OF INDIA remains negative all through last week and made a weekly as well as 52 weeks low of 125.80. The stock is in major bearish trend, it has next support level at 125 and resistance level at 127. One may hold short position in it till it crosses its resistance level of 127.
Technical Picture

Figure: 43 : Nifty50 Graph

RESISTANCE

SUPPORT

127

125

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Global Research Limited

Sun Pharmaceuticals
Weekly Pivots
STOCK
SUNPHARMA

R2
554.07

R1
536.13

PP
522.07

S1
504.13

S2
490.07

Technical Overview
SUN PHARMACEUTICALS consolidate in a range all through last week. The major trend in the stock is bullish. In upcoming session, some consolidation with positive biasness can be expected. It now has next resistance level at 528 and support level at 508. One may hold long position in it till it breaks its support level of 508.
Technical Picture

Figure: 44 : Nifty50 Graph

RESISTANCE

SUPPORT

528

508

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Global Research Limited

Grasim
Weekly Pivots
STOCK
GRASI M

R2
2296.23

R1
2246.12

PP
2188.58

S1
2138.47

S2
2080.93

Technical Overview
The stock was trading sideways and closed with negative biasness. The stock is now facing resistance at 2255 and has support at 2150. As the stock closed with negative biasness a further down move can be seen in the stock once it breaks its support level. One may go for selling the stock once it breaks its support level.
Technical Picture

Figure: 45 : Nifty50 Graph

RESISTANCE

SUPPORT

2255

2150

www.capitalvia.com 46

Global Research Limited

Tata Consultancy Services


Weekly Pivots
STOCK
TCS

R2
1171.67

R1
1154.33

PP
1137.32

S1
1119.98

S2
1102.97

Technical Overview
TCS remain volatile all through last week and closed with moderate gain. It now has next resistance level at 1155 and support level at 1120. The major trend in the stock is sideways. One should now wait for crossing of levels on either side as it is expected to continue its consolidation for some trading session.
Technical Picture

Figure: 46 : Nifty50 Graph

RESISTANCE

SUPPORT

1155

1120

www.capitalvia.com 47

Global Research Limited

Tata Motors
Weekly Pivots
STOCK
TATAMOTORS

R2
1040.17

R1
994.13

PP
967.07

S1
921.03

S2
893.97

Technical Overview
TATA MOTORS remains negative all through last week and made a weekly low of 940.The major trend in the stock is bearish. It now has resistance level at 956 and support level at 940. It is expected to consolidate with positive biasness in upcoming session, to show some correction. One may go for the sell on rise strategy till it crosses its resistance level at 956.
Technical Picture

Figure: 47 : Nifty50 Graph

RESISTANCE

SUPPORT

956

940

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Tata Steel
Weekly Pivots
STOCK
TATASTEEL

R2
607.33

R1
585.67

PP
574.03

S1
552.37

S2
540.73

Technical Overview
TATA STEEL remains in a bearish trend all through last week and was down by more than 5%.It now has next support level at 559 and resistance level at 572. One may hold short position in it till it crosses its resistance level of 572.

Technical Picture

Figure: 48 : Nifty50 Graph

RESISTANCE

SUPPORT

572

559

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Tata Power Supply


Weekly Pivots
STOCK
TATAPOWER

R2
1342.67

R1
1311.93

PP
1292.22

S1
1261.48

S2
1241.77

Technical Overview
TATA POWER SUPPLY remains negative all through last week and made a weekly low of 1272.50. In short term consolidation with positive biasness can be expected. It now has next resistance level at 1302 and support level at 1272.One should wait for the proper break out on either side before taking any position in it.
Technical Picture

Figure: 49 : Nifty50 Graph

RESISTANCE

SUPPORT

1302

1272

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Sesa Goa
Weekly Pivots
STOCK
SESAGOA

R2
302.25

R1
288.65

PP
280.2

S1
266.6

S2
258.15

Technical Overview
The stock has manages to closed near to the support level of 265 from this level further downside of movement would be expected. One can go for short position in it at 265 for the target of 250.

Technical Picture

Figure: 50 : Nifty50 Graph

RESISTANCE

SUPPORT

295

265

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Wipro Corporation
Weekly Pivots
STOCK
WIPRO

R2
420.83

R1
405.07

PP
396.53

S1
380.77

S2
372.23

Technical Overview
WIPRO showed downward movement all through last week and made a weekly low of 388.It now has support level at 388 and resistance level at 400. One may go for the short position below its support level.

Technical Picture

Figure: 51 : Nifty50 Graph

RESISTANCE

SUPPORT

400

388

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