NIFTY THIS WEEK [12/04/10 – 16/04/10]
This week nifty had not able to sustain above the 5300 levels. Nevertheless good corporate results, market had a down closing through out the week. This reflects that players had been waiting to book profits. However, FII’s remained net buyers through out the week. On April 1 nifty had broke the neckline level 5275 and closed above this level and could not able to sustain above this level for 8 trading sessions. Yester day nifty closed below this level. This 5275 level had acted as a powerful resistant from January 6th.
Technically in the price chart an indecisive pattern had formed.
To my understanding, as FII’s were net buyers for this week, we may consider this week as a profit booking week rather than as an outset of downtrend.
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