Analysis for Feb 8

Nifty has closed near the channel bottom but it displays wekness all over.

It has closed below the Day LEMA - 5959
                                     50 DMA - 5957
                             and Week Lema-5950
 The Developing week Lema - 5943.

Nifty has to close above the 50 DMA/Day Lema to maintain upsides. The support level of 5950-5960 is the current Resistance.
A move past and an Hourly close above 5960 would be the Hour channel breakout - Such a move supported by the Positive divergence would have a decent pull back. The chart below is the Hour with Smacd - exhibiting +ve divergence.

The Rising wedge breakout would be below an EOD close below 5927 and Positional Shorts can be created with the 50 DMA as SL.

Week Fmacd and week 5D charts exhibit -ve Divergence - though Nifty is Likely to get support at the channel Bottom,

Longs can be attempted Intraday only if the Channel support at 5927 is considered - as the ST exhibits Positive Divergence. Today being the end of the week - and week trend currently down - giving more weightage to the higher Time Frame is very essential. The Pull backs if any during Intraday can be used to initiate Positional Shorts. If an EOD/ End of Week close is above 5960 - then again Nifty would be in a sideways mode as it would be a close above the week LEma and Day LEMA.