NIFTY ANALYSIS for the WEEK

Nifty has closed at a critical juncture of 5970 levels as per monthly charts. It has retraced upto the junction of support lines again. 5900 is the maximum support for further upsides. Break of 5900-5860 levels would be disastrous - as supported by Day charts

Nifty has closed the week making a double bottom at 5972 supported by Day channel.
Break of the Day Channel support at 5970 - Nifty would head towards 5900 - another Channel Support ( refer Chart Below).
Nifty has strong support of 100 DMA and 200 DMA at 5870 and 5860 respectively.

The Three drive pattern mentioned in the previous post stands invalidated currently. Will Nifty make up the Wolfe Wave Target? - Presently there is strong support at 5870-5900 levels by way of 100 and 200 DMA and Channel support. Break of this is required to achieve the wolfe wave target. Support at 5870-5900 levels would give a rally again upto 6000-6030-6050 levels.

 Current week being the month end - might assist for the rally upto 6050 levels as the previous month had closed on a higher note.

Synopsis: Holding 5970 levels Nifty likely to rally up to 6030-50 - up to 50 DMA.
Trading range  5970 - 6030,-6050
Selling levels near 6030 with SL 6050 - EOD close above 50 DMA .
A close above 50 DMA or Day LEMA - currently at 6035 would give a pause to the down move.

Break of 5970 - then buying levels near 5900-5870 with strict SL at EOD close below 200 DMA - currently 5860.