NIFTY Support & Resistance

NSE:NIFTY   Nifty 50 Index
Nifty halted through the first two resistance lines on the recovery path but slashed through the last two as if they never existed.

This is parabolic up move on weekly chart and this is initiated by the flows from FIIs.

Eventually a profit booking week is going to come and that will be mostly the third or fourth week of Dec.

Another round of up move will be fueled by the Majors such as Reliance and TCS who have been getting the beatings for last couple of weeks while the banks shone all over the index.

Keep a cautious tone on Financials and Autos and look for profit booking. Look for good rally in FMCG and Energy.


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