Upward trend to stay

WEEKLY TECHNICAL ANALYSIS

Nifty

R314532.484192.29 R214440.364165.23 R114349.784138.61 Close14056.534052.45 S113763.283966.29 S213672.703939.68 S313580.583912.61 S-Support level
R-Resistance level  Similarly, the Nifty, after breaking the key support level of 3955, tumbled to a low of 3834. However, a sharp pull back saw the index touch a new all-time intra-day high of 4059, and finish with a gain of 69 points at 4052.  The Nifty has now gained nearly 5 per cent (181 points) in the last three weeks, while the Sensex has moved up 585 points in the same period.  With both the indices closing at record highs, one can expect a positive start to the week. The Sensex is likely to target 14,500 this week amid high volatility, as the results season picks momentum.  The Sensex is likely to face resistance around 14,350-14,530 levels, while in case of a downturn, the index will find support at 13,770-13,580 levels.