| WEEKLY MARKET UPDATE AS ON MONDAY 06 th AUGUST 2012 | |||||
 NIFTY SPOT - (5216) | |||||
| In our last weekly update we had suggested to be cautiously bullish. We had also mentioned that if the NIFTY gives a weekly close above 5207 it should be heading for a target of 5317 by 15th August. NIFTY traded with a positive undertone all throughout the week and also gave a strong weekly close by closing above 5207 @ 5216. In the current week NIFTY has support @ 5078 - 5142 - 5185 while resistance can be expected at 5315 - 5379 - 5512. As the NIFTY has given a weekly close above 5207, we should see the NIFTY trading with a strong bullish undercurrent. In our last weekly report we had mentioned that if the NIFTY gives a weekly close above 5207, it is heading for a target of 5317 before 15th August, which should be comfortably achieved in this week. If in this week the NIFTY gives a weekly close above 5324, NIFTY will then have upside targets of 5432 - 5649 by August end. Even though the minimum upside target is 5315, the important TIME & PRICE target to watch out for is 5349. If the NIFTY rises above 5349 (it is expected to) on or before 13th August , it will give a major bullish breakout for a target of 5512 and then 5610. As the NIFTY has over 1 week within which it has to move up by only around 130 points, this milestone is easily likely to be scaled. Further the NIFTY and many of its heavyweights like ITC, SBI, ICICI, Ambuja Cement, Reliance etc are in a strong momentum grip, which indicates higher targets for the NIFTY. Only, If the NIFTY is unable to rise above 5349 by 13th August, it will signify weakness, will give a bearish signal and can fall back to 5100 - 5050 levels. However this wave count looks unlikely as of now. | |||||
| KEY EVENTS TO WATCH IN THIS WEEK | |||||
| 1. If the NIFTY moves above 5349 on or before 13th August. | |||||
| 2. If the NIFTY gives a weekly close above 5324. | |||||
| Trade with a bullish bias. | |||||
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