As far as what to watch DOW this week, we have a test of (very) short-term support developing. The lows near 8,000 have been tested several times since January 15. Stepping back to the daily charts shows the S&P 500 (SPX), Dow, Nasdaq Composite (COMP), and Russell 2000 (RUT) are near the mid-point of the ranges. If we do see the DJIA break 8000, that would open up a retest of the bigger-picture support.
Nifty Today:
On Friday as said, NIFTY ended above 2800 levels by crossing critical level of 2848. If NIFTY closes above critical level of 2848 even today, we can see NIFTY raising 3000 and above in short term. In the 15 day 60 min chart we can see reverse head-sholder pattern formed, if the neckline is broken with good volume we can see uptrend continue for short term.
However if closes below 2848 or 2810 levels then downward trend will re-start.
Morning Update:
All asian markets have opened in red, indian markets may open in flat to mildly weaker and may recover in next half. If indian markets open positive and sustain 2870, then there is possibility of Nifty shooting up to cross 2900.
Nifty Support: 2865-2844-2814, Resistance 2880-2895-2909
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