Weekly Technical Analysis of NIFTY, SAIL

Nifty Weekly

The week ended Nifty flat down 1.10% or -31.70 at 2843.10 points compared to previous week closing of 2874.80.
After Monday's fall, last weeks closing levels 2875 was not covered during the remaining 4 days of the week. So expect Nifty to attempt close to above previous highs in coming week to indicate bullish feeling for few days to trap bulls again when indices fall sharply.
Crude too advanced as US government report showed U.S. fuel consumption increased and the stock market rallied. Crude is trading at $41.2 per barrel.
With a positive news expected this week from US, one can expect an bullish week for Nifty to test previous high of 2900 levels. If Nifty is able to close above 2900 and also US Bailout package gets through, be sure to see and re-test 3100 levels. Failure to cross 2900 is end of uptrend for next few weeks.

SAIL: Resistance 91, Support 84
On upside if resistance 91 is broken then we can see previous high of 96-99 where strong resistance can be seen. On downside support is at 84, if this is broken we can expect to see 80, below 80 we can expect 76 levels.