It was an action packed week for the Nifty as well. It declined to an intra-week trough at 3799 before rallying smartly to close with 16 points weekly gain. For the medium-term, the index can move higher to 4330, 4658 or 4986. The previous peak at 4649 and the 200-day moving average at 4908 will be other medium-term resistance levels.
The long-term trend continues to be down and this view will be mitigated on a strong close above 4900.
For the short-term, Nifty would face resistance from the zone between 4300 and 4350. A reversal from here will drag the index towards 3800 again. Interim supports are at 4090 and 3980. Target beyond 4350 is 4558.
RSI-2
