Nifty for the last week closed at 4680. On Monday Nifty chart had showed a breakout pattern above the Triangle pattern. Nifty for the first time since May 2008 closed above 4748 levels. Nifty closed at 4782 levels. In the last 4 months, Nifty was trading in an Island pattern between 4375-748 levels, but could not sustain the selling pressure. But finally this was made possible and Nifty closed at its 15 months high. But Nifty faced resistance at the trendline no.1. Nifty for the rest of the week continued to face resistance at the trendline. On Thursday, Nifty made an intraday high of 4889.05, but close down with marginal gain of just 5 points. Sensex which was trading higher almost 250 points, felt the heat and tanked to the negative territory levels. Prior to the fall on Thursday this writer had informed that the markets will witness some profit booking, keep light and the markets are likely to fall. (www.technicalsvishaldangaich.blogspot.com) On Friday again the markets were trading like a headless animal. Nifty gained just 16 points.

On Friday, Nifty closed marginally above the trendline. Volumes were pretty good in the current week as compared to the last week. Markets are finding it really hard to stabilize at the higher levels. Traders are advised to trade with strict SL. Nifty close 4836 will make further room upside till 4899 levels. Nifty will continue to have good support at 4746 levels. Nifty have closed above the 61.8% retracement levels.