*WEEKLY UPDATE - Nifty 50*
In last week Nifty made high 10533, low 10194 and closed at 10383. Nifty broke its important resistance of 10300 and reached our target of 10530 ,which is 200 DEMA and from there Nifty corrected sharply and slide up to 10200, Nifty took support near its important support range of 10250-10200 and recovered smartly.
On the daily chart Nifty has made a Bearish Engulfing pattern, thus on upside the range of 10500-10550 act as an important resistance, if it sustain above 10550 then it can move up to 10850, on the downside the range of 10200-10250 act as an important support for immediate term , if it break this support then it can test 10050 , which its 50% retracement of its recent rally from 9544 to 10553.
*Weekly Pivot Levels*
R2 - 10735
R1 - 10559
P - 10376
S1 - 10200
S2 - 10018.