First session of the last week took out the Monthly low of 5169 till then, bringing in weakness and trapping series long which culminated in the series expiry towards the low and in the process whipsawed the 200dma /5095 on closing basis on expiry day . Lets now see the technical picture in different time frames -
Weekly TF :
Daily TF :
Hourly TF :
5min TF :
The short term bias is turning up with 5100 to act as pivot level on closing basis . The Resistances come at apprx. 5200 /5225/5265 & 5300 on the upside . Above 5348 on closing basis the medium term bias will also turn positive. Caution is required at resistance levels specailly in the 5225-65 zone. On close below 5100 the bias turns bearish for the short term with a probable move towards the lower trendline of the larger Triangle pattern. Trade with caution this week .