On the weekly chart of the NSE Nifty a strong support is emerging at 3200. The existence of this support level cannot be taken as a signal to an upmove, however, one might get an opportunity to reduce weak position if the Nifty manages to bounce back. If the NSE Nifty manages to bounce back from this support then it may move up to 4400.

In the chart above, the red line is providing support near 3196-3200 zone. This support is very important on weekly basis. A close below this will not leave us with any further support. The red dots on the charts indicate selling momentum and we will not go long until we get a blue dot indicating that the buying momentum has set in.

Related articles

• Stock markets higher after IBM reaffirms profit outlook
• New blog - Stock Market Investments
• Now is time for leaders
• How Much Is That Doggie In The Window? Stocks Rally, Buy Now!