Analysis for monday, week ahead and till the year 2017.

Main nifty/4958 has proved its intermediate uptrend twice(having broken 4917 & 4970) as per technical theory of higher highs and higher lows.The current uptrend would come to end if nifty breaks 4628 on the downside.However the longer term trend is still down,for entering into longer term uptrend nifty needs to break 5368 & 5545 on the upside.200 day ema and sma may also pose as a resistance at 5016 and 5034 levels respectively.Oflate foreign markets especially Us, uk and europe are showing very bullish signals, giving bullish cues for our market.But asian markets are not showing much strength and Shanghai especially is becoming very bearish so we need to be cautious for these bearish cues.On thursday as per O.i movement Nifty did not show fresh longs instead showed cutting of shorts at higher levels which shows nifty lack strength at higher levels.Among Heavyweight stocks infy did show good long built up on thursday therfore may continue its upside on monday.And, Sbi added o.i on the short side therefore it may trade on the negative side on monday.Fiis figures were very positive on thursday which is a bullish sign.Nifty fut/4961 R at 4990 & 5031 then 5157. S at 4955 & 4925 then 4780.Remember the longer term fundamentals of the market is good enough to take nifty any time back to 6350 levels.On the basis of just 10% annual growth in corporate earnings for the next 10 years would take  nifty to the levels of 12060 in the year 2017.