Nifty update with chart

Nifty for this week closed more than 5.75% in negative compared to the previous week. The weekly chart indicates, Nifty has broken the wedge with good volumes, targeting the 4350 levels. Immediate support zone is around the 4636 to 4580 level.
Nifty trading below 13 WEMA (4797) and 26 WEMA is around 4512.
RSI – as clear from the chart the, is at crucial support levels (yellow Line), break would signal stall in uptrend and could test 4350 levels.
MACD has turned negative and giving weak signal.
Nifty levels for this week
Support 4685 4617 4550 4482
Resistance 4738 4808 4878 4947

Nifty daily chart indicate that the downward trend line should act as immediate resistance levels, it’s around 4865 levels.
Moving Averages – Nifty trading below 21 DEMA-4935 and 55 DEMA 4823, indicating the uptrend losing the strength and weakness to persists for the days to come unless closes above the sloping trend line.
RSI is in oversold zone.
MACD is indicating weakness in the Nifty.

The strategy for this week,
Buy Nifty 4700 Ce at dips with stop loss 4630 on closing basis for a bounce back up to 4800 to 4860 levels.
Closing below 4580 would indicate the termination of the uptrend and more weakness would persist and could test the immediate previous low 4350.