Nifty Weekly Technical View

By | April 10, 2011

Nifty Hourly Charts

Nifty Hourly chart is giving a SELL call as per our 5 EMA and 20 SMA system.Sell was generated at 5910 levels.Hourly overbought is getting corrected and slowly indicators are moving to oversold zone. On Hourly charts  Nifty is forming a FLAG pattern formation which is low of 5822 is held can move till heigh of pole ie. 68 points.

 

 

Target of Flag Pattern should be 5860+68=5928

Nifty Daily Chart


On Daily charts we have broken the daily channel we were trading from 5400 levels which is a bearish indication.

The trendline resistance as shown in previous week is 5940 levels and Nifty made a high of 5944. For any move to come on BUllish end nifty should move up 5945 levels.

As Weekly is still in Buy mode we need to buy on DIPS till 5777 is not broken on closing basis.

 

As per Fibo Retracement from high of 5944 and low of 5376

61.8% retracement (Golden Ratio) comes at 5728 and 200 DMA @ 5723 levels.Hence 5720-5730 levels needs to be watched closely.

 

Nifty Weekly Charts

On Weekly charts we have a Gravestone DOJI pattern which is bearish in nature if next week close is below 5822 levels. Gravestone Doji is formed near a exhaustion uptrend where BULLS take the Index to higher levels but Bears are able to push index to lower levels with selling exceeding the buying. Hence its an indecision b/w BUlls and Bears about the Index further levels.

On Weekly Chart we are still in Buy mode till 5777 is not breached on closing basis.Hence Keep sl of 5777 on long and keep buying on dips till 5777.

Nifty Weekly Pivot:-5869

Weekly Resistance:-5917 and 5997

Weekly Support:-5777 and 5723

Buy above 5869 Tgt 5907,5945 and 5997

Sell below 5822 Tgt 5777,5720 and 5672

 

Nifty Options Open Interest

 

As per Nifty Options Chart 6000 CE are written with OI of 72 Lakhs and 5700 PE are written with OI of 91 Lakh.Hence market looks to trade in between 5700 and 6000 for next week.

 

NB:-Next week we have only 3 Trading sessions.Hence traders Do not buy and Hold Options because time expiry will let the value decay fast.

 

 

 

Interested in Learning Technical Analysis

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2 thoughts on “Nifty Weekly Technical View

  1. Bramesh Post author

    Thanks a Lot for your appreciation.Will try to do the same

    Rgds,
    Bramesh

  2. C Arnot

    Dear Sir,

    Appreciate your efforts…

    If possible please post a detailed write up on how to use MotiveWave (Standard Free Edition) with free live data from google / yahoo for NSE / BSE / MCX / etc…etc…

    Thanks and Best Regards,
    C Arnot

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