Nifty Weekly Technical View

By | July 17, 2011

Nifty Hourly

It was a roller coaster Ride for the week which was highly volatile and if you were on Right side would have minted money.

At the end of the roller coaster week, the benchmark finally ended at 5581, losing 1.4% over the week, breaking the 3-week rising streak.

[Click on Charts to Enlarge]

On Hourly Chart Nifty forming a triangle with upside limit at 5610 and lower side limit at 5562.

 

Nifty Daily

On daily chart Nifty has given a false breakout at 5720  and unable to cross above 5610 which is the breakout level. Sustaining below a crucial support is a bearish sign.

Importance OF 5535 level:

Bulls need to held the level of 5535 as its 61.8 Retracement levels and have Fibo importance.

Below this if closed and sustained 5497 (Swing Low) will be taken out easily.

On Daily Charts there are 2 Possibility:

  • Formation of Higher High with the Break of 5740 — Bullish Possibility
  • Formation of Lower Low with Break of 5497 — Bearish Possibility.

Nifty Weekly

On Weekly charts Nifty has formed a Large Range of 5741 and 5496 and break of the range will give a directional bias.

Nifty took support at 5497 which was 50 SMA and also the Short term Trendline on Weekly charts as shown in above chart

Longs should keep an Strick Sl of 5497 and Shorts a Strict Sl of 5740

 

Nifty Monthly

Nifty Is Trading Above  Monthly Pivot  5500 Denotes Strength On Upside but unable to cross 5610 which denoted bearishness.So both Bulls and Bears are confused.

But as a trader you have your trading levels as biggest assets and need not worry about market trend till you are on Right Side and IF on Wrong side accept your defeat (Take ur loss) and take trades on right side of market.

 

Nifty Trend  Deciding Level:5632

Weekly Resistance:5654,5740 and 5814

Weekly Support:5560,5534,5497 and 5472

Stay Disciplined!!

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