Nifty Weekly Technical View For July Expiry

By | July 24, 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 5634, Gaining .86% over the week.

As a Trader identify the market you are trading into and always trade with less volume in Sideways market and never Buy OTM Options as premium will vanish quiet rapidly in sideways market.

Nifty Hourly Charts gave a Breakout above  5576 but unable to cross 5659 on Friday,  Hourly Indicators moved to OverBought in a matter of a day  Territory.

Levels remain the same Below 5535 we can see 5497 levels and above 5659 we can again trade near 5720 levels.

 

Nifty Daily

Nothing Changed on Daily charts after Fridays Rally also,Nifty continued to trade in the range of 5535-5659 in its 10 trading session.

 

On Daily Chart Nifty Broke the trendline on Thursday but quickly recovered on Friday with a gap up opening and sustaining the gains throughout the day.  Now above 5659 Important resistance zone become 200 DMA @5718 and 5740

Nifty Weekly

On Weekly charts also 5718-5740 is main resistance,Breakout above this range will take the market back to 5944 Levels which is yearly high. Fresh Longs above 5740 only and Fresh Shorts below 5497 .

Nifty Monthly

On Monthly charts Break of 5740 will break the upper trending resistance line which will give a fresh breakout on monthly charts.

Nifty Fibo Levels

 

As Per Fibo levels above 5660 Tgt should be 5720,5740 and 5767. On Lower Side break of 5535 is the most important levels for bears and 5497.

India VIX

 

 

 

Levels to Watch

Trend Deciding Level:5659

Resistance:5718,5740 and 5787

Support:5604,5563,5535 and 5497

 

One thought on “Nifty Weekly Technical View For July Expiry

  1. srikrushna

    i have gone through your blog.
    got some more idea about chart-study,
    although the gist i had already got from
    my senior. you have presented the graph and
    data in a wide range.which is easy and understandable.

    wish you all the best
    regards

    SRIKRUSHNA

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