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.
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
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 Fibo Levels
Levels to Watch
Trend Deciding Level:5659
Resistance:5718,5740 and 5787
Support:5604,5563,5535 and 5497