Nifty Weekly Technical for August Expiry

By | August 21, 2011

Excitement is the first & last enemy of traders/investors. Keep a lid on it in this Volatile times.

Nifty Hourly

Nifty on Hourly Chart is moving in the trending channel as shown in above chart and touching the bottom on downward trendline@4800  before giving a 50 point jump in dying hours of trade on Friday.  On Upside Nifty will face resistance @4893  and above it 4932 the gap formed on Friday gap down. Break of 4793 will open the gate till 4500

Nifty Daily

On Daily Charts Nifty Continued its downward journey intact making  a new 52 week low @4793 and respecting the 61.8% retracement from fall of 2254 to 6358 @4779 and bouncing notch above it .

Support are Like Spring Board Bounces are quiet fast rapid and Furious as seen on Friday.

Now As per Chart there are 2 Possibility

1. Break of 4893 Will let to Eventual Fulfillment of  Gap at 4932.

2. Break of 4793 will lead to 4579 Level.

 

Nifty Fibo with Projection

If we have to break 4794 than we are headed for 4579 as a part of Fibonaci Extension

Nifty Fibo with Retracement

If Bottom is made at 4793 than Short term Reversal will happen once Nifty will start trading above 5015 which coincides with our Double bottom also. So Watch out for 5015.

Nifty Weekly

Weekly chart has shown the Breakdown with Formation of Bearish Engulfing pattern and has open gate for 4692 and 4538 on Downside.

Indicators are Oversold but If Trending Markets Indicators will remain Oversold and Overbought only but prolonged period of time.

 

Nifty Weekly Fibo

4779 will be an Important support to be watched owing to Importance of 61.8% Fibo Retracement or Golden Ratio

Nifty Monthly

Monthly Chart has been ruptured out of shape with a fall of 11.6% till date with 6 more trading days left. Can it extend more Yes it Can Looking at the way Stocks are falling Fall can continue with capitulation level still not seen in Indian markets.

Trader should never try to predict the Tops and Bottom as it Happens Only “one day” rest day its trend which continues

Has the Bottom been Made ?

The Million Dollar Question Well here are my few cents

200 WSMA (Week Simple Moving Average)@4836 Nifty Closed at 4844 after breaking 4800 and quickly recovering . Break of 200 WSMA  will enter us into a Bear Phase which will eventual lead to filling of Elcetion gap below 3900 levels.

If we draw the trendline from High of 6338 it will join the low of 4793 so might be bottom is formed but Lets see if 4793 is sustained next week.

Nifty Trend Deciding Level:4932

Resistance:5015,5079,5161

Support:4750,4692,4536 and 4538

STAY DISCIPLINED AND TRADE ON LEVELS NOT EMOTION

Excitement is the first & last enemy of traders/investors. Keep a lid on it.

2 thoughts on “Nifty Weekly Technical for August Expiry

  1. Bramesh Post author

    Dear Sir,

    4893-4932 should be pullback which is 100 points move from Fridays close.

    Rgds,
    Bramesh

  2. mehul barot

    🙁 you did not considered estimated pullback relly for monday

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