Nifty Weekly Technical Analysis for Week Beginning 15 July

By | July 15, 2012

As per Last Week Analysis Nifty made low of 5217 and High of 5349 as we discussed, Nifty has been grinding in a range of 5217-5249 for whole week, this is what happens when we have month of consolidation. Nifty Futures intraday players are having difficult time as nothing is happening,grinding in 20-30 points range. In such market best is to stay on sidelines or trade with less quantity with small expectation.

Infosys again disappointed the street and eventually Nifty broke down 5260,but do remember we are in consolidation phase and do not be surprised with move above 5300 next week. One positive takeaway from last week was  June Trade Deficit at 10.3 Billion Dollars lowest in months Immediate Impact was Rupee closed at 55.27.We are seeing an improvement in Macro data with IIP also coming at 2.2%. Monday we have inflation data which is expected to be bad around 7% ,Any surprise on downside can see the Nifty moving above 5300.

Nifty Hourly Chart

Nifty Hourly Charts have taken support at the bottom of channel at 5217 as shown in above chart. Hourly charts are oversold so bounce back till 50 Hourly SMA can be expected. Break of 5217 will lead to 5190 and 5150 levels.

Nifty Gaps

Nifty has the only 3 gap remaining above 5000

  1.  5150-5189. Break of 5217 will only provide opportunity to fill the gap.
  2. 5267-5306.Break of 5267 should lead to gap filling till 5306
  3. 5336-5345.Break of 5306 will lead to this gap filling

 

Nifty Daily Chart

On Daily charts nifty reacted from the rising trendline and formed a double bottom at 5217. Double bottom is a bullish pattern so till 5217 is holding we have a possibility of gap filling to occur till 5306

Nifty broke the triangle pattern with a gap down and formed a low of 5217. As we have mentioned many times 5217 is an important support not breaking the same suggests Bulls are using dips to buy. Possibility of another move till 5300 isl on cards next week

 

Nifty Fibo Fans

Nifty Fibonacci fans are also an useful tool to find the tops and bottom of Nifty, as seen in above chart Nifty formed a top at 78.6% of Fibo fan and came down.

 

Nifty Weekly Chart

On Weekly charts Nifty confirmed a breakout above 5084 and has sustained above it for 4 weeks in a row and nifty closed above 5209 last week which shows weekly trendline is still up.

Rising Wedge pattern on Weekly charts,which  became active with breakdown below 5285 and eventually touching 5217. Now next week is crucial in term of do we see a follow up action with a break below 5217 or we see a break of 5349.

Nifty Monthly Chart

Nifty formed a Bullish engulfing pattern on Monthly charts with a close above 5217 which we had discussion about this number many time. Close above 5217 is bullish for market for rest of year.Monthly Charts of Nifty is giving resistance at 5339 break of same will lead to a move till 5445.

In Nutshell:Daily charts are giving a Bullish  sign till 5217,Weekly charts are signalling consolidation and Monthly chart at resistance of 5339 and support at 5217

 

Nifty Trend Deciding Level:5271

Nifty Resistance:5306,5349 and 5378

Nifty Support:5217,5189,5150

 

Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl

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One thought on “Nifty Weekly Technical Analysis for Week Beginning 15 July

  1. murali iyer

    Hello sir, the analysis is very informative for a starter like me.hope to get more the same.thank you.

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