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Nifty Hourly Chart
Nifty Hourly Charts has been in consolidation mode for the whole week and keeping its head above the scared levels of 5285, Nifty twice made a low of 5288 and 5289 but unable to break below 5285 shows bulls are active till 50 Hourly SMA is not broken. Breakdown will come below 5260 which is hourly trendline.
Nifty has the only 1 gap remaining above 5000 which is 5150-5189. Break of 5217 will only provide opportunity to fill the gap.
Nifty Daily Chart
On Daily charts nifty is facing resistance at 5333 and facing support at rising trendline at 5285, After a break above 5217 Nifty has been in consolidation mode for the whole week which basically signify market participants making there mind on next move.Best is to stay on sidelines for conservative traders till a breakout occurs above 5240 or breakdown below 5260. Next week we have IIP data and Q1 earning of TCS,Infy,HDFC and HDFC Bank will come which can set the tone for the market.
Nifty is at decisive turn with daily Indicators RSI,MACD and Stochastic nearing overbought levels, But always remember never trade blindly on indicators let the price conform the same with a breakdown below 5260 to go short in Nifty. When market rises traders have psychology for shorting the index and when it falls they want to buy which is main reason for losses,Follow the trend with proper risk management strategy and market will reward you.
Nifty has been consolidating near 5301 which is 61.8% retracement or Golden Cross level from 5630-4788. Breakout above 5339 will lead to a target of 5445.Break below 5301 and than 5260 5199 is on cards as per Fibonacci retracements
Nifty Weekly Chart
Nifty has been in a range of 70 points through out the whole week and is forming a Rising Wedge pattern on Weekly charts,which will become active with a close below 5285. Even though Nifty was in small range of 70 points Volumes were quiet high which basically means a decisive move is on cards the next week. Volume rise with a small range is an early indication of big move.So keep your levels and SL ready.A corrective move till 5217 or 5150 will be healthy for market to move further.
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 Correction sign once 5285,Weekly charts Bullish till 5230 is protected and Monthly chart at resistance of 5339.
VIX has formed a double bottom at 17.5 which is bullish sign, VIX and Nifty are inversely proportional . Pullback till 20 can be expected on VIX in coming week.
Nifty Trend Deciding Level:5286
Nifty Resistance:5339,5378 and 5421
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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