Nifty Weekly Outlook for Week Starting 22 October Part II

By | October 21, 2012

Nifty Fibo Retracement

Nifty Fibonacci Retracements from 5217-5815 are drawn in above chart,Major support at 61.8% Golden ratio at 5585 and Resistance at 5687

Nifty Fibonacci Fans

As discussed earlier Fibo Fans helps in finding potential tops and Bottom of market from short term prospective. If we see the chart closely Nifty has formed a swing top at 5815 as discussed in previous week analysis.Break of 5635 can lead to a down move till 5450.

Nifty Weekly Chart

Nifty was up by 0.1% WoW basis,  afteDOJI Candlestick pattern  and  closed below crucial trend line resistance of 5700, so bears are having upper hand. Will they be able to follow up in coming Expiry Week. Rather than second-guessing, it always makes sense to wait for the price to give a clue about the direction and it is far easier then to take appropriate trading action.

Only the break of 5830 can lead to a rally till 5940,break of 5585 will start the gap filling process.

Nifty Monthly Chart

 Close above 5217 is bullish for market for rest of year.Support on Monthly charts comes at 5604.As shown in below chart September is month of Big moves and we have moved 8.5% . October series after big move seen in September should be a cool off month in which we will see range trading moves from 5500-5850.

 

Nifty Trend Deciding Level:5725

Nifty Resistance:5752,5775 and 5815

Nifty Support:5679,5635 and 5585

Levels mentioned are Nifty Spot

Read the Weekly Analysis Part I


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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