S&P CNX Nifty – Weekly Analysis -19 Nov 2012 Part -I

By | November 17, 2012

Auspicious Muhurat trading sessions again started the fresh downtrend in Nifty as per History. Nifty made a top of 5708 on the Muhurat day and is down to 5559 in just 3 trading sessions. As i have discussed before Nifty tends to give 5-6% move pre or post Mahurat trading session. And we already had 2% downmove. The downfall in last hour of trading have left many traders wondering and surprised to see the extent and furiosity of fall. Do remember market make 80% of move in 20% of time and traders following trend changer levels  for positional trading or Quadrant system for Intraday should not be surprised by the move. Discipline and Trust on Trading System is all Required.

Global Events for coming week Click here .Expect lot of volatility in Indian markets as Indian Parliament will start its winter session from Thursday and statements by leading politicians will add to volatility in Nifty in extremely short term.

 Nifty Hourly Chart

Nifty Hourly charts has broken down below the crucial level of 50 Hour SMA@5715 last week made a high of 5718 and started the downfall. 50 HSMA is at 5687,traders holding shorts keep this as SL for shorts. 5527 is level on Nifty and any break below it will extend the downfall in coming week.

Nifty Gaps

Gaps formation in Nifty Daily chart pattern, 8 gaps in the range of  5077-5600. Do note the GAP formed from 5435-5526 was Breakaway Gap

  • 5043-5077
  • 5238-5309
  • 5303-5309
  • 5399-5415
  • 5435-5526
  • 5554-5575 (Filled till 5559)
  • 5666-5651

So these levels should be noted down carefully to find further support and resistance.

 

Nifty Daily Chart

Nifty has been behaving very precariously in past 1 month.One week we are 40 points shorts of making a new 52 week high and last Friday’s panic fall  we are now trading at 2 months low. We broke the swing low of 5585 and made a new low of 5559. 5527 holds key on daily chart, If we break the same we are all set to revisit the 5450 odd levels and unable to break the same can lead us back to 5700 odd levels.

Do note we have touched the upward rising trendline on Friday and holding the same nifty can start a fresh rally towards 5650 and 5777

 

Nifty Daily Chart with Indicators

RSI is approaching the support of 30, MACD is in SELL and Stochastic approaching the oversold zone.

Nifty Daily with Andrew’s Pitchfork

As seen in above chart any close above the upper line of Andrew’s Pitchfork nifty was unable to break and eventually going in corrective mode and broke the middle median line and next support as per Anderw Pitchfork comes at 5461.

Continue Reading for Weekly Charts and Weekly Levels

 

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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2 thoughts on “S&P CNX Nifty – Weekly Analysis -19 Nov 2012 Part -I

  1. DN SHUKLA

    Dear Brahmesh Ji,
    Good Evening,
    I have become a fan of your analysis. Very very accurate and to the point. Let us see how next week unfolds itself. As you mentioned there will be lot of volatility due to political uncertainties.
    Thanks.
    DN SHUKLA

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