NSE Nifty technical analysis and trading stratergy Part -II

By | December 16, 2012

Fibonacci technique

Fib retracements

Fib Retracement

 

Fibonacci Ratios are drawn in above chart from 5548-5965 showing Fibonacci support and Fibonacci resistance.  Close above 5965 is required for a breakout and support now exists at 5805 and 5756.

 

 

 

 

Fibo Fans

As discussed earlier Fibonacci fan helps in finding potential tops and Bottom of market from short term prospective. If we see the chart closely with Fibonacci fans 5945-5963 is level of resistance, Nifty reacted from 5965 and now support is at 5750.

 

Nifty Weekly Chart

Nifty Weekly Support

Nifty has formed a small neutral body spinning top like candle on weekly charts, suggesting uncertainty & closed the week negative with  minor loss of 50 points @ 5880.Took resistance at Weekly trendline drawn and also formed  a double bottom formation at 5839. So looking at price pattern next week breakout or Breakdown should happen.


Nifty Weekly

Trading Monthly charts

 

Nifty Monthly

 

 Close above 5217 is bullish for market for rest of year, I have been writing this for almost 6 months and Nifty has made almost 20% return for the Year 2012.Support on Monthly charts comes at 5787 and resistance at 5963.As per Historical data December has been 3-4% move month in Nifty and till now we have formed a DOJI candelstick on Monthly chart so next 2 weeks will be crucial. Will RBI provide much needed ammunition to Bulls with a rate cut.

 Nifty Trading Levels

Nifty Trend Deciding Level:5900

Nifty Resistance:5925,5965,6025 and 6069

Nifty Support:5825,5771 and 5720

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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