Weekly Technical Analysis: NSE Nifty Part -II

By | December 9, 2012

Fibonacci technique

Fib retracements

 

Fibonacci Ratios are drawn in above chart from 4555-5633 showing Fibonacci support and Fibonacci resistance. 5945Fibonacci resistance on Weekly basis as discussed last week. Nifty made a High of 5949 fall back all way to 5839 before recovering till 5907. Still 5953 will be a tough resistance to cross.

 

 

 

 

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 Weekly Chart

Nifty has formed a small neutral body spinning top like candle on weekly charts, suggesting uncertainty & closed the week positive by minor gains of 27 points @ 5907.Took resistance at Weekly trendline drawn.


Trading Monthly charts

 

 Close above 5217 is bullish for market for rest of year.Support on Monthly charts comes at 5783 and resistance at 5963.As per Historical data December has been 3-4% move month in Nifty.

 Nifty Trading Levels

Nifty Trend Deciding Level:5885

Nifty Resistance:5945,6025 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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3 thoughts on “Weekly Technical Analysis: NSE Nifty Part -II

  1. MBSHIVA

    Many thanks for the analysis Sir, Have a great and profitable week ahead.

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