Nifty Weekly Analysis

By | March 31, 2013

Stock Market has a woobly roller coaster ride last week opening with a gap after Cyprus Drama came to an end, giving up gains after SP Supremo,Mulayam Singh threatened to withdraw support to the ruling coalition and finally gave an expected pullback on derivative expiry,Nifty ended  up by 0.6% or 31 points  WoW basis

The first quarter of 2013 ended on quite disappointing as  Sensex and the Nifty are down around 3 per cent. The cut is, however, sharper in smaller stocks with the BSE Small-cap Index down 21 per cent and the Mid-cap Index down 13 per cent in this period.

Last week we gave Trend Deciding level as 5620 Nifty made the low of 5604 turned back, achieved 1weekly targets on upside. Traders following Weekly trend deciding level should have exited shorts as discussed last week.

 Nifty Hourly Chart

nifty-mar13h1

Nifty Hourly charts as per Zig Zag Indicator is trading on the upper end of resistance (marked in red line) and also facing resistance at 50 HMA at 5690, close above this only can add bull power else rally will be short lived,

 

 Nifty Gaps

For Nifty traders who follow gap trading there are 1 trade gaps in the range of  5700-6000 and all other gaps got filled.

  • 5872-5863

Nifty Daily Chart

Nifty daily chart has taken support at 200 DMA (shown in 2 chart) as discussed last week and we saw the expected pullback near the end of derivative expiry,but bulls are still not out of woods as strong trendline resistance exists at 5703 as shown in below chart,marked with red arrows.

nifty daily

 

nifty 200

 

Fibonacci technique

Fibonacci fan

nifty ff

Nifty daily chart as per Fibo Fans is forming resistance and cross above 5702 is essential for the rally to continue.

 Fibo Retracement

nifty fibo

As per of Fibo Retracement theory Resistance at 5666 which is 80% retracement holding and closing above the same bounceback can be seen till 5762

 

Nifty Weekly Chart

Nifty closed the week positive  with gain of 31 points @5682.Nifty took support at 5604 range where we have seen pullback before also and gave the expected pullback.
nifty weekly
As per Fibo Channels shown in below chart nifty has closed above the 3 fibo channel line on weekly basis which is a bullish sign.
nifty-mar13weekly

Trading Monthly charts

 

nifty monthly

Monthly chart have taken support at rising trend line and closed above the level of 5640 which suggests bear power weakening.Longs should keep sl of 5604,

 Nifty Trading Levels

Nifty Trend Deciding Level:5703

Nifty Resistance:5732,5762 and 5836

Nifty Support:5655,5600 and 5550

Levels mentioned are Nifty Spot

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 “Nifty Weekly Analysis

  1. Bramesh Post author

    Dear Somaliji,

    Thanks..

    You post are also very informative.Keep up the good work..

    Rgds,
    Bramesh

  2. Somali Chakrabarti

    Hi Bramesh,

    Your posts are quite informative.

    I have an interest in markets, economy & industry matters and write occasionally. Some of my posts are complimentary to your articles, so wanted to share with you my blog note-share.blogspot.in.

    Keep up the good work.

    Best Regards,

    Somali

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