CNX Nifty Technical Analysis

By | April 14, 2013 1:26 pm
1 Comment

Infosys spoiled the Bullish sentiments on the Dalal Street, 2 days rally in nifty was snapped by Infy bad results and we are trading down sub 5500. Next week the Index Heavyweight Reliance will be coming out with results Tuesday post market hours and TCS on 17 April.

Last week we gave Trend Deciding level as 5525 achieved  1 weekly targets on downside and 1 weekly target on upside.

 Nifty 4 Hourly Chart

nifty-apr13h4

Nifty 4 Hourly charts has broken the  Fibo Regression Channels below 5555 and will now act as resistance.5563 is the key level to watch.

 

 Nifty Gaps

For Nifty traders who follow gap trading there are 1 trade gaps in the range of  5400-6000 and all other gaps got filled.

  • 5872-5863
  • 5477-5446
  • 5672-5644 — Breakaway gap
  • 5594-5544

Nifty Daily Chart

Nifty daily chart has made multiple bottoms in the range of 5477-5494, signifying demand is picking up in the range. Gap exists till 5446 and nifty has also taken support at its long term rising trendline. Trend is down but booking partial profits in shorts should be advisable,as crossover of Red and Blue trendline suggests the possible demand zone.

nifty daily

Fibonacci technique

Nifty daily chart as per Fibo Fans break the support of 5703 formed a break away gap and is stopped the fall near support of 5474 as discussed last week.Break of 5474 can spell danger for bulls as next support is near 5200 odd levels.

 Fibo Retracement

nifty fibo

As per of Fibo Retracement theory Nifty held and closed above  strong support at 5511 which is 61.8% retracement. Holding the same bounce back till 200 dma can be seen

 

Nifty Weekly Chart

Nifty closed the week negative  with loss of 25 points @5528.Nifty made the low of 5477, formed a DOJI candlestick pattern after 4 weekly red candels suggesting bears are getting weaker, but as soon as 5477 gets taken out bears will be back again , so lets wait for confirmation with another week close above 5477 to call it a potential bottom.
nifty weekly
Positive divergences are visible in MACD and RVI indicator again an indication that bears power is getting weaker but  will emphasize again lets get an confirmation as per our SAR system before taking positional longs.
 nifty-apr13weekly

Trading Monthly charts

nifty monthly

 

Monthly chart has been bearish from 6034 odd levels and 2 year old trend line is also broken. Next support comes at 5400 levels.

 Nifty Trading Levels

Nifty Trend Deciding Level:5545

Nifty Resistance:5595,5644 and 5675

Nifty Support:5474,5435 and 5394

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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