Nifty Weekly Technical Analysis

By | April 7, 2013

Indian benchmark indices that have been precariously poised over the last two weeks began downward journey with persistent selling by FII’s. The Nifty has closed below the 5,600 level and the Sensex below 18,600, both below their 200 DMA ,Nifty ended  down by 2.3% or 129 points  WoW basis.Investors who bought shares with the hope of the Sensex and the Nifty rising to a new high soon appear to be capitulating now.

Last week we gave Trend Deciding level as 5703 achieved  all 3 weekly targets on downside.

 Nifty 4 Hourly Chart

nifty-apr13h4

Nifty 4 Hourly charts as per Fibo Regression Channels has taken support  at the lowest channel,last time it took support we saw swift pullback,will this time repeat the history ?

 

 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
  • 5525-5446
  • 5672-5644 — Breakaway gap

Nifty Daily Chart

Nifty daily chart has taken support at 233 DMA as shown in below chart, 233 DMA is more significant than 200 DMA as its a very strong Fibo Number.Strong support exists at 5525 , holding the same bounce back can be seen, Else we are going to 5400 range.

nifty daily

 

 

Fibonacci technique

Nifty daily chart as per Fibo Fans break the support of 5703 formed a break away gap and is heading towards the next support of 5474.

 Fibo Retracement

nifty fibo

As per of Fibo Retracement theory strong support at 5511 which is 61.8% retracement holding and closing above the same bounceback can be seen till 5669.

 

Nifty Weekly Chart

Nifty closed the week negative  with loss of 129 points @5553.Nifty made the low of 5534 and same low was formed in 09/2012 signalling formation of double bottom. Confirmation will come once it held the low of 5534 on weekly basis.
nifty weekly
ATR range as shown in below chart is approaching 182 and also near the lower end of bollinger band,last time it reached the 182 range we saw a big pullback.
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:5525

Nifty Resistance:5600,5644 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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One thought on “Nifty Weekly Technical Analysis

  1. Kalpesh

    I can say in simple words that you have very good tech.of trading & if anybody who can do it systemattically can become very good trader with self-confidence.

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