Nifty Weekly Technical Analysis charts

By | May 5, 2013

Nifty touched 6000 first time since Feb month, RBI disappointed the street with just 25 BPS cut and hinting scope of further rate cut is limited. It has spoiled the bullish momentum on the Street.  May month has started and Stock market well know adage “Sell in May and Go away”. So lets see how to approach nifty trading for next week.

Last week we gave Trend Deciding level as 5900 achieved all weekly targets on upside.

 Nifty Hourly Chart

NCNIFTY

Nifty Hourly charts has broken the trendline from 5500 and closed below it. Till 34 Simple Moving Average Support is next @5928 below this level the uptrend will be in question.

 

 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.

  • 5836-5853
  • 5477-5446

Nifty Daily Chart

As per last week analysis Nifty continued its uptrend and formed the top exactly at long term trendline @6020. Unable to close above 6020 next week pullback till 5860 is expected.

nifty daily

Fibonacci technique

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Last Week Nifty daily chart took exact support at Fibo Fans and bounced back as expected and in current week Nifty took exact resistance at Fibo Fans resistance. Unable to close above 6020 next fibo support comes at 5800.

 Fibo Retracement

nifty fibo

As per of Fibo Retracement theory Nifty took out at 61.8% retracement of 5477-6112. Now range of 5871-5860 is an important support zone.Above 6020, 6112 is next logically target.

 

Nifty Weekly Chart

Nifty closed the week positive  with gain of 72 points @5944.Nifty was unable to close above  the crucial resistance of 5971 as marked by horizontal blue line.
nifty weekly
On Weekly charts Nifty is taking support at 21 Week EMA and ADX is also suggesting trend momentum is fading suggesting pullback can continue further which started last week.
nifty-may13weekly

Trading Monthly charts

nifty monthly

Nifty took resistance exactly at monthly trendline at 6020 and pulled back down. Bulls will want to keep nifty above 5978 for monthly time frame to be bullish.

 Nifty Trading Levels

Nifty Trend Deciding Level:5978

Nifty Resistance:6019,6071 and 6112

Nifty Support:5911,5856 and 5813

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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