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
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.
For Nifty traders who follow gap trading there are 1 trade gaps in the range of 5400-6000 and all other gaps got filled.
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 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.
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 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
We do discussion is Live market to update Nifty levels If you are interested you can LIKE the page to get Real Time Updates.
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863