Nifty Weekly view using classical Technical Analysis

By | July 14, 2013

Nifty was in sideways zone in better half of the week and Fed minutes released on Wednesday night changed the course of world market and Indian market also celebrated with a huge gap up of 100 points on Thursday. Friday turned out to be quite an eventful one for the market. Infosys managed to prop market sentiment with better-than-expected June quarter earnings. The most interesting aspect was that the key economic data were released after market hours on Friday and the data wasn’t too encouraging.

Last week we gave Trend Deciding level as 5857 Nifty  Nifty achieved 3 target on  on upside after opening gap up above our trend changer level of 5857. Lets analyze how to trade Nifty in coming week.

 Nifty Hourly Chart

nifty hourly

Nifty Hourly charts is forming a rising wedge formation which is bearish in nature. Unable to cross 6028 will give us confidence on the pattern and break of 5951 will validate the pattern.

 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.

  • 5848-5857
  • 5588-5630
  • 5682-5749
  • 5816-5887
  • 5935-5951

Nifty Daily Chart

Nifty has formed a Hanging man candlestick pattern on Friday which is a reversal pattern, This pattern occurs mainly at the top of uptrends and is a warning of a potential reversal downward. It is important to emphasize that the Hanging Man pattern is a warning of potential price change, not a signal, in and of itself, to go short. Strong supports near 5750 and resistance near 5920 are established. A breakout will lead market higher to 6000 levels. This is what we discussed last week, low made was 5775 and high of 6019 🙂

nifty daily

Fibonacci technique

As per of Fibo Retracement theory Nifty is trading above 61.8% retracement range from 5566-6229 which is a bullish sign, We need to hold above 6020 for next 3 days to confirm the bullishness.

 

Fibonacci fan

nifty ff

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Another week of consolidation around Fibo fans. Decisive move should come next week again as discussed last week, We saw a big move in 2 days and Nifty is approaching the higher end of Fibo Fans so longs needs to be careful.

Nifty Weekly Chart

Nifty closed the week forming  Bullish Engulfing candlestick pattern  with gain of 141 points @6009.After last weeks of consolidation bulls were back on front seat. Next week we need to see follow up action with bulls closing above 6028 for target of 6119. Unable to cross we can see a downmove till 5887
nifty weekly
 KST has also generated a Buy on Weekly chart.
NCNIFTY Weekly

Trading Monthly charts

nifty monthly

Monthly charts are approaching the higher end of trendline so action pack week ahead.

 Nifty Trading Levels

Nifty Trend Deciding Level:6028

Nifty Resistance:6072,6119 and 6155

Nifty Support:5984,5920 and 5850

Levels mentioned are Nifty Spot

Stock Performance sheet for June Month is updated on http://tradingsystemperformance.blogspot.in/ 

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 view using classical Technical Analysis

  1. Bramesh Post author

    If you are aggressive trader use it on Hourly closing basis and If you are conservative use it on EOD basis.

    Rgds,
    Bramesh

  2. Atiq

    Dear Mr. Bramesh,

    I just want to clarify one point. Trend Deciding Level …..should be end of the day closing or just if it cross during the day.

    Thanks & Best Regards,
    Rahman.

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