Last week we gave Trend Deciding level as 5869 Nifty Nifty achieved 1 target on downside and another one on upside.We discussed the probability of Nifty trading in sideways zone, forming a range before breaking out or breaking down in particular direction. Lets analyze how to trade Nifty in coming week.
Nifty Hourly Chart
Nifty Hourly charts is trading in perfect triangle pattern with support at 5750 and resistance at 5920. 50 HMA has been providng a good support in correction. 5833 should be watched closely on Hourly basis.
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
Nifty has traded in a range of 5760 and 5900 for the last week with volatile trading sessions. Strong supports near 5750 and resistance near 5920 are established. A breakout will lead market higher to 6000 levels. Breakdown below sub 5600 odd levels.Nifty is trading above the short term 20 DMA (5764).
As per of Fibo Retracement theory Nifty is trading between 50%-61.8% retracement range from 5474-6229. Closing above 5852 further bounces can be expected till 5950 odd levels.
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.
Nifty Weekly Chart
Monthly charts after forming a topping tale formation in May month are now forming Hammer Candlestick formation which is bullish in nature as it took exact support at monthly trendline and gave a bounce-back.
Nifty Trading Levels
Nifty Trend Deciding Level:5857
Nifty Resistance:5923,5972 and 6028
Nifty Support:5764,5720 and 5676
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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