Nifty Weekly Technical Analysis for August derivatives expiry

By | August 25, 2013

Next week is likely to be a volatile one on account of derivatives expiry. Rupee and FII flows would set the tone for the market. Q1 GDP data due 30th August would be keenly watched.

Last week we gave Trend Deciding level as 5556 Nifty  Nifty achieved all 3 target on downside :).Lets analyze how to trade Nifty in Expiry Week.

 Nifty Hourly Chart

nifty hourly

Nifty Hourly charts is trading in perfect downtrending channel and breakout comes above 5484.

 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.

  • 5742-5716

Nifty Daily Chart

Nifty Spot bounced smartly from 5250 levels to retest the previous support (which is now a huge resistance) 5477.Another breakdown point of 5505 will act as resistance in coming week.

nifty daily

Fibonacci technique

As per of Fibo Retracement theory Nifty has taken support at 50% retracement and bounced above it. Holding above 5511 bounce till 5664 can be seen.

 

Fibonacci fan

nifty ff

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.The above chart is self explanatory 🙂

As per Nifty Chopad levels close above 5475 will only be a booster for Bulls. Last week Nifty Chopad level of 5296 played the trick as we were able to capture the bottom and as nifty made a low of 5254 and bounced back.

Nifty Weekly Chart

Nifty moved in the range of 250 points, lost around 36 points from the previous week closing of 5507. It opened at 5497, made a high of 5504, a low of 5254and closed at 5471.Nifty tried to move above the weekly support but failed to close above on weekly basis as per classical technical analysis support becomes resistance. Nifty has formed a Weekly Hammer Candlestick formation which is a bullish signal.
nifty weekly

Trading Monthly charts

nifty monthly

Monthly charts are near trendline breakdown zone. Will be get a breakdown or another whipsaw as was seen in breakout.

 Nifty Trading Levels

Nifty Trend Deciding Level:5508

Nifty Resistance:5556,5605 and 5660

Nifty Support:5426,5375 and 5296

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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