Nifty Weekly Technical Analysis

By | September 29, 2013

Last week we gave Trend Deciding level as 5984 Nifty  Nifty achieved 2 weekly target with a gain of 168  points.

Will US government Shut Down, Italy Political Situation and Aug Fiscal deficit  figures coming out on Monday will dictate the trend for coming week.

Indian Market will remain close on 2 Oct on account of Gandhi Jayanthi.

Lets analyze how to trade Nifty next week.

Nifty Hourly Chart

nifty hourly

Nifty Hourly charts looks has again stopped the Friday’s fall at 144 DMA which has been supporting throughout the rally.

 Nifty Gaps

For Nifty traders who follow gap trading there are 3 trade gaps in the range of  5300-6000 and all other gaps got filled.

  • 5285-5303
  • 5448-5553
  • 5680-5738
  • 6012-5989

Nifty Daily Chart Time Analysis

Nifty Daily chart we have applied the time analysis, Red Lines suggests either swing top and bottom of the Nifty, As seen in below chart Nifty is nearing a short term bottom  and next week will confirm has we already made a short term bottom. Daily charts have been trading in sideways range from quiet some time and trading firmly around 100,200 DMA. Any close below 5785 will take of bullish bet on the market.

Nifty Time Analysis

Fibonacci technique

As per of Fibo Retracement theory Nifty has broken the resistance at 78.6% retracement with gap up, and is now acting as a classic support .Any close below 5924 nifty can fall back to 5806 odd levels. This is what we discussed last week and NIfty trading below 5924 made a low of 5811 🙂 .

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 🙂

Nifty Weekly Chart

It was bearish week, with the Nifty was down  by 178 and losing 3% .We have drawn the Fibo arcs on Weekly chart.Fibo arcs were able to find the support at 5118 as shown in below chart and currently, Nifty has taken support at lower end of fibo arcs, breaking the same we can see correction all the way through 5600 odd levels.
Nifty Fibo Arcs

Trading Monthly charts

nifty monthly

September Month will come to an end on Monday,Nifty is up 6.6% till date, and is holding the upper trendline support.I am expecting October to be a choppy month confusing market participants looking at previous price patterns.

 Nifty Trading Levels

Nifty Trend Deciding Level:5785

Nifty Resistance:5841,5930 and 6000

Nifty Support:5735,5680 and 5638

Levels mentioned are Nifty Spot

Stock Performance Intraday sheet for Sep Month is updated on http://tradingsystemperformance.blogspot.com/

Stock Performance Positional sheet for Sep Month is updated on http://positionalcallsperformance.blogspot.com/

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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