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 charts looks has again stopped the Friday’s fall at 144 DMA which has been supporting throughout the rally.
For Nifty traders who follow gap trading there are 3 trade gaps in the range of 5300-6000 and all other gaps got filled.
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.
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 🙂 .
Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.The above chart is self explanatory 🙂
Nifty Weekly Chart
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
Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863