Will Nifty hit all time High,Weekly Analysis

By | October 20, 2013

Sensex is 300 points from its all time high and Nifty trading at 3 year high, Lets analyze how to trade Nifty in coming week.

Nifty Daily Chart

nifty daily

Nifty Daily chart is forming a rising wedge formation, Pattern gets invalidated on close above 6207. Any close above 6229 will take nifty to next supply zone of 6285-90. Lot of optimism is on Media Nifty crossing all time high on Diwali, Do not be carried away by the exuberance created by Media and do not try to be over leverage, I would advise caution at higher levels.

 

 Nifty Gaps

For Nifty traders who follow gap trading there are 5 trade gaps in the range of  5300-6000 and all other gaps got filled.

  • 5285-5303
  • 5448-5553
  • 5680-5700
  • 5780-5802
  • 6046-6021
  • 6070-6046

Fibonacci technique

Fibonacci fan

nifty fibo

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty at resistance of Fibo Fan and support comes at 6000

Nifty Weekly Chart

Nifty Fibo Arcs

It was bullish week, with the Nifty was up by 93  and gaining  1.3% .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 is facing resistance at the top of  fibo arcs as shown in below chart which can be bearish in short term.
 nifty weekly
Negative divergence is visible in short term, Unable to close above 6207 Nifty will corrct back to 6141-6100 odd levels.

Trading Monthly charts

nifty monthly

Nifty monthly chart is trading above its 2 month high, next strong resistance comes at 6229.

 Nifty Trading Levels

Nifty Trend Deciding Level:6207

Nifty Resistance:6255,6337,6385 and 6467

Nifty Support:6141,6077 and 6010

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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