Nifty Weekly Analysis

By | November 10, 2013

Nifty Daily Chart

nifty daily

Nifty Daily chart is forming a rising wedge formation,which has broken on downside. Rising Wedge are bearish formation and we need to see follow up down move below 6100 for pattern to shown its true color.

 

 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
  • 6185-6187

Fibonacci technique

Fibonacci fan

nifty ff

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 weekly

It was bearish week, with the Nifty was down by 166 and losing 2.6% .Nifty was again unable to close above the supply zone of 6338 on weekly basis and price got rejected again at higher levels. Its a repeat of Nov 2010 when Nifty started much awaited correction from Mahurat trading session.
Negative divergence is visible in short term, Unable to close above 6207 Nifty will correct back to 6141-6100 odd levels. This we said last week and nifty came down all the way to 6141

Trading Monthly charts

nifty monthly

Nifty monthly chart corrected from its Supply zone of 6337-6342 and gave corrective downmove.Bullish only above 6190.

 Nifty Trading Levels

Nifty Trend Deciding Level:6190

Nifty Resistance:6255,6337 and 6400

Nifty Support:6120,6077 and 6001

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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2 thoughts on “Nifty Weekly Analysis

  1. Bramesh Post author

    I do not go by text book thing, I have my own way of analysis and am quiet happy with it..

    Rgds,
    Bramesh

  2. option.trader

    When you draw a fibo fan, you have to draw from trough to top for a rising fibo, so the first line should join them, your fibo Chart does not

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