Last week Chopad level of 6187, Nifty did 1 target on downside and 2 target on upside. Last Week was roller coaster ride for Stock market traders/investor as Fed did the taper and RBI kept the rate unchanged, Both events took the market participants by surprise.The market may remain volatile and trade in a range as we head into FNO expiry trading week. FII flows will be closely watched as we approach last week of the calendar year and NAV adjustments are likely to take place.Stock market remains closed on Wednesday, 25 December 2013, on account of Christmas.
Nifty Hourly Chart
Nifty Hourly charts are forming a contracting range, Maket are likely to remain range bound in coming week and should give directional move in January. As most of FII’s are on leave so volumes will come down and choppy moves will be call for next week.
Nifty Daily Chart
As seen in above chart Nifty is nearing the rising trendline which has given support in last many falls, will now act as resistance. This is what we discussed last week Volumes have been quiet low in recent fall signalling no major delivery based selling. Also correction will be very healthy for market. Also traders who follow wave analysis do not Nifty took 3 days to move from 6160-6415 but took 5 days to fall back to 6160 signalling a slow fall but fast rise this calls for a bullish case. Also as per time analysis nifty can see a turn date around 17 Dec.
Nifty obliged us by doing as expected 🙂
For Nifty traders who follow gap trading there are 9 trade gaps in the range of 5300-6400
Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty made the life high of 6417 at resistance of Fibo Fan,Support comes at 6091 as per Fibo fan.
Fibo Retracement also signalling support at 6141, Nifty made low of 6130 and bounced back.
Nifty Weekly Chart
Monthly momentum is still on upside till 6091 is not broken.
Nifty Trading Levels
Nifty Trend Deciding Level:6307
Nifty Resistance:6362,6418 and 6467
Nifty Support:6250,6200 and 6130
Levels mentioned are Nifty Spot
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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