Nifty Weekly Technical forecast for Vote-on-Account week

By | February 16, 2014

Last Week Chopad Level of 6102   did  triggered and Nifty almost did its 2 target on downside, Bulls were able to protect the 200 DMA on weekly basis and also closing Nifty above 6000. Next week Vote-on-Account, or interim budget for 2014-2015, which the government will unveil during trading hours on Monday, 17 February 2014, will set the tone for the Nifty in coming  week.

Nifty Hourly Chart

nifty hourly

Nifty Hourly charts  has taken resistance at its 50 DSMA, and sustaining above it, bulls will have upper hand. 6110-6120 is the range which will decide the further trend of market.

Nifty Daily Chart

nifty daily

Nifty is still trading in the range of 5900-6355. Nifty has formed both Double top and Double bottom formation in this range.Immediate trend is still negative but if nifty close above  6130 bounceback can continue till 6200-6266 which will further decide the trend of market. On crowd theory basis, most of traders are bearish on market and looking for Selling on every rise. Do remember market always move in direction which gives pain to 90% of traders.

 Nifty Gaps

For Nifty traders who follow gap trading there are 9 trade gaps in the range of  5300-6400

  • 5285-5303
  • 5448-5553
  • 5680-5700
  • 5780-5802
  • 6141-6145
  • 6331-6345
  • 6266-6183
  • 6107-6120

Fibonacci technique

Fibonacci fan

nifty ff

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty is still trading below the fibo fan angle, Pullback can be seen to Fibo fan resistance of 6200

nifty fibo

As per Fibo retracement ,6144-6192 are the fibo retracement, which needs to closely watched in coming week.

 

Nifty Weekly Chart

nifty weekly

It was bearish week, with the Nifty down  by 14 and losing 0.2%  closing @6048. Nifty held on to its weekly trendline on weekly closing basis,Next Week expect a trending move in market.

 

Trading Monthly charts

nifty monthly

Triple top on Monthly chart which is bearish pattern till 6360 is not crossed on Monthly basis.

 

 Nifty Trading Levels

Nifty Trend Deciding Level:6077

Nifty Resistance:6108,6175,6220 and 6266

Nifty Support:5980,5933 and 5880

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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One thought on “Nifty Weekly Technical forecast for Vote-on-Account week

  1. Aayush Aggarwal

    Hi

    how do you come to the conclusion of crowd theory? Clients at 2 stock brokers i knw off are long but it cant be taken as general perception.

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