Last Week Chopad Level of 6077 did triggered and Nifty almost did its 2 target on upside, Bulls were able to protect the 200 DMA on weekly basis and also closing Nifty above 6150. Next week GDP data will be released on February 28.The stock market will remain closed on Thursday on account of Mahashivratri.
Nifty Hourly Chart
Nifty Hourly charts has closed above its 200 HDMA, which is bullish in short term.Holding 6120 for next 3 days is crucial for Nifty.
Nifty Daily Chart
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 has turned positive and momentum will come after a close above 6200 .Range of 6180-6200 is again a fight zone of bulls and bears.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400
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 6240
As per Fibo retracement ,6192 which is 61.8% fibo retracement, which needs to closely watched in coming week.
Nifty Weekly Chart
It was bullish week, with the Nifty up by 107 points and gaining 1.8% closing @6155. Nifty held on to its weekly trendline on weekly closing basis,and closed with a bullish engulfing pattern. Momentum will come on weekly closing above 6200 for target of 6250-6267.
Triple top on Monthly chart which is bearish pattern till 6360 is not crossed on Monthly basis.
Nifty Trading Levels
Nifty Trend Deciding Level:6160
Nifty Support:6120,6076 and 6030
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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