Nifty Weekly Forecast for Expiry Week

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

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 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 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.

 Nifty Gaps

For Nifty traders who follow gap trading there are 7 trade gaps in the range of  5300-6400

  • 5285-5303
  • 5448-5553
  • 5680-5700
  • 5780-5802
  • 6091-6108
  • 6266-6183
  • 6331-6345

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 6240

nifty fibo

As per Fibo retracement ,6192 which is 61.8%  fibo retracement, which needs to closely watched in coming week.

 

Nifty Weekly Chart

nifty weekly

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.

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:6160

Nifty Resistance:6200,6260,6320

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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