Nifty Weekly Technical forecast for 10-14 Feb

By | February 9, 2014

Last Week Chopad Level of 6102    did not got triggered as Nifty opened gap down, Bulls were able to protect the 200 DMA on weekly basis and also closing Nifty above 6000. Next week will be very busy, and the scheduled events should contribute to the already growing market volatility.

IIP for December on Wednesday, CPI for January on Wednesday and WPI for January on Friday.

Janet Yellen will testify on the semi-annual monetary policy report in front of the House Financial Services Committee,on Tuesday will give more Hint on fed tapering.ECB President Mario Draghi’s will be addressing a conference on Wednesday and China trade balance data on Wednesday.

Nifty Hourly Chart

nifty hourly

Nifty Hourly charts  has taken support above its 50 DSMA, and sustaining below it, bulls will have upper hand. 6189-6200 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 held on to 6030 bounceback can continue till 6140-6200 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
  • 6120-6089

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 26 and losing 0.4%  closing @6063. Nifty held on to its weekly trendline on weekly closing basis also forming a hammer pattern on weekly charts.

 

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:6102

Nifty Resistance:6175,6220 and 6266

Nifty Support:6030,5970 and 5900

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

Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section

Follow on Facebook during Market Hours:  https://www.facebook.com/pages/Brameshs-Tech/140117182685863

Leave a Reply