Nifty Weekly Technical forecast

By | February 2, 2014

Last Week Chopad Level of 6207 got triggered on Monday with gap down  and achieved almost 3 target on downside.Nifty corrected 328 points,in just six trading sessions as Both Fed and RBI governor disappointed market. Next week will be very busy, and the scheduled events should contribute to the already growing market volatility. ECB Rate decision on Thursday and On Friday, the January nonfarm payroll report is scheduled to be released which will be closely watched as it will give further idea on Fed taper.

Nifty Hourly Chart

nifty hourlyNifty Hourly charts  has broken below its 50 DSMA, and sustaining below it, bears 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 5972-6355. Nifty has formed both Double top and Double bottom formation in this range.Immediate trend is still negative but if nifty held on to the low of 6027 bounceback can be seen in range of 6180-6200 which will further decide the trend of market.

 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
  • 6120-6098

Fibonacci technique

Fibonacci fan

nifty ffNifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty made the high of 6189 which is again a Fibo Fan,If unable to cross the same nifty can correct all the way down to 5806 odd levels as seen in above chart.

nifty fibo

As per Fibo Fan,6153-6192 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 177  and losing 2.8%  closing @6089. Nifty has formed a breakaway gap on Weekly time frame unable to cross the same next week, we can correct to 5943 odd levels as seen on Gann levels in below chart.

Nifty Weekly Gann

Trading Monthly charts

nifty monthly

Triple top on Monthly chart which is bearish pattern.

 

 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

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