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 Daily Chart
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.
For Nifty traders who follow gap trading there are 9 trade gaps in the range of 5300-6400
Nifty 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.
As per Fibo Fan,6153-6192 are the fibo retracement, which needs to closely watched in coming week.
Nifty Weekly Chart
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.
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
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