Nifty Weekly Forecast for March Expiry

By | March 23, 2014

Nifty Hourly Chart

nifty hourly

Nifty Hourly charts has closed below its 50 HDMA, which is bearish in short term.Any close above 6510 will bring back bullishness in market.

Nifty Daily Chart

nifty daily

Nifty after breaking out of 6410 range last week, consolidated its gains in last week. Now range of 6357-6410 becomes an important support of market. Nifty has formed multiple resistance in range of 6562-6575 range,unable to cross the same we can see a dip towards 6357-6400 odd levels.Diamond pattern is also forming with breakdown below 6430 and breakout above 6575.

 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
  • 6328-6339
  • 6401-6413

Fibonacci technique

Fibonacci fan

nifty ffNifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty is trading at its fibo fan resistance, unable to cross 6575 in coming week we can see a pullback to 6350 odd levels.

nifty fibo

As per Fibo retracement ,nifty closed was unable to cross its 138.2%  and 150%  fibo extension, which is a bearish sign in short term,Any close below 6470 next big support comes at 6430 and 6357 odd levels.

 

Nifty Weekly Chart

nifty weekly

It was neutral week, with the Nifty down by 11 points  closing @6494. Nifty is again taking resistance at its rising trendline also forming a DOJI/spinning top candlestick which are bearish in nature but need a follow up action with a break below 6457 on closing basis.

Trading Monthly charts

nifty monthly

Monthly chart has shown breakout and holding 6357 holds the key.

 Nifty Trading Levels

Nifty Trend Deciding Level:6501

Nifty Resistance:6562,6630,6700

Nifty Support:6460,6410 and 6357

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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