Last Week Chopad Level of 6160 did triggered and Nifty did its 2 target on upside, Lets analyze how to trade nifty in coming week.
Nifty Hourly Chart
Nifty Hourly charts has closed above its 200 HDMA, which is bullish in short term.Holding 6200 for next 5 days is crucial for Nifty.
Nifty Daily Chart
Nifty has filled the gap created on 27 Jan, and is now entering the supply zone of 6280-6320.This range has been very dicey from past 4 months, expect some consolidation in range of 6200-6280 before any further upmove.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400
Nifty 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 6280 in coming week we can see a pullback to 6200 odd levels.
As per Fibo retracement ,nifty closed above its 80% fibo retracement, which is a bullish sign in short term,Holding 6266 holds the key for further upmove.
Nifty Weekly Chart
It was bullish week, with the Nifty up by 121 points and gaining 2% closing @6277. Nifty held on to its weekly trendline on weekly closing basis,and closed with a bullish engulfing pattern.Next week is very crucial as nifty is near its downward falling trendline, unable to cross it pullback can be seen.
Triple top on Monthly chart which is bearish pattern till 6360 is not crossed on Monthly basis.Last 5 days of market gain helped February emerge as best month in last 4 months with the index gaining 3%.
Nifty Trading Levels
Nifty Trend Deciding Level:6284
Nifty Support:6230,6178 and 6130
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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