Nifty Weekly Forecast for March Series

By | March 3, 2014

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

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 dailyNifty 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.

 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
  • 6331-6345

Fibonacci technique

Fibonacci fan

nifty ff

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.

nifty fibo

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

nifty weekly

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.

Trading Monthly charts

nifty monthly

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 Resistance:6337,6382,6460

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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