Wishing reader a very very prosperous and happy Holi !!
Nifty showed remarkable resilience,holding on to higher levels despite the sell-off in the rest of the global markets.Next week we have The Federal Open Market Committee meeting scheduled for Wednesday which will decide on Fed Taper. Also Geo political issue will keep market on the rocks. Lets see how to analyze market in coming week.
Nifty Hourly Chart
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 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 range,unable to cross the same we can see a dip towards 6357-6400 odd levels.
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 6562 in coming week we can see a pullback to 6350 odd levels.
As per Fibo retracement ,nifty closed was unable to cross its 150% fibo extension, which is a bearish sign in short term,Any close below 6457 next big support comes at 6357 odd levels.
Nifty Weekly Chart
It was neutral week, with the Nifty down by 22 points closing @6504. 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.
Monthly chart has shown breakout and holding 6357 holds the key.
Nifty Trading Levels
Nifty Trend Deciding Level:6520
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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