Last Week we gave Chopad level of 6711, Nifty did 1 target on Downside and 2 on upside. Next week being a Holiday Shortened week, will start with Infosys result and WPI inflation data for March 2014 at 12 noon on 15 April and CPI inflation data for March 2014 also on 15 April at 17:00 IST. Lets analyze how to trade Nifty for next 3 trading sessions.
Nifty Hourly Chart
Nifty Hourly charts has closed above its 50 HDMA, which is bullish in short term.Any close above 6820 will bring back bullishness in market.Breaking 6640 will only bring bears in market.
Nifty Daily Chart
On daily charts, nifty is trading near its up trending channel and bullishness will come only on close above 6820. Nifty has formed multiple resistance in range of 6562-6575 range, and now these will act as support .
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 6820 in coming week we can see a pullback to 6575-6600 odd levels.
As per Fibo retracement ,only a close below 80% retracement of 6650 will end the current bull run.
Nifty Weekly Chart
It was positive week, with the Nifty up by 81 points closing @6676. Nifty is again taking resistance at its rising trendline, Weekly charts are still not overbought suggesting the bullishness can continue for another 200-300 points.
Monthly chart is try to enter the penultimate arc of Fibo arc, Unable to cross the same market can see a pullback of 250-300 points in short term.
Nifty Trading Levels
Nifty Trend Deciding Level:6790
Nifty Support:6750,6646 and 6600
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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