Weekly Report -Nifty Technical Research

By | April 20, 2014

Last Week we gave Chopad level of 6790, Nifty did 1 target on Downside . Next week is expiry week, Traders do not Expiry will happen on Wednesday as Thursday is a Holiday. Lets analyze how to trade Nifty for next 3 trading sessions.

Nifty Hourly Chart

nifty hourly

Nifty Hourly charts has closed above its 50 HDMA, also trading in a up trending channel ,  6790 will play an important role in coming week, closing above it new highs are on cards, unable to close above it market will go down to 6700 odd levels again.

Nifty Daily Chart

nifty daily

On daily charts, nifty again took support at up trending channel and bounced back fiercely, and opened the possibility to 6909 odd levels. Tiil Nifty does not close below 6675-6650 odd levels on closing basis every dip needs to be bought into.

 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
  • 6493-6510
  • 6641-6643
  • 6796-6790

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 6820  in coming week we can see a pullback to 6675-6650 odd levels.

nifty fibo

As per Fibo retracement ,only a close below 80% retracement of 6650 will end the current bull run.Bounced back from 6675

 

Nifty Weekly Chart

nifty weekly

It was positive week, with the Nifty up by 3  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.

Trading Monthly charts

nifty monthly

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 Weekly Trading Levels

Nifty Trend Deciding Level:6790

Nifty Resistance:6857,6909,7000

Nifty Support:6749,6675 and 6613

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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2 thoughts on “Weekly Report -Nifty Technical Research

  1. Vyasaraj

    Dear Bramesh,

    Nifty is close to all time high.
    Is the Nifty in a new bull market cycle?
    Can we expect 2 or 3 years of bull market?

    Best Regards
    Vyasaraj

  2. Chetan patel

    Respected sir ,
    I have doubt regarding currency trading . Can we trade in foreign currency pairs like euro/usd,usd/jpy etc

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