NIfty Weekly Forecast for 05-09 May

By | May 5, 2014

Last Week we gave Chopad level of 6790, Nifty did 2 target on downside . Lets analyze how to trade Nifty for 1 week before the exit polls results

Nifty Hourly Chart

 

Nifty Hourly charts took exact support at 200 HSMA, Holding the same bounceback till 50HSMA can be seen.

Nifty Elliot Wave Analysis

As per EW analysis it shows short term correction is over till 6640 is not broken and bounce back till 6783 is on cards.

Nifty Daily Chart

On daily charts, nifty has formed a bearish engulfing pattern also nifty is near its Gann Arc support, holding the same we can see a good bounceback.

 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

Fibonacci technique

Fibonacci fan

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty is trading at its fibo fan resistance,pullback is also shown as discussed in previous analysis

As per Fibo retracement ,only a close below 50% retracement of 6641  will be short term negative for nifty for target of 6587

 

Nifty Weekly Chart

It was negative week, with the Nifty down by 87  points  closing @6694. Nifty is again taking resistance at its rising trendline and now nearing support at rising trendline,  Also as per time analysis Nifty is done with correction and next week should be positive.

Trading Monthly charts

nifty monthly

Monthly chart gives a target of  7322 for short term as per Fibo ratio theory

 Nifty Weekly Trading Levels

Nifty Trend Deciding Level:6726

Nifty Resistance:6780,6844,6905

Nifty Support:6644,6587 and 6520

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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