Nifty Weekly Forecast for RBI Policy week

By | May 31, 2014

Last Week we gave Chopad level of 7376, Nifty did 2 target on upside and 3 target on downside .Outcome of RBI’s monetary policy review to dictate trend.Lets analyze how to trade Nifty before Modiji PM swearing ceremony and expiry week.

Nifty Hourly Chart

nifty hourly

Nifty Hourly charts will given a breakdown  above 7193 and now heading towards 7130 and 7067. On Upside breakout comes above 7246 for intital target of 7325 and 7376.

Nifty Elliot Wave Analysis

Nifty Hourly EW

As per EW analysis it shows short term correction is over till 7172 is not broken and bounce back till 7600  is on cards. 

Nifty Daily Chart

nifty daily

Nifty daily chart as per gann grid has strong resistance in range of 7313-7325. Expect some range bound volatile  move in next 2 weeks. Market need to consolidate its gain of last week. 7100-7450 can be range of nifty for coming 2 weeks.

 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
  • 7067-7014
  • 7130-7121
  • 7276-7293

Fibonacci technique

Fibonacci fan

nifty ff

As per Gann Fans  using gann circle Nifty will be bullish above 7373 for initail target of 7434 and 7500.On Downside strong support in range of 7130-7193 which should be used to go long and book out shorts.

 

As per Fibo retracement ,only a close below 38% retracement of 7207 will be bullish in short term till 7200 is not broken.

nifty fibo

Nifty Weekly Chart

Nifty Weekly Andrew Pitchfork

It was negative week, with the Nifty down by 137 points  closing @7229 . As per Andrew Pitchfork nifty can again move back to median line. Weekly charts are still in positive quadrant as shown in below chart.

Nifty Weekly Timeline

Trading Monthly charts

nifty monthly

Monthly chart gives a target of  7800  for short term as per Fibo ratio theory

 Nifty Weekly Trading Levels

Nifty Trend Deciding Level:7246

Nifty Resistance:7317,7376,7483

Nifty Support:7193,7130 and 7067

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 “Nifty Weekly Forecast for RBI Policy week

  1. Bramesh Post author

    Thanks Maheshji,

    Rgds,
    Bramesh

  2. mahesh

    following for last 2 weeks ,congrates very good analysis .

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