Nifty Weekly Chart
Market started the new “samvat” on negative note as benchmark indices plunged nearly 4% in the week gone by, their highest weekly loss in more than 6 months. This was disappointing specially in the light of last week’s hefty 5% rise, which took the benchmark indices very near to the 2008 highs and expectation was that this week we will see fresh all- time high. The week was marked by extreme weakness and dominance of bears, as Nifty closed in red on 4 out of 5 trading sessions. Nifty fell more than 3% in last 2 sessions, finally settling at 6071.6.
Nifty Weekly Chart closed below 5 EMA on weekly chart @6101 and any recovery should first cross 6101 levels and than we may see higher level.This is 2 time we are unable to close above all time high and after a long period of time FII sold worth 7000 cores in cash market.Well Correction are Healthy market upmove,November being very good market in terms of % rise from previous month,I am still confident of seeing new high on Nifty spot on closing basis in November month.
RSI and STOCH are taking support at previous low and if sustained we can see a good rally cropping up in next 2 weeks which can take Nifty above 6400 Levels.
Nifty Daily Chart
On Daily chart Nifty takes support at 50 DMA and looks like this time also Nifty can see a fall restricted around 6030 odd levels.On Upmove resistance should be faced around 6164 levels.
Nifty Fibo Chart
Fibo charts of low at 5932 to upmove of 6332 has been plotted Support will be at 6030 and 5934 levels which upmove will face resistance at 6138,6187 and 6255 Levels.
Nifty Option Charts
Nifty Weekly Pivot:6155