The All Important Greece Vote will be conducted tomorrow, What results Financial Market accept (Click on Link to see) .
We have the all important RBI policy on Monday market expectation are as follows
- Repo Rate :Exp 7.75%, Current 8.0%
- CRR :Exp 4.75%, Current 4.75%
- Reverse Repo :Exp 6.75%, Current 7.0%
Nifty Hourly Chart
Nifty Hourly Charts is forming an Inverted HnS Pattern with neckline breakout at 5146 which gives a target of 5246. So Bulls should Watch out closely the break and sustain of 5146 and bears should hold 5146 to push nifty down.
Nifty has the following gaps so any close below 5000 will lead to gap filling so keep a close eye on the gap levels mentioned below
- Gap :4641-4676
Gaps does provide an excellent opportunity to trade,Like we had on friday with a close of 4997 gap and a fast and furious rally
Nifty Daily Chart
On Daily charts nifty is facing resistance at 5146 which is upward facing trendline resistance at 5146. Break of same will lead to breakout till 5250. Failure to do the same will lead to pullback till 4930.
Nifty is at decisive turn with either Golden Cross or Death Cross formation next week as shown in above chart.Also Negative divergence is visible in Daily charts,Break of 5060 is required for Negative diverge to show effect.
Above 5146 the Fibo resistance comes at 5177,Crossing the same will Open the gates till 5250-5288.
Nifty Weekly Chart
Weekly charts are depicting a Bullish picture with a close above both Downward slopping trendline and close above 50 WSMA.
Bullish pattern will get invalidated close below 5100.
Nifty Monthly Chart
Monthly charts bounced from the lows of 4770 which was trendline support and now we are crucial point with Upper trending line giving resistance at 5146.
In Nutshell:Daily charts are giving a Correction sign,Weekly charts Bullish till 5100 is protected and Monthly chart at resistance of 5146.
VIX has closed above its 200 DMA and trendline resistance, Either Nifty can remain above 200 DMA or VIX,Both are inversely proportional. VIX is still not overbought and rise till 30-33 is possible if Greece and RBI both disappoint and collapse if both results favour market.
Nifty Trend Deciding Level:5146
Nifty Resistance:5178,5220,5278 and 5310
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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