Nifty Weekly Technical Analysis for Week Beginning 9 July

By | July 8, 2012 12:48 am
17 Comments

It is said that wedding is a step to enter into a practical life and at the time when one is going to be bind in this sacred relation with a lot of prayers, wishes and compliments, it can be hoped that all will go well throughout life. Your wishes are asset of our life. Thank you to bestow us with your best wishes.Please expect our heartfelt thanks from both of us.

Thanks for all your emails,calls and SMS.

 

Nifty Hourly Chart

Nifty Hourly Charts has been in consolidation mode for the whole week and keeping its head above the scared levels of 5285, Nifty twice made a low of 5288 and 5289 but unable to break below 5285 shows bulls are active till 50 Hourly SMA is not broken. Breakdown will come below 5260 which is hourly trendline.

Nifty Gaps

Nifty has the only 1 gap remaining above 5000 which is 5150-5189. Break of 5217 will only provide opportunity to fill the gap.

 

Nifty Daily Chart

On Daily charts nifty is facing resistance at 5333 and facing support at rising trendline at 5285, After a break above 5217 Nifty has been in consolidation mode for the whole week which basically signify market participants making there mind on next move.Best is to stay on sidelines for conservative traders till a breakout occurs above 5240 or breakdown below 5260. Next week we have IIP data and Q1 earning of TCS,Infy,HDFC and HDFC Bank will come which can set the tone for the market.

Nifty is at decisive turn with daily Indicators RSI,MACD and Stochastic nearing overbought levels, But always remember never trade blindly on indicators let the price conform the same with a breakdown below 5260 to go short in Nifty. When market rises traders have psychology for shorting the index and when it falls they want to buy which is main reason for losses,Follow the trend with proper risk management strategy and market will reward you.

 

Nifty Fibo

Nifty has been consolidating near 5301 which is 61.8% retracement or Golden Cross level from 5630-4788. Breakout above 5339 will lead to a target of 5445.Break below 5301 and than 5260 5199  is on cards as per Fibonacci retracements

 

Nifty Weekly Chart

Nifty has been in a range of 70 points through out the whole week and is forming a Rising Wedge pattern on Weekly charts,which will become active with a close below 5285. Even though Nifty was in small range of 70 points Volumes were quiet high which basically means a decisive move is on cards the next week. Volume rise with a small range is an early indication of  big move.So keep your levels and SL ready.A corrective move till 5217 or 5150 will be healthy for market to move further.

 

 

Nifty Monthly Chart

Nifty formed a Bullish engulfing pattern on Monthly charts with a close above 5217 which we had discussion about this number many time. Close above 5217 is bullish for market for rest of year.Monthly Charts of Nifty is giving resistance at 5339 break of same will lead to a move till 5445.

In Nutshell:Daily charts are giving a Correction sign once 5285,Weekly charts Bullish till 5230 is protected and Monthly chart at resistance of 5339.

 

India VIX

VIX has formed a double bottom at 17.5 which is bullish sign, VIX and Nifty are inversely proportional . Pullback till 20 can be expected on VIX in coming week.

Nifty Trend Deciding Level:5286

Nifty Resistance:5339,5378 and 5421

Nifty Support:5260,5217,5189,5150

 

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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17 thoughts on “Nifty Weekly Technical Analysis for Week Beginning 9 July”

  1. Suman shee

    Dear sir,
    Congratulation sir. Happy marriage life.
    I never expect my anxiety has been removed with A GREAT NEWS.
    But, sir I wait for your e-sweets. I expect to get the same.

    May God Bless You

    Reply ↓
  6. karthik

    happy married life ….. bramesh .
    many many congratulations for ur couple ….
    ad thank u for the analysis …
    very gd mrg

    Reply ↓
  10. Manish

    Dear Brahmesh,

    Many congratulations to you.
    May God Bless you with a happy, prosperous and joyful married life.

    Cheers!!

    Reply ↓
  12. manikandan

    Bramesh
    Wish you a HAPPY MARRIED LIFE
    nice learing updates always
    Keep the good work
    Regards
    Manikanand

    Reply ↓
  13. vijay sambrani

    Dear Brahmesh , at the outset ,CONGRATULATIONS and Best wishes for a HAPPY MARRIED LIFE .

    Your analysis is always usefuland i look forward to it on a regular basis.

    i would like to point out that the week gone by had the LOWEST VOLUMES in the DERIVATIVE SEGMENTS , especially in the NIFTY FUTURES since the beginning of this year . there were 2 weeks when the weekly volume was lower ,first week of April and first week of May ) but these had holidays . So effectively in a 5 day trading week , the volumes in the week gone by are probably a multi year low !!!!!.

    so technically we may not be able to come to any conclusions about the future direction of the market .

    however , anecdotically we may speculate that since there were positive voices in the Govt/Media , there is no BEAR left in the market . what is interesting is that despite all the “good news” , the volumes are shrinking .

    i am sure there is a STORY in this . usually the story is that the MAJORITY get a SURPRISE . Will it happen this time around ????. only time will tell . Thanks

    Reply ↓
  14. damodhar

    HEARTILY CONGRATULATIONS …
    MAY GOD SHOWER ALL HIS SWEET BLESSINGS ON YOU…
    …..WE MISSED UR TECHNICAL ANALYSIS…..
    WARM REGARDS,
    DAMODAR BATHEJA& FAMILY

    Reply ↓
  16. RAKESH TRIVED

    dear sir
    wish you again a very happy married life this life is real exam for every one, many types of up and down are start from after married if we calculate 1+1= 2 then we actually scared for this life,if we calculate 1+1=11 then every problem scared from us. 2nd part of this life is very sweet sir really its a god gift. so we all are wishing you a happy married life.

    we really missed you very much between this period.

    Best Regards:

    Rakesh Trivedi and family

    Reply ↓

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