Last Week we gave the Weekly Trend Deciding level as 6207 Sensex Nifty for whole 5 days failed to close above 6207 and did 1 target on downside is quiet range bound week of recent times . Nifty has formed 4 DOJI candlestick pattern in last 5 session suggesting an confusion in market participants and reduction in fund flows. Next Week we have the RBI Policy on Tuesday and FOMC meeting decision on Thursday morning and also the October series expiry so exciting week ahead. Sensex for 1 time traded above 21000 in 3 years and Nifty made a new 52 week high. Muhurat trading session will be held on 3 November and 4 November being an Holiday on account of DIWALI.
Nifty Daily Chart
Nifty Daily chart is forming a rising wedge formation,which has broken on downside. Rising Wedge are bearish formation and we need to see follow up down move below 6100 for pattern to shown its true color.
For Nifty traders who follow gap trading there are 5 trade gaps in the range of 5300-6000 and all other gaps got filled.
Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty at resistance of Fibo Fan and support comes at 6000
Nifty Weekly Chart
Nifty monthly chart is trading above its 2 month high, and is up by 7% on Monthly basis, Will this gain be held on Monthly closing basis needs to be seen. Bulls will like to close nifty above 6250 on Monthly basis .
Nifty Trading Levels
Nifty Trend Deciding Level:6171
Nifty Resistance:6220,6267,6337 and 6400
Nifty Support:6090,6045 and 5946
Levels mentioned are Nifty Spot
Stock Performance Intraday sheet for Sep Month is updated on http://tradingsystemperformance.blogspot.com/
Stock Performance Positional sheet for Sep Month is updated on http://positionalcallsperformance.blogspot.com/
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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