Nifty Hourly Chart
Nifty Hourly charts has closed below its 50 HDMA, which is bearish in short term.Any close above 6510 will bring back bullishness in market.
Nifty Daily Chart
Nifty after breaking out of 6410 range last week, consolidated its gains in last week. Now range of 6357-6410 becomes an important support of market. Nifty has formed multiple resistance in range of 6562-6575 range,unable to cross the same we can see a dip towards 6357-6400 odd levels.Diamond pattern is also forming with breakdown below 6430 and breakout above 6575.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400
As per Fibo retracement ,nifty closed was unable to cross its 138.2% and 150% fibo extension, which is a bearish sign in short term,Any close below 6470 next big support comes at 6430 and 6357 odd levels.
Nifty Weekly Chart
It was neutral week, with the Nifty down by 11 points closing @6494. Nifty is again taking resistance at its rising trendline also forming a DOJI/spinning top candlestick which are bearish in nature but need a follow up action with a break below 6457 on closing basis.
Monthly chart has shown breakout and holding 6357 holds the key.
Nifty Trading Levels
Nifty Trend Deciding Level:6501
Nifty Support:6460,6410 and 6357
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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