S&P CNX Nifty – Weekly Analysis -11 Nov 2012 Part -I

Wishing all Site readers a Happy and prosperous Diwali.

Last year has been profitable to Indian Equities with Nifty up 8% since last Mahurat trading sessions and Index is up 20% Year till date.There is optimism in the air with the Sensex up 8 per cent since last Muhurat trading day.

Trading will  be subdued in the first half of the week. With earnings season coming to an end, global events could provide direction to Indian equities. (Global Events for coming week Click here ).On the macro front, IIP data would be announced on Monday, 12 November 2012 for the month of September 2012.
Wednesday, WPI Inflation data for the month of October 2012 would be unveiled.

Historical data Nifty tends to give 5-6% move pre or post Mahurat trading session. So accept a 5-6% move in coming week.

 

 Nifty Hourly Chart

Nifty Hourly charts has broken down below the crucial level of 50 Hour SMA@5715 and broken the trendline also. Hourly charts are in oversold region with positive divergence visible. So if 5678 is not broken expect a bounce back till 5715.

Nifty Gaps

Gaps formation in Nifty Daily chart pattern, 8 gaps in the range of  5077-5600. Do note the GAP formed from 5435-5526 was Breakaway Gap

• 5043-5077
• 5238-5309
  
• 5303-5309
• 5399-5415
• 5435-5526
• 5554-5575 (Break 5635 and we can attemp to fill this gap)
• 5645-5677

So these levels should be noted down carefully to find further support and resistance.

 

Nifty Daily Chart

After 14 session of range bound move in range of 5725-5637 Nifty is going for range expansion in new range from 5585-5777. SBI results were dampner is sentiment and Nifty broke the crucial level of 5700. 5677 is an important level,break of that will lead Nifty to the swing low of 5585, Holding the same will lead to a new 52 week high.

 

 

Nifty Daily Chart with Indicators

RSI is approaching the support of 40, MACD is on verge of giving a breakout or breakdown signal.

Nifty Daily with Andrew’s Pitchfork

As seen in above chart any close above the upper line of Andrew’s Pitchfork nifty was unable to break and eventually going in corrective mode,Now with correction over Nifty has again bounced back above median line and last friday fall is still keeping it neear medain line so low of 5677 is an all important level now.

Continue Reading for Weekly Charts and Weekly Levels

 

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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