CNX Nifty Technical Analysis

Infosys spoiled the Bullish sentiments on the Dalal Street, 2 days rally in nifty was snapped by Infy bad results and we are trading down sub 5500. Next week the Index Heavyweight Reliance will be coming out with results Tuesday post market hours and TCS on 17 April.

Last week we gave Trend Deciding level as 5525 achieved 1 weekly targets on downside and 1 weekly target on upside.

Nifty 4 Hourly Chart

Nifty 4 Hourly charts has broken the Fibo Regression Channels below 5555 and will now act as resistance.5563 is the key level to watch.

Nifty Gaps

For Nifty traders who follow gap trading there are 1 trade gaps in the range of 5400-6000 and all other gaps got filled.

5872-5863
5477-5446
5672-5644 — Breakaway gap
5594-5544

Nifty Daily Chart

Nifty daily chart has made multiple bottoms in the range of 5477-5494, signifying demand is picking up in the range. Gap exists till 5446 and nifty has also taken support at its long term rising trendline. Trend is down but booking partial profits in shorts should be advisable,as crossover of Red and Blue trendline suggests the possible demand zone.

Fibonacci technique

Fibonacci fan

Nifty daily chart as per Fibo Fans break the support of 5703 formed a break away gap and is stopped the fall near support of 5474 as discussed last week.Break of 5474 can spell danger for bulls as next support is near 5200 odd levels.

Fibo Retracement

As per of Fibo Retracement theory Nifty held and closed above strong support at 5511 which is 61.8% retracement. Holding the same bounce back till 200 dma can be seen

Nifty Weekly Chart

Nifty closed the week negative with loss of 25 points @5528.Nifty made the low of 5477, formed a DOJI candlestick pattern after 4 weekly red candels suggesting bears are getting weaker, but as soon as 5477 gets taken out bears will be back again , so lets wait for confirmation with another week close above 5477 to call it a potential bottom.

Positive divergences are visible in MACD and RVI indicator again an indication that bears power is getting weaker but will emphasize again lets get an confirmation as per our SAR system before taking positional longs.