Nifty Technical Forecast for Week 08-13 July

Last week we gave Trend Deciding level as 5869 Nifty Nifty achieved 1 target on downside and another one on upside.We discussed the probability of Nifty trading in sideways zone, forming a range before breaking out or breaking down in particular direction. Lets analyze how to trade Nifty in coming week.

Nifty Hourly Chart

Nifty Hourly charts is trading in perfect triangle pattern with support at 5750 and resistance at 5920. 50 HMA has been providng a good support in correction. 5833 should be watched closely on Hourly basis.

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.

5848-5857
5588-5630
5682-5749

Nifty Daily Chart

Nifty has traded in a range of 5760 and 5900 for the last week with volatile trading sessions. Strong supports near 5750 and resistance near 5920 are established. A breakout will lead market higher to 6000 levels. Breakdown below sub 5600 odd levels.Nifty is trading above the short term 20 DMA (5764).

Fibonacci technique

Fibo Retracement

As per of Fibo Retracement theory Nifty is trading between 50%-61.8% retracement range from 5474-6229. Closing above 5852 further bounces can be expected till 5950 odd levels.

Fibonacci fan

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Another week of consolidation around Fibo fans. Decisive move should come next week.

Nifty Weekly Chart

Nifty closed the week neutral forming DOJI candlestick pattern with loss of 5 points @5837.After 5 weeks of downmove we are seeing an consolidation and bulls, bears taking breather. Next week we need to see follow up action with bulls closing above 5923 and Bears closing below 5750

Trading Monthly charts

Monthly charts after forming a topping tale formation in May month are now forming Hammer Candlestick formation which is bullish in nature as it took exact support at monthly trendline and gave a bounce-back.

Nifty Trading Levels