Nifty Weekly analysis for November expiry

Last Week we gave Weekly Chopad level of 6108 Nifty did the two target on upside and two targets are downside.Next week being an expiry week will be volatile.

Nifty Hourly Chart

Nifty once it will move above its 50 HSMA@6109,will be good for bulls in short term.Positive divergence in hourly chart will show it effect if 5972 is held for 2 hours tomorrow.

Nifty Daily Chart

Nifty Daily chart has broken its 50 DMA@6045, and will be resistance for any up move. Double bottom is formed on Daily chart at 5972 confirmation of double bottom will come once nifty held 5972 for next whole week.

 Nifty Gaps

For Nifty traders who follow gap trading there are 5 trade gaps in the range of  5300-6000 and all other gaps got filled.

• 5285-5303
• 5448-5553
• 5680-5700
• 5780-5802
• 6122-6097

Fibonacci technique

Fibonacci fan

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 5800 and resistance at 6122.

Nifty Weekly Chart

Trading Monthly charts

Nifty is approaching the monthly closing and to keep momentum in favor bulls will try to close nifty above 6200 level and bears below 5900

 Nifty Trading Levels

Nifty Trend Deciding Level:6000

Nifty Resistance:6050,6122 and 6196

Nifty Support:5946,5864 and 5816

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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