Nifty Weekly Technical forecast for Vote-on-Account week

Last Week Chopad Level of 6102 did triggered and Nifty almost did its 2 target on downside, Bulls were able to protect the 200 DMA on weekly basis and also closing Nifty above 6000. Next week Vote-on-Account, or interim budget for 2014-2015, which the government will unveil during trading hours on Monday, 17 February 2014, will set the tone for the Nifty in coming week.

Nifty Hourly Chart

Nifty Hourly charts has taken resistance at its 50 DSMA, and sustaining above it, bulls will have upper hand. 6110-6120 is the range which will decide the further trend of market.

Nifty Daily Chart

Nifty is still trading in the range of 5900-6355. Nifty has formed both Double top and Double bottom formation in this range.Immediate trend is still negative but if nifty close above 6130 bounceback can continue till 6200-6266 which will further decide the trend of market. On crowd theory basis, most of traders are bearish on market and looking for Selling on every rise. Do remember market always move in direction which gives pain to 90% of traders.

Nifty Gaps

For Nifty traders who follow gap trading there are 9 trade gaps in the range of 5300-6400

5285-5303
5448-5553
5680-5700
5780-5802
6141-6145
6331-6345
6266-6183
6107-6120

Fibonacci technique

Fibonacci fan

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty is still trading below the fibo fan angle, Pullback can be seen to Fibo fan resistance of 6200

As per Fibo retracement ,6144-6192 are the fibo retracement, which needs to closely watched in coming week.

Nifty Weekly Chart

It was bearish week, with the Nifty down by 14 and losing 0.2% closing @6048. Nifty held on to its weekly trendline on weekly closing basis,Next Week expect a trending move in market.