Nifty Hourly Chart
Nifty Hourly Charts are forming symmetrical triangle with breakout above 5400 NS.Support now exists at 5340. Till Nifty is trading above 5340 which is 50 Hour SMA bullish momentum is intact.
Nifty has formed the following 2 gaps in the range of 5077-5350
So these levels should be noted down carefully to find further support and resistance.
Nifty Daily Chart
Bulls were able to close above 5350 on weekly basis with a breakout above 5267.Range for Nifty is getting narrower each passing day,and breakout above 5400 or Fall below 5330 is on verge of happening. As seen in above chart the long term trendline which was acting as resistance provided support for Nifty at 5340 on Friday and we bounced back.
Negative Divergence have started emerging in Indicators from overbought levels which signals cautious for traders who are holding highly leverages position.Fall whenever it will come will be fast and furious.
Nifty Fibo Retracement
Nifty Fibonacci Retracements from 4770-5350 are drawn in above chart,Closer look at the same gives that Nifty has been consolidating in the range of 61.8% retracement at 5301 and 5400.Close is still above Golden Ratio of 5301 which shows Bulls are holding there ground.
Nifty Weekly Chart
Nifty was up 0.86% WoW basis,Unable to close above 5386 as discusses last week shows the supply pressure coming at higher levels.Nifty tried to breakout of falling trendline but unable to close above 5380 on closing basis, Also 100 WDMA of Nifty comes at 5380 so range of 5380-5400 remains crucial on Weekly closing basis.
Week Ending 28 Oct 2011 Nifty made a High of 5399.7 and on Week ending 17 August Nifty made a high of 5399.95, Now have a look at preceding candle after 28 Oct Nifty opened gapped down at 5358 made a high of 5360 and continued its fall till 4639. So be cautious at higher levels as Price always have history.
Theory gets invalidated on Weekly close above 5400.
Nifty Monthly Chart
Close above 5217 is bullish for market for rest of year.Monthly Charts of Nifty is giving resistance at 5400 break of same will lead to a move till 5445.Support on Monthly charts comes at 5250
In Nutshell:Daily charts are giving a Sell on Rise sign till 5400 is not broken,Weekly charts are signalling Buy on dips with sl 5309 and Monthly chart closed above 5217 signalling August series to be bullish. So trade on time frame you follow ie. Daily,Weekly or Monthly
Range of 5380-5400 is a crucial range,Bulls unable to capture the same will lead to bears attacking and taking upperhand.
Nifty Trend Deciding Level:5400
Nifty Resistance:5428,5460 and 5500
Nifty Support:5341,5309 and 5260
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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Dear Mr Bramesh, I always read your great analysis. I would appreciate if you can mention NF for Nifty future and NS for Nifty Spot in future to avoid any minor confusion. This is just a suggestion. Thanks. Nambi
All levels mentioned are of Nifty Spot.
Once again THX for your weekly analysis of Nifty
Thanks a lot sirji