Nifty Hourly,Daily Weekly and Monthly Charts Analysis

Nifty Hourly Chart

Nifty Hourly chart took resistance at 50 Hourly SMA at 5700, Till 5700 is not crossed on hourly basis nifty will be under selling pressure.

Nifty Gaps

Gaps formation in Nifty Daily chart pattern, 7 gaps in the range of 5077-5600. Do note the GAP formed from 5435-5526 was Breakaway Gap

5043-5077
5238-5309
5303-5309
5399-5415
5435-5526
5554-5575

So these levels should be noted down carefully to find further support and resistance.

Nifty Daily Chart

5661 is the levels which bulls need to defend on Monday,breaking 5661 will lead to break of 5638 and eventually 5600.

Nifty Daily with Andrew’s Pitchfork

As seen in above chart any close above the upper line of Andrew’s Pitchfork nifty was unable to break and eventaully going in corrective mode.Support now exists at 5638 and 5600.

Nifty Fibo Retracement

Nifty Fibonacci Retracements from 5217-5815 are drawn in above chart,Major support at 61.8% Golden ratio at 5585 and Resistance at 5687

Nifty Fibonacci Fans

As discussed earlier Fibo Fans helps in finding potential tops and Bottom of market from short term prospective. If we see the chart closely Nifty has formed a potential top for the time being if 5815 is not crossed by next 2-3 trading sessions. As discussed last week we have swing top in place at 5815 and lets see where we halt in current correction.

Nifty Weekly Chart

Nifty was down 1.2% WoW basis, Bearish engulfing pattern after 5 white weekly candle in a row and closed below crucial trend line resistance of 5700, so bears are having upper hand. Will they be able to follow up in coming Week.

Only the break of 5830 can lead to a rally till 5940,break of 5585 will start the gap filling process.

Nifty Monthly Chart

Close above 5217 is bullish for market for rest of year.Support on Monthly charts comes at 5604.As shown in below chart September is month of Big moves and we have moved 8.5% . October series after big move seen in September should be a cool off month in which we will see range trading moves from 5500-5850.