Nifty Weekly Technical Analysis for 2013 Part II

By | December 30, 2012 2:53 pm

Fibonacci technique

Fib retracements

Fib Retracement


Fibonacci Ratios are drawn in above chart from 5548-5965 showing Fibonacci support and Fibonacci resistance.  Close above 5965 is required for a breakout and support now exists at 5871and 5823.




Fibo Fans

As discussed earlier Fibonacci fan helps in finding potential tops and Bottom of market from short term prospective. If we see the chart closely with Fibonacci fans 5945-5963 is level of resistance, Nifty reacted from 5965 and now support is at 5850.


Nifty Weekly Chart

Nifty Weekly

Nifty has formed Spinning white candle on weekly charts  closed the week positive with  gain of 60points @ 5908.Took resistance at Weekly trendline 5930 and support at green line as discussed last week. So looking at price pattern next week breakout or Breakdown should happen.

Nifty Weekly Support

Trading Monthly charts


Nifty Monthly


 Close above 5217 is bullish for market for rest of year, I have been writing this for almost 6 months and Nifty has made almost 25% return for the Year 2012.Support on Monthly charts comes at 5787 and resistance at 5965.

 Nifty Trading Levels

Nifty Trend Deciding Level:5930

Nifty Resistance:5965,6025 and 6069

Nifty Support:5888,5853 and 5820

Levels mentioned are Nifty Spot

Read the Weekly Analysis Part I

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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