Nifty Weekly Technical Analysis for Jan 7- Jan11 Part II

By | January 6, 2013 12:25 pm

Fibonacci technique

Fib retracements

Fib Retracement


Fibonacci Ratios are drawn in above chart from 5548-6021 showing Fibonacci support and Fibonacci resistance.  Close above 6021 will target 6130 and support now exists at 5920



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, and 5841 is level of support Nifty made a low around that level and bounced back.


Nifty Weekly Chart

Nifty Weekly

Nifty has formed Bullish engulfing pattern after 4 weeks of consolidation pattern closed the week positive with  gain of 107 points @ 6016.Next week we would require the follow up move with a close above 6073 on weekly basis

Nifty Weekly Support

Trading Monthly charts


Nifty Monthly


 Close above 5865 is bullish for market for rest of year, Support on Monthly charts comes at 5806 and resistance at 6073.

 Nifty Trading Levels

Nifty Trend Deciding Level:5977

Nifty Resistance:6048,6107 and 6153

Nifty Support:5951,5920 and 5856

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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2 thoughts on “Nifty Weekly Technical Analysis for Jan 7- Jan11 Part II

  1. LondonVisitor

    On the first part ‘Fibonacci technique’, I think you meant to say ‘support at 5920’.


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