Nifty Weekly Technical Analysis for April Expiry

By | April 21, 2013 4:08 pm
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As expected last week, Indian market gained on sharp decline in commodity prices, esp. that of crude oil, which fell less than $100 a barrel (Brent). Higher than expected decline in inflation for the month of March, 2013 to 5.96 percent also aided higher rate cut expectations in the market, which led to sharp rally in rate sensitive stocks, esp. Banking, as per our Trend Changer level we were able to capture 800 points in Bank Nifty and 200 Points in Nifty Futures.

Last week we gave Trend Deciding level as 5545 achieved  all weekly targets on upside.

 Nifty 4 Hourly Chart

nifty-apr13h4

Nifty 4 Hourly charts has broken the  Fibo Regression Channels on upside and next level of resistance comes at 5872

 

 Nifty Gaps

For Nifty traders who follow gap trading there are 1 trade gaps in the range of  5400-6000 and all other gaps got filled.

  • 5872-5863
  • 5477-5446

Nifty Daily Chart

As per last week analysis we clearly indicated the demand zone of red and blue line crossover, Nifty gave the expected bounceback and also crossed and closed above its 50 DMA, which it was unable to cross previously for next 5 attempts. Falling trendline resistance comes at 5830 which could lead to profit booking and pullback in nifty.

nifty daily

Fibonacci technique

Nifty daily chart took exact support at Fibo Fans and bounced back as expected.

 Fibo Retracement

nifty fibo

As per of Fibo Retracement theory Nifty took resitane at 50% retracement of 5477-6112. Crossing the same on Monday can lead to next support of 5872

 

Nifty Weekly Chart

Nifty closed the week positive  with gain of 254 points @5783Last week Nifty, formed a DOJI candlestick pattern, after 4 weekly red candels suggesting bears are getting weaker,  and this week we got the trend reversal and nifty formed Bullish engulfing pattern.
nifty weekly
Positive divergences are visible in MACD and RVI indicator again an indication that bears power is getting weaker but  will emphasize again lets get an confirmation as per our SAR system before taking positional longs. This is what i wrote last week and follow up chart is posted below with gains as expected.
 nifty-apr13weekly

Trading Monthly charts

nifty monthly

 

Monthly chart has formed an Hammer pattern which is a reversal pattern on larger time frame. Lets wait for follow up move.Monthly charts will become bullish above 5905.

 Nifty Trading Levels

Nifty Trend Deciding Level:5830

Nifty Resistance:5872,5903 and 5971

Nifty Support:5753,5720 and 5676

Levels mentioned are Nifty Spot

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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