Last week we gave Trend Deciding level as 5898 Nifty Nifty achieved all 3 target on on downside :).The stock market remains closed on Friday, 9 August 2013, on account of Ramzan Id.
Nifty Hourly Chart
Nifty Hourly charts trading in perfect down trending channel,Break of channel comes above 5761 on closing basis.
For Nifty traders who follow gap trading there are 1 trade gaps in the range of 5400-6000 and all other gaps got filled.
Nifty Daily Chart
Nifty as per daily chart has entered into crucial support zone of 5600-5650. Nifty formed double bottom at 5675 but broke 5675 on Friday but closing was above 5675 signalling buying coming at lower levels. The way mid caps have been falling its seems we can see temporary bottom, if 5675 is not broken on closing basis in next 4 days.
As per of Fibo Retracement theory Nifty has taken support at 78.6% retracement which is a respite for bulls as shown in above chart,
Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.The above chart is self explanatory 🙂
As per Nifty Chopad levels close below 5686 will only be a booster for Bulls. Last week Nifty Chopad level of 5816 played the trick as we were able to capture the down move.
Nifty Weekly Chart
Monthly charts are near trendline breakdown zone. Will be get a breakdown or another whipsaw as was seen in breakout.
Nifty Trading Levels
Nifty Trend Deciding Level:5686
Nifty Resistance:5737,5778 and 5825
Nifty Support:5650,5590 and 5534
Levels mentioned are Nifty Spot
Stock Performance sheet for June Month is updated on http://tradingsystemperformance.blogspot.in/
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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