Nifty Weekly Technical Analysis for 12 Aug 2013

Last week we gave Trend Deciding level as 5686 Nifty  Nifty achieved all 3 target on  on downside :).

 Nifty Hourly Chart

Nifty Hourly charts trading in perfect down trending channel,Break of channel comes above 5691 on closing basis.

 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.

• 5486-5447

Nifty Daily Chart

Nifty has formed a almost double bottom pattern indicates a short term bounce back from the lower levels up to 5650-5720. The channel support is around 5480 below the mentioned levels 5240 can be expected.

Fibonacci technique

As per of Fibo Retracement theory Nifty has taken support at 50% retracement and bounced above it. Holding the range of 5484-5474 bounce till 5664 can be seen.

Fibonacci fan

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 above 5556 will only be a booster for Bulls. Last week Nifty Chopad level of 5686 played the trick as we were able to capture the down move.

Nifty Weekly Chart

Trading Monthly charts

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:5592

Nifty Resistance:5665,5721 and 5784

Nifty Support:5556,5484 and 5447

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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