Next week is likely to be a volatile one on account of derivatives expiry. Rupee and FII flows would set the tone for the market. Q1 GDP data due 30th August would be keenly watched.
Last week we gave Trend Deciding level as 5556 Nifty Nifty achieved all 3 target on downside :).Lets analyze how to trade Nifty in Expiry Week.
Nifty Hourly Chart
Nifty Hourly charts is trading in perfect downtrending channel and breakout comes above 5484.
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.
- 5742-5716
Nifty Daily Chart
Nifty Spot bounced smartly from 5250 levels to retest the previous support (which is now a huge resistance) 5477.Another breakdown point of 5505 will act as resistance in coming week.
Fibonacci technique
As per of Fibo Retracement theory Nifty has taken support at 50% retracement and bounced above it. Holding above 5511 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 5475 will only be a booster for Bulls. Last week Nifty Chopad level of 5296 played the trick as we were able to capture the bottom and as nifty made a low of 5254 and bounced back.
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:5508
Nifty Resistance:5556,5605 and 5660
Nifty Support:5426,5375 and 5296
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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