Last week we gave Trend Deciding level as 5806 Nifty Nifty achieved all Weekly target on upside with a gain of 271 points. September series has been quiet interesting with Nifty gaining 824 points or 10% in just 12 trading sessions. Both Fed and RBI surprised the market leading to volatility in stock market. Next Week is September Expiry which promises to be action packed week with bouts of volatility required for Rollovers in Futures.
Lets analyze how to trade Nifty next week.
Nifty Hourly Chart
Nifty Hourly charts looks like a chart of an illiquid mid cap stock with so many gaps formed . Nifty is respecting its up trending trendline and 50HSMA,Any close below 5932 will lead to a fall till 5816 odd levels.
For Nifty traders who follow gap trading there are 3 trade gaps in the range of 5300-6000 and all other gaps got filled.
Nifty Daily Chart Time Analysis
Nifty Daily chart we have applied the time analysis, Red Lines suggests either swing top and bottom of the Nifty, As seen in below chart Nifty is nearing a short term top and next week will confirm has we already made a top or in process of making one.
As per of Fibo Retracement theory Nifty has broken the resistance at 78.6% retracement with gap up, and is now acting as a classic support .Any close below 5924 nifty can fall back to 5806 odd levels.
Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.The above chart is self explanatory 🙂
Nifty Weekly Chart
Trading Monthly charts
September has been Mostly Bullish month for Indian market Sep 2010 Nifty rallied 9% Sep 2011 Nifty was down 1.2% Sep 2012 up by 8% and Sep 2013 till date is up 9.9%. So going the past data did give us hint on Nifty move and we were able to capture most part of the rally.
Nifty Trading Levels
Nifty Trend Deciding Level:5984
Nifty Resistance:6132,6207 and 6288
Nifty Support:5898,5816,5768 and 5686
Levels mentioned are Nifty Spot
Stock Performance Intraday sheet for Sep Month is updated on http://tradingsystemperformance.blogspot.com/
Stock Performance Positional sheet for Sep Month is updated on http://positionalcallsperformance.blogspot.com/
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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