Weekly Nifty Analysis and Chart

By | October 6, 2013 12:11 am

Last week we gave Trend Deciding level as 5785 Nifty  Nifty achieved 2 weekly target on upside and 1 weekly target on downside so traders were able to capture both upside and downside move :).

September 2013 corporate earnings will start with Infosys  reports Q2 results on Friday, 11 October 2013. IIP data will also be declared after market hours on 11 Oct. Political developments in the United States will be closely watched as a partial government shutdown is still in effect.

Lets analyze how to trade Nifty next week.

Nifty Hourly Chart

nifty hourly

Nifty Hourly charts is forming a symmetrical triangle,Breakout above 5950 and breakdown below 5898

 Nifty Gaps

For Nifty traders who follow gap trading there are 3 trade gaps in the range of  5300-6000 and all other gaps got filled.

  • 5285-5303
  • 5448-5553
  • 5680-5700
  • 6012-5989

Nifty Daily Chart Time Analysis

Nifty Daily chart we have applied the time analysis, BLUE Lines suggests either swing top and bottom of the Nifty, As seen in below chart Nifty formed a  short term bottom as discussed last week .

Nifty Time Analysis

Fibonacci technique

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 still unable to close above 5924

Fibonacci fan

nifty ff

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Still filtering around the fibo line and next week the mystery should get resolved.

Nifty Weekly Chart

It was bullish week, with the Nifty was up by 74 and gaining  1.3% .We have drawn the Fibo arcs on Weekly chart.Fibo arcs were able to find the support at 5118 as shown in below chart and currently, Nifty is still supporting its fibo arcs as shown in below chart.
Nifty Fibo Arcs

Trading Monthly charts

nifty monthly

Looking at monthly chart I am expecting October to be a choppy month confusing market participants looking at previous price patterns.

 Nifty Trading Levels

Nifty Trend Deciding Level:5946

Nifty Resistance:5990,6077 and 6142

Nifty Support:5898,5816 and 5768

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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