Will Nifty hit all time High,Weekly Analysis

Sensex is 300 points from its all time high and Nifty trading at 3 year high, Lets analyze how to trade Nifty in coming week.

Nifty Daily Chart

Nifty Daily chart is forming a rising wedge formation, Pattern gets invalidated on close above 6207. Any close above 6229 will take nifty to next supply zone of 6285-90. Lot of optimism is on Media Nifty crossing all time high on Diwali, Do not be carried away by the exuberance created by Media and do not try to be over leverage, I would advise caution at higher levels.

Nifty Gaps

For Nifty traders who follow gap trading there are 5 trade gaps in the range of 5300-6000 and all other gaps got filled.

5285-5303
5448-5553
5680-5700
5780-5802
6046-6021
6070-6046

Fibonacci technique

Fibonacci fan

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty at resistance of Fibo Fan and support comes at 6000

Nifty Weekly Chart

It was bullish week, with the Nifty was up by 93 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 facing resistance at the top of fibo arcs as shown in below chart which can be bearish in short term.