RBI Governor and US Fed to decide the next move in Nifty, Weekly analysis

Last Week we gave the Weekly Trend Deciding level as 6207 Sensex Nifty for whole 5 days failed to close above 6207 and did 1 target on downside is quiet range bound week of recent times . Nifty has formed 4 DOJI candlestick pattern in last 5 session suggesting an confusion in market participants and reduction in fund flows. Next Week we have the RBI Policy on Tuesday and FOMC meeting decision on Thursday morning and also the October series expiry so exciting week ahead. Sensex for 1 time traded above 21000 in 3 years and Nifty made a new 52 week high. Muhurat trading session will be held on 3 November and 4 November being an Holiday on account of DIWALI.

Nifty Hourly

Nifty for the first time has closed below its 50 HSMA, as soon in above hourly chart. Short term bearishness will continue till NIfty closes above 6170, Any close below 6100 Nifty will go towards 6050.

Nifty Daily Chart

Nifty Daily chart is forming a rising wedge formation,which has broken on downside. Rising Wedge are bearish formation and we need to see follow up down move below 6100 for pattern to shown its true color.

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 bearish week, with the Nifty was down by 44 and losing 0.4% .Nifty was again unable to close above the supply zone of 6250-6280 on weekly basis and price got rejected again at higher levels, Now either RBI governor or US FED should use there magic wand to get above this levels by surprising the market, Unable to do so New High on DIWALI will remain a distant dream 🙂

Negative divergence is visible in short term, Unable to close above 6207 Nifty will correct back to 6141-6100 odd levels. This we said last week and nifty came down all the way to 6141

Trading Monthly charts

Nifty monthly chart is trading above its 2 month high, and is up by 7% on Monthly basis, Will this gain be held on Monthly closing basis needs to be seen. Bulls will like to close nifty above 6250 on Monthly basis .

Nifty Trading Levels