Nifty Weekly Analysis for week 19-23 Nov

Nifty Hourly Chart

Nifty once it will move above its 50 HSMA,will be good for bulls in short term.

Nifty Daily Chart

Nifty Daily chart took support at 50 DMA and bounced back last time also Nifty bounced from 50 SMA and moved till life highs, so will this time see another life highs.

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
6185-6187
5989-6035

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 as said last week and Nifty made low of 5989 before boucing back, So Fibo fan were again able to capture short term bottom.

Fibonacci Retracement

80% retracement 5700-6342 comes at 6200 which would be be the zone of fight between bulls and bears.

Nifty Weekly Chart

It was second bearish week, with the Nifty was down by 84 and losing 1.4%.Nifty was again unable to close above the supply zone of 6338 on weekly basis and price got rejected again at higher levels. Its a repeat of Nov 2010 when Nifty started much awaited correction from Mahurat trading session.

Now any close above 6170 on weekly basis will again rise hope for Nifty going near 6350 odd levels.

Trading Monthly charts

Nifty monthly chart corrected from its Supply zone of 6337-6342 and gave corrective down move and completed the down move and is heading towards 6200 in short term.

Nifty Trading Levels