Last Week Chopad Level of 6326 showed its effect and nifty achieved its 2 target on downside. Q3 earnings season will kick off on Friday, 10 January, the day when IT major Infosys and private sector bank IndusInd Bank unveil results. Having a substantial weight in Nifty – Infosys results will be keenly watched.External trade data and IIP for November will be declared by the Government on Friday. Industrial production declined 1.8% in October, against 2% growth in September.Lets analyze how to trade next week.
Nifty Hourly Chart
Nifty Hourly charts were forming ascending triangle,as discussed in last week showed effect and now near crucial support of trendline. Bullish move only above 200 SMA@6250.
Nifty Daily Chart
Nifty held on to its 50 SMA and closed above it. Next week another decisive move is round the corner. Also as per time analysis nifty can see a turn date around 9 Jan.
For Nifty traders who follow gap trading there are 9 trade gaps in the range of 5300-6400
Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty made the life high of 6417 at resistance of Fibo Fan,Support comes at 6103 as per Fibo fan.
Fibo Retracement also signalling support @6192-6200 range. Bearish below that only.
Nifty Weekly Chart
It was bearish week, with the Nifty was down by 102 and losing 1.6% closing @6211 and forming a bearish engulfing pattern. Nifty broke its weekly trendline which is bearish, Next week we need to see a follow up move.
Trading Monthly charts
Triple top on Monthly chart which is bearish pattern.
Nifty Trading Levels
Nifty Trend Deciding Level:6207
Nifty Resistance:6247,6298 and 6337
Nifty Support:6136,6060 and 5995
Levels mentioned are Nifty Spot
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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