Nifty Weekly Forecast for March Series

Last Week Chopad Level of 6160 did triggered and Nifty did its 2 target on upside, Lets analyze how to trade nifty in coming week.

Nifty Hourly Chart

Nifty Hourly charts has closed above its 200 HDMA, which is bullish in short term.Holding 6200 for next 5 days is crucial for Nifty.

Nifty Daily Chart

Nifty has filled the gap created on 27 Jan, and is now entering the supply zone of 6280-6320.This range has been very dicey from past 4 months, expect some consolidation in range of 6200-6280 before any further upmove.

Nifty Gaps

For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400

5285-5303
5448-5553
5680-5700
5780-5802
6091-6108
6331-6345

Fibonacci technique

Fibonacci fan

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty is trading at its fibo fan resistance, unable to cross 6280 in coming week we can see a pullback to 6200 odd levels.

As per Fibo retracement ,nifty closed above its 80% fibo retracement, which is a bullish sign in short term,Holding 6266 holds the key for further upmove.

Nifty Weekly Chart

It was bullish week, with the Nifty up by 121 points and gaining 2% closing @6277. Nifty held on to its weekly trendline on weekly closing basis,and closed with a bullish engulfing pattern.Next week is very crucial as nifty is near its downward falling trendline, unable to cross it pullback can be seen.

Trading Monthly charts

Triple top on Monthly chart which is bearish pattern till 6360 is not crossed on Monthly basis.Last 5 days of market gain helped February emerge as best month in last 4 months with the index gaining 3%.

Nifty Trading Levels