Nifty Weekly Technical Analysis

Last Week we gave Chopad level of 6711, Nifty did 1 target on Downside and 2 on upside. Next week being a Holiday Shortened week, will start with Infosys result and WPI inflation data for March 2014 at 12 noon on 15 April and CPI inflation data for March 2014 also on 15 April at 17:00 IST. Lets analyze how to trade Nifty for next 3 trading sessions.

Nifty Hourly Chart

Nifty Hourly charts has closed above its 50 HDMA, which is bullish in short term.Any close above 6820 will bring back bullishness in market.Breaking 6640 will only bring bears in market.

Nifty Daily Chart

On daily charts, nifty is trading near its up trending channel and bullishness will come only on close above 6820. Nifty has formed multiple resistance in range of 6562-6575 range, and now these will act as support .

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
6328-6339
6401-6413
6493-6510
6641-6643
6796-6790

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 6820 in coming week we can see a pullback to 6575-6600 odd levels.

As per Fibo retracement ,only a close below 80% retracement of 6650 will end the current bull run.

Nifty Weekly Chart

It was positive week, with the Nifty up by 81 points closing @6676. Nifty is again taking resistance at its rising trendline, Weekly charts are still not overbought suggesting the bullishness can continue for another 200-300 points.