Nifty Weekly Technicals

S

San2000

Member
#21
#21
As expected nifty was in a narrow range last week. The surprise of the week was that there was no volatility at all and surprisingly a peaceful expiry week.

So what can we expect this week? This week too the nifty can be very rangebound between 5630 and 5750. Above 5750 with volumes and below 5600 with volumes would be the best time to take positions. Few of the banking stocks have looked tired and can expect some amount of correction. 5450 - 5550 is the time to enter large buying positions. With 2 weeks to go for Diwali, let's see when will the markets time to make it's move.

Happy Trading
Sankalp
 
timepass

timepass

Moderator
#23
#23
tekkiesuresh said:
Nifty broke down from an important Gann angle support of 1x2. It is now looking to move down to 1x3 Gann angle support at 5585...
Click to expand...
Good chart, suresh :thumb:

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S

San2000

Member
#24
#24
As expected nifty was unable to break 6000 with volumes and bounced back. Not many surprises were there this week though.

So where can nifty go this week? Nifty is still in a bull mode but will gain momentum above 5780. With one week to go for Diwali, has it started to make the right move? Will 6100 be touched in the coming week? Time can only tell. But one thing is for sure! no shorting @ 5750 levels eventhough there is resistence between 5750 - 5780 levels. A clear buy above 5780 levels.

Happy Trading
Sankalp
 
S

San2000

Member
#25
#25
As expected nifty was in a very narrow range this week and was not able to cross the 5780 levels. There was resistence at the 5750 levels but nifty did not fall drastically and hence not many surprises.

So finally the Diwali week has come and what can we expect nifty to be this week? Nifty has very strong support at the 5600 - 5630 mark which is highly unlikely to be broken this week. A cross over of 5780 will lead to 6100. And another possibility can be Nifty can still be rangebound. So a buy @ 5600 - 5630 levels. A strong buy if nifty crosses 5780 levels with volumes.

Happy Trading
Sankalp
 
S

San2000

Member
#26
#26
Sorry for the past two weeks I was extremely busy and could not get time to post the weekly technicals.
As expected took support around 5550 - 5600 levels and was a clear buy. Above 5780 it was party time too. The surprise this time was the breakout did not happen during the Diwali time which everyone were expecting but two weeks after Diwali. Now what to expect from here?
Nifty is heading clearly towards 6000 - 6100 levels. The weekly and the monthly nifty charts are very bullish. Chances are there that nifty can touch 6350 - 6400 - we'll come to know this week. Any decline is going to be a buying opportunity. I'm guessing the volatility will be at its very best as I foresee sharp declines and sharp rallies in the coming weeks.

Happy Trading
Sankalp
 
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