Skip to main content

Weekly Outlook for Nifty

Nifty Daily Chart: It could be an interesting week ahead for Nifty, as we move on to a cluster of previous resistance zone. Prices at these levels have failed to cross over and has made a major move downwards. Prior Resistance are at 5944, 6069, 6181, 6284 and 6338 and my pick from the lot is 6181. It is from this level Nifty fell furiously last time.
The factors that might restrict Nifty to move towards 6180 mark are (a)negative sloping trendline still holding on; (b)negative divergences that we see in RSI; (c)MACD has turned negative, however not that bearish; (d)the upper band of the keltner channel coincides with the prior resistance at 5944.
We will keep you posted as the Nifty unfolds and give us a clarity on its move.

Comments

Post a Comment

Popular posts from this blog

An in-depth analysis on Nifty

Bottom Line : We are in last leg of the first correction of our multi month Bull Run. We will not enter Bear trajectory until Nifty breaches and close below 6580 for three consecutive days. Good Morning! Just now the DOW closed, closed with big gains however closed this quarter on a losing streak. As some of you know, I analyse and trade DOW more than any other market. Let’s get into business. Am going to keep this post a bit longer. As we move towards a longer weekend, let us do the analysis bit deeper. Am going to take you through how a real analyst go through a chart with minute observations to arrive at some conclusion. It would be boring for some who doesn’t want to learn how to make money. It’s going to interesting for those who want to understand how a technical analyst observes a chart.   Firstly, let us pull up the longer term picture of Nifty – the monthly chart. Nifty – Monthly We can easily identify the long term upward sloping trend-l...
10 comments
Read more

Will this rally fill the gaps?

Bottom Line : We are in last leg of the first correction of our multi month Bull Run. We will not enter Bear trajectory until Nifty breaches and close below 6580 for three consecutive days. Good Morning! Mr. Market loves to play fool around with Bulls Bears and all analysts. This is what we stated last week and here he goes. Now Nifty is marching towards filing up the hard gap that we have witnessed in the month of August. What next? Even before we discuss what next, I wanted to discuss something i think is more important to read before analyzing markets. The topic for discussion is "Looking at the chart at different angles (time frame) ". Someone asked me this over the weekend, what would be done if different time frames gives different outlook. A very good question, I said now you have started to learn analyzing markets. Why? Unless a person looks at the chart in different time frames he is not going to understand what is happening or rather understand what is...
1 comment
Read more