nifty daily chart technical analysis
nifty spot index last closed at 5471 with gains.on daily chart nifty trend is down but momentum is on recovery side and going through bounce back rally.
on daily chart,nifty closed just above weekly average of 5810 and which remain as support for now.on upside 5530 is nifty month average and first resistance while 5700 is 3 month average and second major resistance from short term view.
on indicators,nifty rsi on daily chart is at 43 and off the lows and formed small bullish divergence on chart.while cci is –45 and now off the oversold zone and forming bullish pattern?
nifty weekly chart technical analysis
nifty this week closed with loss and shown highest volatility.this week nifty spot high point was 5530 while low was near 5118.total 400+ points week volatility but closed with limited losses as compared to start of this week.
on weekly chart nifty long term trend and momentum still bearish.below 5600 on weekly closing basis view remain negative.5600 is nifty 2 years average level and major supply point zone.above that 5715 is 12 month average and 5760 is 6 month average levels and both remain as resistance zones.
on indicators,nifty cci is –180 and still near oversold zone with bearish divergence.while rsi is at 44 and with bearish divergence.
Nifty forecast for 2 to 6 sep 2013
nifty for next week may continue it bounce back run upto 5600-5700 levels.on downside 5300-5200 as temp supports.from here on rupee will decide market movement.to minimize risk traders can play with call/puts so loss remain limited.on future front high volatility remain concern on global news flow as well as rupee volatility.5300-5350 will be buying area with stoploss below 5200 and expect 5500-5600 as target for upcoming time.
from medium to long term view,any negative closing near 5600 will be fresh short entry point with stoploss of 5750 and for target 5250 and then 4800 in longer run.here also in this scenario traders can buy far month put to gains much more with limited loss.nifty achieved my given target of 5250 and if fundamental now improves we definitely going to see march-jan 2012 lows of 4800-4600 may be till end of this year?