Nifty weekly outlook for 31 dec to 4 jan 2013

Nifty daily chart analysis

nifty spot closed at 5908 on last trading session with gains.on daily chart in last week slipping below weekly average,nifty once again taken support of monthly average and turned back.

on daily candlestick chart,nifty trading above all short term averages means trend is bullish while indicators also now showing signs of long side rally so momentum is also strong.

on chart,nifty weekly average is 5890 then 5852 is monthly average and in last 5735 is 3 month average and last support of this uptrend from short term view.

while on upper side 5930 was last major top and remain as resistance level.

next week us fiscal cliff remain major concern and we still bearish on nifty with short term view and stoploss above 5930 spot on closing basis.


Nifty weekly chart analysis

nifty this week closed with this week total 55 points range and nifty closed near highs.on weekly chart still in consolidation phase with uptrend and bullish momentum.

weekly closing above 5930 will be definite upside breakout of range and may show 6000-6040 levels.weekly closing below 5840 will break lower range and lower side targets will open.


Nifty monthly chart analysis

in month of December nifty was very range bound with only 80-100 points volatility but going for positive closing .on monthly chart trend and momentum both still positive but monthly nifty cci is +143 and seems to be overbought.

in longer term view correction is due on nifty as rally from 4800 to now 5900 never given any major correction!!

nifty is outperforming index in Asia with 27% return in year 2012.


Nifty weekly outlook for 31 dec to 4 jan 2013

nifty short term trend and momentum both bullish but we have contra view and hold shorts with stoploss above 5930 and expect 5850-5750 in next 1-2 weeks.risk and reward also favorable in this trade.

medium and long term traders can hold longs in nifty with trailing stoploss of 5750 and expect 6040 and then 6180 spot in next 6-8 weeks time frame.if closed above 5930 then possibility of these levels will increase.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
COPYRIGHT © 2017. Pramod Baviskar. Dalal street winners advisory and coaching services. FAQ | Disclaimer | Privacy Policy

This website is best viewed using Microsoft Internet Explorer 9 or higher, and/or latest version of Google Chrome and Mozila Firefox browsers.