Nifty weekly report 5-9 May 2014

Nifty weekly report 5-9 May 2014

Nifty daily chart technical analysis

Nifty spot on last trading session closed at 6694 with loss. On daily chart, nifty price trend is up but momentum is getting weaker because of continues profit booking from traders. From short-term view, 6690 and 6560 are support zones on downside while on upside 6820 and 6945 are strong resistances. 6430 is major average support and above it, short-term outlook will remain positive for nifty. Daily chart indicators patterns are bearish and suggesting downside for prices in upcoming sessions.

Traders below 6820 keep sell on rise view for targets 6690 and below it 6560. Volatility will remain on higher side and expected intraday wide swing in nifty future as well as in option premiums.

Nifty weekly chart technical analysis

Nifty spot this week closed with loss. This week nifty hit high at 6786 while low was at 6656. Total 120 points or 2% swing in 1 week and closed with loss. This was third losing week for nifty and showing topped out signs. On chart, an “evening star” pattern is formed and suggesting downside for nifty in upcoming weeks. last week “shooting star” patterns sell signal also confirmed.

From medium to long-term view, nifty has supports at 6475 and 6170. 6170 is major average support and above it, long-term uptrend will remain intact. On upside 6790 and then 7100 are possible resistance levels. Weekly chart indicators patterns suggesting topped out stage for nifty.

Investors must continue to book profit on every downside and watch for supports. If nifty takes supports with positive weekly closing then only think of buying as well as accumulation.

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.
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