NIFTY WEEKLY ANALYSIS

Nifty Analysis for coming week 25 July ~ 29 July 2011

tradersplace.in — 2011-07-24T05:05:29-07:00

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Nifty Analysis for coming week 18 July ~ 22 July 2011

tradersplace.in — 2011-07-15T21:44:58-07:00

WEEK BEHIND
"Cautious stance advisable for the first few days of new trading week" ( from last week's analysis).

Nifty confirmed weakness from Friday, Monday saw 5600 levels retested. Nifty gapped down sharply below key 5600 areas on Tuesday tested key support of 5496 and closed with 100+ points cut. Next two days Nifty recovered sharply and tested key resistance around 5650 areas. However Nifty saw a sharp sell-off in last half hour of trading from 5650 areas on Thursday, thus closing just below 5600. Friday saw Nifty consolidating in a narrow range. Weekly high was 5653.95, weekly low was 5496.95

WEEKS AHEAD [REFER TO NIFTY CHART]
5741-5496 areas key trading range in short-medium term. Immediate short term can look at 5661-5541 range for directional hint. Directional bets advisable only on breakout above 5741 or breakdown below 5496 (with appropriate filters and stops). Nifty key support areas for week ahead 5541-5496-5434-5410-5344, Nifty key resistance areas for week ahead 5661-5696-5741-5775-5805.

Nifty Analysis for coming week 11 July ~ 15 July 2011

tradersplace.in — 2011-07-08T23:17:02-07:00

WEEK BEHIND
After rallying hard for couple of weeks, Nifty took a breather. Last weeks Friday cool off continued, Nifty drifted lower for first three trading sessions of the week. Key 5610 areas was retested twice but never breached. After three days of consolidation and holding above 5610 areas, bulls came back strong on Thursday with Nifty closing with gains of 100+ points breaking out just above key resistance trendline. However the breakout could not be confirmed as Nifty took stiff resistance around 200 day moving average and lost most of the gains from Thursday.
WEEKS AHEAD [REFER TO NIFTY CHART]
Dark Cloud Cover candle noted for Nifty around key resistance area of 200 DMA and in short term overbought zones. However Nifty is still strongly placed above all key short term moving averages. Below 5600 areas Nifty can test gap area around 5566-5545. Breach below 5545 could gather southwards momentum. Cautious stance advisable for the first few days of new trading week. Fresh longs advisable on breakout above 5750. Above 5750 Nifty can gather northwards momentum and the next logical target would be 5945 areas.
Nifty key support areas for weeks ahead 5605-5545-5495, Nifty key resistance areas for weeks ahead 5750-5905-5945

Nifty Analysis for coming weeks 13 June ~ 01 July 2011

Team TradersPlace — 2011-06-10T23:21:30-07:00

WEEK BEHIND
After opening weak and testing sub 5500 levels, Nifty recovered to post gains on Monday. Northbound momentum was carried forward on Tuesday. Nifty faltered again close to key resistances around 5600 and drifted lower for the rest of the week and tested anticipated areas of 5458. Another narrow weekly spread for Nifty. Weekly high was 5570.10, weekly low was 5457.45
WEEKS AHEAD [REFER TO NIFTY CHART]
Nifty continues to remain weak below 5605, fresh short term longs should be attempted only on breakout above this resistance. 5350 (+-50) areas now a critical support, similarly 5750(+-50) now a critical resistance for Nifty.Nifty key support areas for weeks ahead 5300-5175-4960, Nifty key resistance areas for weeks ahead 5605-5750-5950

*Next Nifty update on July 2nd 2011.

Nifty Analysis for coming week 06 June ~ 10 June 2011

Team TradersPlace — 2011-06-03T21:02:00-07:00

WEEK BEHIND
Noted last week "Above 5524 Nifty can rally to 5605-5632 areas, stiff resistances expected here, longs can be booked, aggressive traders can go contra short with stop", anticipated and happened.
After a sluggish start on Monday, Nifty rallied smartly on Tuesday with almost a hundred point rally, Wednesday say the momentum continue with Nifty shutting shop close to 5600. Thursday saw a gap down and a reverse gap up on Friday, another attempt to take out the resistance at 5605. Failing again to overcome the hurdle of 5605, Nifty reversed sharply in later part of the last trading day and closed sharply lower closer to 5500. Weekly high was 5604.95, weekly low was 5458.60
WEEK AHEAD [REFER TO NIFTY CHART]
Noted ~ Bearish Engulfing candle / outside day bar on Friday, Nifty taking resistances around 200 EMA.Noted ~ Nifty weakish and critically poised around 20 EMA, momentum indicators mixed. Fresh short term longs can be attempted only above 5605 resistance. Below 5458 Nifty can retest very key support areas around 5350-5300. Above 5605 can see sharp rally to key resistances 5690-5775. Nifty support for the week 5458-5410-5356-5328-5308, Nifty resistance for the week 5605-5632-5693-5775.

Nifty Analysis for coming week 30 May ~ 03 June 2011

Team TradersPlace — 2011-05-27T23:15:55-07:00

WEEK BEHIND
Noted last week "5348 now a key support, shorts can cover partially, aggressive traders can go contra long with stops"
In contrast to Fridays upmove, Nifty gaped down on Monday and closed below 5400. Downward momentum sustained till Wednesday with Nifty testing key areas around 5348. Thursday & Fridays saw smart recovery, Nifty thus managing to erase almost all the lost ground for the week. Weekly high was 5485.80, weekly low was 5328.70
WEEK AHEAD [REFER TO NIFTY CHART]
Noted ~ Weekly hammer,Nifty taking support at key trendline,most momentum indicators in buy mode, Nifty trading below all key moving averages.Above 5524 Nifty can rally to 5605-5632 areas, stiff resistances expected here, longs can be booked, aggressive traders can go contra short with stops.Nifty support for the week 5410- 5356- 5328-5308, Nifty resistance for the week 5524-5603-5632-5693.

Nifty Analysis for coming week 23 ~ 27 May 2011

Team TradersPlace — 2011-05-21T00:00:06-07:00

WEEK BEHIND
Nifty remained weak and drifted lower till Wednesday, breaching and closing below 5443. However expected downside momentum below 5443 was missing on Thursday. Fridays erased better part of the lost ground in Nifty for the week. Weekly high was 5541.80, weekly low was 5401.25
WEEK AHEAD [REFER TO NIFTY CHART]
Nifty still remains weak below all key moving averages, momentum indicators giving mixed signals.Remains sell in rise below 5605, 5632-5693 remains stiff congestion zone. 5348 now a key support, shorts can cover partially, aggressive traders can go contra long with stops. Nifty support for the week 5401-5348-5308-5232, Nifty resistance for the week 5545-5605-5632-5693.

Nifty Analysis for coming week 16 ~ 20 May 2011

Team TradersPlace — 2011-05-13T22:23:18-07:00

WEEK BEHIND
Nifty remained choppy and sideways in 5600-5500 range for early half of the week. Unable to move past 5600, Nifty cracked below 5500 on Thursday. Friday saw roller coaster ride with Nifty opening weak below 5500 and than reversing sharply above 5600 only to close below 5550! Weekly high was 5605, weekly low was 5472.15
WEEK AHEAD [REFER TO NIFTY CHART]
Nifty in a bearish flag formation, below all key moving averages, can crack sharply if breaks below 5443. Nifty 5632-5693 now congestion zone, fresh long bets advisable only on close above 5693.Nifty support for the week 5443-5348-5308-5232, Nifty resistance for the week 5605-5632-5693-5793.

Nifty Analysis for coming week 09 ~ 13 May 2011

Team TradersPlace — 2011-05-07T02:16:44-07:00

WEEK BEHIND
Noted last week "Breach below 5693 Nifty can test 5610-5560-5520-5480"
Nifty opened weak on Monday, testing and closing around the key confluence areas of 5693. Once convincingly below 5693, Nifty cracked sharply on Tuesday testing the key gap of 5560-5522. Momentum south was sustained on Wednesday and Thursday. Friday saw sharp recovery from oversold zones. Weekly high was 5775.25, weekly low was 5443.65
WEEK AHEAD [REFER TO NIFTY CHART]
Nifty weak below all key moving averages. Short term lower top lower bottom formations noted. 200 EMA and Marabuzo line around 5632 may offer stiff resistance. Also the confluence area of 20-50-100 EMA area and previous support around 5693 now remains a key resistance. Traders can use rallies to trim short term longs and built short term short positions with appropriate stops. Support for the week 5443-5348-5308, Resistance for the week 5632-5693-5790.

Nifty Analysis for coming week 02 ~ 06 May 2011

Team TradersPlace — 2011-04-29T23:32:54-07:00

WEEK BEHIND
Nifty consolidated in a narrow range on Monday. Unable to move past key resistance around 5900 zones, there was sharp reaction downwards to sub 5800 levels and equally sharp pullback towards 5900, Tuesday printed 'Hanging Man' candlestick a reversal pattern. Next three trading sessions Nifty drifted lower towards 5700. Weekly high was 5906.60, weekly low was 5706.05
WEEK AHEAD [REFER TO NIFTY CHART]
Noted weak weekly action, momentum indicators in sell mode, Nifty below 20 EMA,immediate short term Nifty remains weakish below 5808. Nifty resting near key confluence support areas of 50 EMA, 100 EMA and previous bottom around 5693 areas, can offer strong support. Breach below 5693 Nifty can test 5610-5560-5520-5480. Recovery above 5808 Nifty can test 5885-5945-6030-6070.
Watch out for close above 5912 for sharp northward rally, watch out for close below 5522 for sharp southward rally.

Nifty Analysis for coming week 25 ~ 29 April 2011

Team TradersPlace — 2011-04-23T03:17:26-07:00

WEEK BEHIND
Noted last week "Nifty remains sideways in 5736-5945 areas with weakish bias, expect choppy moves in this range"
It was a volatile trading day on Monday, Nifty rallied 1%+ in early morning trades, but cracked sharply intraday, slipping almost 3% from days highs, closing below 5736 areas. However Nifty remained rangebound on Tuesday and managed to close with small gains above 5736. Nifty gapped up both on Wednesday and Thursday, thus closing the volatile and choppy week with modest gains. Weekly high was 5912.90, weekly low was 5693.25
WEEK AHEAD [REFER TO NIFTY CHART]
Immediate short term Nifty remains positive above 5808, close to key resistance in 5920-5945 zones. Above 5945 resistance exist at 6030-6070-6120, Below 5808 support exist at 5760-5736-5680.
Fresh longs only above 5945 (preferably on closing basis), fresh shorts only below 5808 (preferably on closing basis)

Nifty Analysis for coming week 18 ~ 21 April 2011

Team TradersPlace — 2011-04-15T23:35:54-07:00

WEEK BEHIND
Noted last week "Immediate short term expect sideways move in 5736-5945 range. Fresh positional longs could be added either on break above 5945 or in dips with stop below 5736"
Nifty gaped down on Monday and consolidated at lower levels. Wednesday saw another gap down opening which filled the gap in 5736-5753 areas, Nifty bounced sharply from 5736 and rallied all the way to 5923 intraday. Nifty faced resistance again in the upper end of the range mentioned, Fridays weakness saw Nifty close the week with marginal losses. Weekly high was 5923.60, weekly low was 5735.55

WEEK AHEAD [REFER TO NIFTY CHART]
Noted ~ Drift lower after the weekly Doji, filling of gap and a sharp bounce (Engulfing Marabuzo Candle, can turn out a climax!)
Noted ~ Nifty took resistance again at key Fibonacci retracement,overhead resistance line,Bearish Harami that closed below the Marabuzo Line(5830)
Noted ~ Another weekly pause, Momentum indicators in sell mode, RSI giving bearish divergences.
Nifty remains sideways in 5736-5945 areas with weakish bias, expect choppy moves in this range. Below 5736 support exist at 5600-5560-5522. Above 5945 resistance exist at 6070-6120-6181

Nifty Analysis for coming week 11 ~ 15 April 2011

Team TradersPlace — 2011-04-08T22:50:33-07:00

WEEK BEHIND
As expected Nifty consolidated & moved sideways last week. Nifty was unable to sustain momentum from strong Monday rally. Next three trading sessions saw Nifty trading indecisively in a narrow range with Friday erasing all gains for the week to close exactly where the week opened (5842). Weekly high was 5944.45, weekly low was 5822.00
WEEK AHEAD [REFER TO NIFTY CHART]
Weekly Doji after two week strong rally, pause noted. Nifty above all key moving averages, overbought & daily momentum indicators in sell mode (less weightage in strong trends). Immediate short term expect sideways move in 5736-5945 range. Fresh positional longs could be added either on break above 5945 or in dips with stop below 5736. Positional shorts can be added only on filling of gap below 5736. Resistance for the week 5945-5970-6050, Support for the week 5800-5736-5680.

Nifty Analysis for coming week 04 ~ 08 April 2011

Team TradersPlace — 2011-04-03T01:03:56-07:00

WEEK BEHIND
Strong momentum from last Friday was carried forward throughout the week. Nifty lost some momentum on Friday and closed marginally in red after 8 back to back up days. Weekly high was 5643.20, weekly low was 5872
WEEK AHEAD [REFER TO NIFTY CHART]
Nifty above all key moving averages, strong back to back weekly closes, strong monthly close, strong base around 5600 areas now.
Immediate short term Nifty remains overbought with almost a 10% vertical move in just 9 trading sessions. Nifty thus has managed to retrace almost 62% of entire fall from 6338.50 to 5177.70
Expecting stiff resistance around 5900 zones, consolidation & sideways move most likely this week. Resistance for the week 5910-5970-6050, Support for the week 5750-5670-5610

Nifty Analysis for coming week 28 March ~ 01 April 2011

Team TradersPlace — 2011-03-26T01:09:26-07:00

WEEK BEHIND
Overnight weakness from Friday saw Nifty drift lower on Monday and test 5350 areas. Tuesday saw Nifty recover most of the Mondays lost ground. Sharpy rally was witnessed on Wednesday once resistance around 5425 was overcome. Thursdays gap up sustained & managed to close above key resistance line. Most surprising Nifty move in many months came on last trading day of the week, Nifty gaped up again and managed to close 100+ points above its key resistance at 5550 on closing basis. Weekly high was 5667.10, weekly low was 5348.20
WEEK AHEAD
Nifty above all key moving averages,strong weekly close. Hourly charts highly overbought, some consolidation likely. Support for the week 5610-5560-5510. Key resistance for the week 5710-5760-5800

Nifty Analysis for coming week 21 ~ 25 March 2011

Team TradersPlace — 2011-03-19T00:12:44-07:00

WEEK BEHIND
Nifty was volatile and choppy throughout the week. Monday saw strong gains with almost 100 point rally. Tuesday saw a roller coaster ride ! Nifty erased all the gains with almost a 100 point gap down opening, took strong support around 5370 and rallied back to 5500 intraday. However Nifty was unable to sustain around 5500 retested 5435 areas and closed around 5450. Gap up on Wednesday was unable to move past Monday highs, this lead to downside pressure on Thursday. Friday saw a sharp 100+ points cut in Nifty and a marginal new weekly low for Nifty, with a close near weeks low. Weekly high was 5537.30, weekly low was 5366.40
WEEK AHEAD

Immediate short term Nifty remains weak below 5425. Key support for the week 5310-5270-5230-5175. Key resistance for the week 5485-5510-5550-5600

Nifty Analysis for coming week 14 ~ 18 March 2011

Team TradersPlace — 2011-03-12T23:00:56-08:00

WEEK BEHIND
Nifty opened weak on Monday, tested areas closer to 5400 & than recovered some of the lost ground before close. Recovery momentum extended to Tuesday & Wednesday witnessed volatile moves. Nifty again saw drift lower on Thursday & Friday & restest of area closer to 5400. Weekly high was 5563.30, weekly low was 5408.45
WEEK AHEAD [REFER TO NIFTY CHART]
Rangebound between 5400-5550, watchout for two closes outside this range for short term directional trade. Key resistance for the week 5550-5600-5640-5680-5720-5750. Key support for the week 5400-5370-5310-5270-5230-5175.

Nifty Analysis for coming week 7 ~ 11 March 2011

Team TradersPlace — 2011-03-04T22:07:35-08:00

WEEK BEHIND
Noted last week" Strong hourly reversals with bullish divergences,long legged Doji (watch for confirmation of short term reversals)"
Nifty saw sharp swings on Monday post budget, rallied 150+ points took resistance around 5460 and fell sharply again to close with just 15 odd point gain. Mondays action formed a very long upper shadow Doji. Fact that Nifty was able to spike so high after the reversal Doji on Friday did hint to chance of a sustainable bounce for the rest of the week. Tuesday confirmed the reversal signals with almost 200 point rally in Nifty. Nifty added to gain for rest of the week and tested resistance around 5600 on Friday, which attracted some profit booking. Weekly high was 5608.20, weekly low was 5308.60

WEEK AHEAD [REFER TO NIFTY CHART]
Nifty strong/weak above/below 5450 for the week. Confluence area of 200 & 50 EMA may add to resistance around 5600. Above 5600 resistance exists at 5640-5680-5750-5800. Below 5450 support exists at 5400-5370-5310-5270.

Nifty Analysis for coming week 28 Feb ~ 4 March 2011

Team TradersPlace — 2011-02-25T23:07:23-08:00

WEEK BEHIND
Noted last week "Nifty remains weak/strong below/above 5520 for next week"
Following up with weak Friday, Nifty opened soft on Monday, but managed to bounce back sharply intraday (100+ points) & took resistance around 5520 (5526.25)
Nifty was unable to cross hurdle @ 5520 and remained weakish for next couple of trading sessions.

Noted last week " Immediate support @ 5400, below that restest of 5320-5250-5150 likely"
Nifty broke below 5400 on Thursday and cracked sharply to sub 5250 levels. Nifty was extremely volatile on Friday with a gap up opening, sharp slide again that made a new low for the week and followed again by a sharp pullback. Weekly high was 5526.25, weekly low was 5232.75

WEEK AHEAD [REFER TO NIFTY CHART]
Noted in Nifty ~ Strong hourly reversals with bullish divergences in late Friday trades, a long legged Doji (watch for confirmation of short term reversals)
Key followup action on Monday, Nifty remains weak/strong below/above 5340 (closing basis) for next week.
Key supports 5175-5120-4960, Key resistances 5460-5530-5600.

Nifty Analysis for coming week 21-25 February 2011

Team TradersPlace — 2011-02-20T00:29:41-08:00

WEEK BEHIND

Nifty as expected remained strong above 5370 for the week. Monday saw strong northerly move with Nifty adding almost 150 points on closing basis. After some mid week consolidation on Tuesday & Wednesday, Nifty added to recovery on Thursday and opening trades on Friday. Nifty took resistance closer to 200 EMA & psychological 5600 mark and plunged 150 point intraday from morning highs on Friday. Weekly high was 5599.25, weekly low was 5340.25

WEEK AHEAD [REFER TO NIFTY CHART]
Nifty remains weak/strong below/above 5520 for next week.Immediate support @ 5400, below that restest of 5320-5250-5150 likely. Above 5520 Nifty can manage to retest 5630-5700-5750 areas.