Nifty Weekly Review 02-06 September’2013

Nifty OutlookPrevious Week was the most unstable week in recent trading history with nifty swinging wildly in range of seven hundred fifty points and ending the week on dreary note. Nifty were falling alongside the backdrop of a falling rupee, Foreign Institutional Investors selling and the passage of food security bill in the Parliament emphasizing the selling pressure.

Gross Domestic Production {GDP} growth dived to a 4year low of 4.4 per cent in the April-June quarter of 2013-2014, next to 4.8% in the fourth quarter of the prior financial year.  Indian Rupee touched an all-time low of Rs. 68.75 to the dollar and Petrol and Diesel prices raised from Sunday.

U.S markets will be closed on 02-009-2013 on eve of Labor Day holiday. Previous week we furnish Trend Deciding level as 5508 in Nifty. See what happen it cracked below the level.

Nifty Hourly Chart

As per Nifty Spot Hourly charts are trading in perfect down trending canal and breakout comes above 5485.

Nifty Gaps

As per Nifty Spot traders who track gap trading present are one trade gap in the range of 5400 to 6000 and all other gaps get filled.

Nifty Daily Chart

Nifty Spot bounced smartly from 5119 falling trend line support is at 5477. One more breakdown point of 5505 will act as resistance in this week.

Fibonacci Retracement

As per of Fibonacci Retracement theory Nifty has taken resistance at fifty percent retracement and support at 23.6 percent. Holding above 5511 spring back till 5664 can be seen.

Fibonacci fan

As per Nifty Cho pad levels close above 5475 will only be a inoculation for Bulls. Last week Nifty Cho pad level of 5296/5166 played the deception as we were able to capture the bottom and participate in upward rally also.

Nifty Weekly Chart

As per seen Nifty weekly chart It was quite a unpredictable week, with the Nifty seeing a swing of four hundred ten points and ending flat for the week. Nifty spot has formed double hammer candlestick pattern on weekly charts suggesting buying at lower levels and signaling reversal will come if it closes above 5556 on weekly basis. Nifty spot tried to move above the weekly support but failed to close above on weekly basis as per classical technical analysis support becomes resistance.

Nifty Spot Trading Levels for the week:

Nifty Spot Resistance is at 5556-5605-5660

Nifty Spot Support is at 5426-537-5296

Nifty Trend Deciding Level is at 5508

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