NIFTY Weekly Technical

On my Birth Day I am writing this post. Hope it benefits.

Last week markets went up as predicted.

The coming week we may see more volatility. But I am bullish until NIFTY doesn’t break 2840. Above 3150 we can see 3225 and 3280.

We are in a range bounded mode.

On Monday we could see our markets rally.

Fundamentals are in favor of markets. But the FII’s are still pulling out their money.

Simple Moving Averages.

5 D	8 D	13 D	20 D	39 D	50 D	200 D
2988	2960	2989	2945	2865	2873	4062

Currently we are above 50 Days moving average.

We may face a stiff resistance at 3100.

Fibonacci price projections-

	0%	61.8%	100%	161.8%	261.8%
Up	2813	2997	3110	3294	3591
Dn	3110	2926	2813	2629	2332

Chart –

Other Indicators –

- Volume (last/ 5 day average): 0 / 0
- 5 day RSI: 67 - no indication.
- 14 day RSI: 57 - no indication.
- Williams % R(14): 79 (summation factor 100)
- Average Directional Index ADX: 13
- Average True Range ATR: 5 days - 85 .....14 days - 110

NIFTY Futures –

Buy signal holds. Stop loss 2960.

Strong resistance at 3100. Previous top and trend line resistance.

Markets to continue trading within channel (EOD charts).

Happy Investing!

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