Mohit Jhanji Trading in Stock Market Since 2006. Iam working as a Technical Analyst in Wealth Creator. Wealthcreator.co is a research firm. We have Been Serving The Traders Of Indian Stock Market, Commodity Market From Past Seven Years With Tailored Products To Meet The Needs Of The Individual Retail Trader, Brokers,Corporate & High Net Worth Individuals & NRI’s.

Nifty Weekly Observation 11th May 2015

51 sec read

niftyweeklyviews

 
Trend: short-term down
Medium term down
Primary : Make or Break

Nifty future closed the week at 8210.55 after making the intraday high of 8247.Volatility continues to be high in the past week after bears fully controlled the whole april series. The first week of may was again in favor of bears.

After the initial upside move of 137 points on monday trading session followed by Tuesdays range bound move the bears fully dominated the Wednesday’s trading session when nifty broke down and lost almost 234 points in a single trading session. The carnage continued on thursday and nifty made lows of 8020.55 before a small pullback towards the weekly close on friday.

Our given level below 8300 was 8000 in the previous nifty update and low of the week made 8020.55.

Now week ahead the major resistance remains @ 8300 levels above which if market holds then next would be 8350-8380 on downside the supports at 8050 below which next down leg towards 7900-7850 will begin.

The volume has been higher in correction and shallow on the rallies which also suggest that market is trending down in favor of bears. There has been a range shift in RSI and the 14 day RSI is now trading @ 40.40. MACD indicator which given a bearish crossover in mid april is still trending negative below its 0 line.

Nifty future is trading below is crucial long-term and short-term moving averages and making lower top lower bottom formations. Avoid bottom fishing.

Mohit Jhanji Trading in Stock Market Since 2006. Iam working as a Technical Analyst in Wealth Creator. Wealthcreator.co is a research firm. We have Been Serving The Traders Of Indian Stock Market, Commodity Market From Past Seven Years With Tailored Products To Meet The Needs Of The Individual Retail Trader, Brokers,Corporate & High Net Worth Individuals & NRI’s.

Nifty Look Below Balance and Fail – Targets 15400…

Nifty Futures on the Daily charts trading in a 1000 points range between 14400 - 15400 approximately for more than 2 months. It is...
Rajandran R
21 sec read

Nifty Hedged Futures – Apr 2021 – Short Term…

Nifty Futures had made a sharp drop on Monday Morning (5th Apr 2021) almost touched 14500 levels however post that market had done a...
Rajandran R
1 min read

Options Strategy: Nifty Weekly Bull Put Spread

Nifty Apr Series on the hourly timeframe showed trend exhaustion and the Nifty Futures is trading with 100 pts of premium. Trading sentiment flipped...
Rajandran R
37 sec read

One Reply to “Nifty Weekly Observation 11th May 2015”

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More