Nifty Macro & micro analysis for week ending 22 Sept 13

Macro view

weekly nifty chart is showing that nifty shuts its shop making white candle with long upper wick indicating that bears started their entry  in scene but bulls able to keep hold of 20 WMA and sitting safe above 20 wma support .

Last week it was posted that “ 2 hammers at weekly chart proved their credibility 5808  is bunch of resistances if breached then Nifty will trade at  5950 before Friday. “ http://dhanvarsha.in/nifty-daily-weekly-outlook-10-sept-13/

weekly low was 5738  and high was 5932  closed at 5850.

Daily nifty chart is indicating profit booking signals and commencement of E-WAVE 4  which may stretched to 5810  5676 or 5413  as per fib retracement levels . possibility  of healthy correction  is there  which is  mandatory for final 5th wave and completion of pattern as shown at chart .

5800 will be pivot and plus minus 150 to 200 points around pivot  can not be ruled out . We are expecting positive momentum wont be there either range bound trades  for cooling up of indicators or 22  to 33 % retracement which is 150 to 200 points down from recent high so plan your trades accordingly or stay connected with Dhanvarsha through http://dhanvarsha.in/chatroom/ for real time support calls and updates.7 points move in 7 minutes on nickel M trade was there …

13 Sep 13, 09:09 PM [×] [o] admin: BUY nickel m at 869.20 50 sl 863 target 876

13 Sep 13, 09:14 PM [×] [o] admin: 873.70 BOOK 50 % nickel m

13 Sep 13, 09:16 PM [×] [o] admin: : 876 traded BOOK 100 %… target done

 

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Nifty Macro & micro analysis for week ending 22 Sept 13