NIFTY Weekly Wrap: 14-December-2012

Last week in our Weekly Wrap we mentioned only downside levels and NIFTY nearly did our third level of 5830. 

This week NIFTY traded in narrow range of 126 points and closed with 28 points loss. Closing above 5 WEMA favors bull although weekly closing was lower than opening. It could not break the channel resistance and support line (please refer to chart). One noticeable thing is developing negative divergence in RSI. Next week closing may confirm the pattern.

In daily chart, NIFTY closes just below 5 DEMA and MACD has given Sell cross. But price should confirm all the observations.

As of now, buy the dips and sell the rise should be strategy for trade in NIFTY until it gives clear breakout in either side.

Please keep watching this space for trading levels in Opening Bell.

Wish you happy trading !!

Expiry Special NIFTY Analysis

After 35 days of consolidation NIFTY finally broken out with decent volume. So, technically this bullishness may remain for some time now. But tomorrow is expiry day for current series...let’s have a look how NIFTY is positioned itself for tomorrow.

If we look at the chart, it is clearly visible that 5760-5780 is a zone of resistance and NIFTY may likely to get resisted there. A positive opening tomorrow may trigger nifty to higher level after consolidation in opening hour. But negative divergence may appear at higher level in short time frame chart which could be used to sell on intra-day basis as nifty is overbought in shorter timer frame.

So, tomorrow NIFTY will remain volatile and give two way trading opportunity. For expiry special NIFTY Call during market hours keep eyes on NIFTY PULSE page in Facebook.

Wish you happy trading.

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