Saturday, August 31, 2013

Nifty macro view for week ending 06 sept 13

Nifty traded between 5118- 5528 in expiry week before closing at 5471 and it was predicted at macro view “ 5500, 5575 and 5690 are pivot  / reversal levels so buying with volumes must be there to cross these barriers . as per eod nifty chart ,candles are supporting bulls negative wave may take nifty to 5180   5000 level ”  at

Nifty weekly candle  closed flat  making  long legged  hammer at extremely oversold zone . possibility of selling climax according to volumes . Nifty Closed at bottom of uptrending channel just above 200 week moving average and at lower bollinger .

Expecting one more weekly flat closing or looking up towards 5575  5690  down side support will be at 5350 , buy on dips if nifty will sustain above 5350  weak only below 5350 .


Trading the channels is a trading strategy that identifies stocks trading in trending channels. While in a up trending channel, by finding major support and resistance levels with technical analysis , a trend trader buys stocks at the lower level of support (bottom of the up channel) and sells/short them near resistance (top of the channel). In a down trending channel the trader may also go short (bet against the price) at upper resistance levels and sell their short positions at lower positions within the channel.

Generally traders are recommended to trade with the trend and you can do so in Channel trading.  Instead of selling at the top of the channel in an up trend or bottom of the channel in a down trend, traders may not sell and let profits run.  Traders may decide to close some of their position, taking partial profits.  The market will run against them for a while, but if you are confident of the trend then the market will turn in your favour before being stopped out.  We’ll explore these pull-backs or retracement’s in later modules.  Read more at 

Nifty is trading above very strong support  of 200 week moving average.

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