Outlook for next week: - In last week update as we mentioned nifty crossed above 1st resistance {6339.32, weekly high 6358.3} on two days i.e., 30.12.13 & 2.1.14, but failed to close above and corrected up to below 3rd support {6208.42, weekly low is 6171.5} .
Major Trend indicators: - MACD & TRIX above zero line,
ADX @ 13.73 {below 20}, Parabolic SAR @ 6170.09, check the chart
Momentum oscillators: - RSI @ 49.04, STOC @ 62.48 &
WILLIAMS%R @ -64.44 {trending zone}, Check the chart
Volume Indicators: - MFI @ 44.73, Volume oscillator @ -9.23 NVI
@ 190.74 which is above avg 189.63 & PVI @ 362.19 which is below avg 366.56,
check the chart
Volatility Indicators: - ATR @ 71.71 & Nifty heading
towards Bollinger lower band is @ 6131.27 and middle band as of now is @ 6254.82
{nifty cmp 6211.15}, check the chart
Positive & Negative outs puts: - Spot nifty {panic 6265}
cmp 6211.15 which is above all ema except 20 ema @ 6240.42 & & broken 50
ema @ 6171.37 on 3.1.14 in intra , but managed to close above And 100 ema @ 6070.35
& 200 ema @ 5951.92, Still continues the golden cross of 20
ema>50ema>100ema>200ema which is a good sign, check the chart
As expected INDIAVIX playing major role in this January
series as it is going to cross 25 in this month, So, we can expect huge volatility
either in down side or upside, Check INDIVIX ema chart to confirm
Conclusion: - Spot nifty {cmp 6211.15} below 6246.9 it will
find support @ 6135.5, if it broken on closing basis, next 6059.85-5948.45 as
its broken trend line on down side{Symmetric triangle check in ema chart}
Whereas above 6246.9 it will face resistance 6322.55, once
it crossed on closing basis, next 6433.95 - 6509.6
Overall trend turned bearish in daily charts from 2.1.14 as
well as weekly charts from 3.1.14.
thanks,
regards,
Rajesh Saladi
NSE certified Technical Analyst
Good Charting experience. - Siddarth
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