Last Week we gave Chopad level of 6790, Nifty did 1 target on upside . Next week Thursday is a Holiday. Lets analyze how to trade Nifty for next 4 trading sessions.
Nifty Hourly Chart
Nifty Hourly charts has trading near its 50 HDMA, 6747-6743 will play an important role in coming week,taking support near this level can see bounceback in nifty.
Nifty Elliot Wave Analysis
Nifty Daily Chart
On daily charts, nifty has formed a bearish engulfing pattern also nifty is near its Gann Arc support, which again comes in range of 6730-6747, holding the same we can see a good bounceback.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400
Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty is trading at its fibo fan resistance, unable to cross 6820 on closing basis in coming week we can see a pullback to 6675-6650 odd levels.
As per Fibo retracement ,only a close below 61.8% retracement of 6743 will be short term negative for nifty.
Nifty Weekly Chart
It was neutral week, with the Nifty up by 3 points closing @6679. Nifty is again taking resistance at its rising trendline, Weekly charts have formed an shooting start candlestick pattern which is not a reversal pattern but a short term pullback patter, Also as per time analysis Nifty has formed a short term top and next week will be negative.
Monthly chart gives a target of 7322 for short term as per Fibo ratio theory
Nifty Weekly Trading Levels
Nifty Trend Deciding Level:6790
Nifty Support:6749,6675 and 6613
Levels mentioned are Nifty Spot
Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl
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