Nifty Weekly Elliot,Gann and Fibo analysis

By | April 27, 2014

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

 

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 Hourly EWAs per EW analysis multiple possibility are showing correction but a bounceback near 6900 comes in all cases, so we can see a fall near 6730-6747 range and bounceback again from 6900.

Nifty Daily Chart

nifty daily

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.

 Nifty Gaps

For Nifty traders who follow gap trading there are 7 trade gaps in the range of  5300-6400

  • 5285-5303
  • 5448-5553
  • 5680-5700
  • 5780-5802
  • 6091-6108
  • 6328-6339
  • 6401-6413
  • 6493-6510
  • 6641-6643

Fibonacci technique

Fibonacci fan

nifty ff

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.

nifty fibo

As per Fibo retracement ,only a close below 61.8% retracement of 6743  will be short term negative for nifty.

 

Nifty Weekly Chart

nifty weekly

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.

Nifty Weekly Timeline

Trading Monthly charts

nifty monthly

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 Resistance:6857,6909,7000

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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