Last Week we gave Chopad level of 6790, Nifty did 1 target on Downside . Next week is expiry week, Traders do not Expiry will happen on Wednesday as Thursday is a Holiday. Lets analyze how to trade Nifty for next 3 trading sessions.
Nifty Hourly Chart
Nifty Hourly charts has closed above its 50 HDMA, also trading in a up trending channel , 6790 will play an important role in coming week, closing above it new highs are on cards, unable to close above it market will go down to 6700 odd levels again.
Nifty Daily Chart
On daily charts, nifty again took support at up trending channel and bounced back fiercely, and opened the possibility to 6909 odd levels. Tiil Nifty does not close below 6675-6650 odd levels on closing basis every dip needs to be bought into.
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 in coming week we can see a pullback to 6675-6650 odd levels.
As per Fibo retracement ,only a close below 80% retracement of 6650 will end the current bull run.Bounced back from 6675
Nifty Weekly Chart
It was positive week, with the Nifty up by 3 points closing @6676. Nifty is again taking resistance at its rising trendline, Weekly charts are still not overbought suggesting the bullishness can continue for another 200-300 points.
Monthly chart is try to enter the penultimate arc of Fibo arc, Unable to cross the same market can see a pullback of 250-300 points in short term.
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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