Nifty Weekly Analysis for May Expiry

By | May 25, 2014

Last Week we gave Chopad level of 6873, Nifty did 1 target on upside and 1 target on downside .Lets analyze how to trade Nifty before Modiji PM swearing ceremony and expiry week.

Nifty Hourly Chart

nifty hourly

Nifty Hourly charts has given a breakout above 7320 and now heading towards 7414 and 7500.

Nifty Elliot Wave Analysis

Nifty Hourly EW

As per EW analysis it shows short term correction is over till 7121 is not broken and bounce back till 7600  is on cards. 

Nifty Daily Chart

NIFTY - Nifty Daily time

Nifty after 4 days of consolidation is also showing a range breakout, Monday price action will be very crucial as range of 7414-7434 is important supply zone, Closing above it nifty will head for new high.

 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
  • 7130-7121
  • 7276-7293

Fibonacci technique

Fibonacci fan

nifty ff

As per Gann Fans  using gann circle Nifty will be bullish above 7367 for initail target of 7434 and 7500

 

As per Fibo retracement ,only a close below 38% retracement of 7207 will be bullish in short term till 7200 is not broken.

nifty fibo

Nifty Weekly Chart

Nifty Weekly Andrew Pitchfork

It was positive week, with the Nifty up by 164 points  closing @7367 . As per Andrew Pitchfork nifty can again move back to median line. Weekly charts are still in positive quadrant as shown in below chart.

Nifty Weekly Timeline

Trading Monthly charts

nifty monthly

Monthly chart gives a target of  7800  for short term as per Fibo ratio theory

 Nifty Weekly Trading Levels

Nifty Trend Deciding Level:7376

Nifty Resistance:7424,7506,7554

Nifty Support:7294,7246 and 7200

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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