Last Week we gave Chopad level of 7376, Nifty did 2 target on upside and 3 target on downside .Outcome of RBI’s monetary policy review to dictate trend.Lets analyze how to trade Nifty before Modiji PM swearing ceremony and expiry week.
Nifty Hourly Chart
Nifty Hourly charts will given a breakdown above 7193 and now heading towards 7130 and 7067. On Upside breakout comes above 7246 for intital target of 7325 and 7376.
Nifty Elliot Wave Analysis
As per EW analysis it shows short term correction is over till 7172 is not broken and bounce back till 7600 is on cards.
Nifty Daily Chart
Nifty daily chart as per gann grid has strong resistance in range of 7313-7325. Expect some range bound volatile move in next 2 weeks. Market need to consolidate its gain of last week. 7100-7450 can be range of nifty for coming 2 weeks.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400
As per Gann Fans using gann circle Nifty will be bullish above 7373 for initail target of 7434 and 7500.On Downside strong support in range of 7130-7193 which should be used to go long and book out shorts.
As per Fibo retracement ,only a close below 38% retracement of 7207 will be bullish in short term till 7200 is not broken.
Nifty Weekly Chart
It was negative week, with the Nifty down by 137 points closing @7229 . As per Andrew Pitchfork nifty can again move back to median line. Weekly charts are still in positive quadrant as shown in below chart.
Monthly chart gives a target of 7800 for short term as per Fibo ratio theory
Nifty Weekly Trading Levels
Nifty Trend Deciding Level:7246
Nifty Support:7193,7130 and 7067
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
Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863