Last Week we gave Chopad level of 7246, Nifty did 3 target on upside with a closing a record highs and breaking the 16 May high of 7564 also. Progress of monsoon rains .IIP and CPI which will be unveiled on 12 June. Lets analyze how to trade Nifty next week
Nifty Elliot Wave Analysis
This is what we discussed last week , As per EW analysis it shows short term correction is over till 7172 is not broken and bounce back till 7600 is on cards. As per Elliot wave Theory 7629-7650 can be seen than we can see a short term pullback.
Nifty Daily Chart
As per Gann wedge the current rally can go on till 7700-7720 next week, same view are shown by Elliot wave as shown in below chart.
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 7636 for initail target of 7720.On Downside strong support in range of 7474-7450 which should be used to go long and book out shorts.
Nifty Weekly Chart
It was positive week, with the Nifty up by 353 points closing @7583 . As per Andrew Pitchfork nifty is near its median line and unable to close above it pullback will start in market. 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:7636
Nifty Support:7555,7474 and 7400
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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