Last Week we gave Chopad level of 7506, Nifty did 1 target on upside and 1 target on downside in a highly volatile week. Worries of deficient rainfall, Iraq war and its effect on Brent Crude has kept markets on edge. .Lets analyze how to trade Nifty in expiry week.
Nifty Hourly Chart
Hourly charts are still trading in range, Range contraction is happening at present, Momentum will come below 7474 on downside and 7600 on upside.
Nifty Elliot Wave Analysis
As per Elliot wave Theory correction is already done or we can revisit 7474 again before shooting on upside.
Nifty Daily Chart
As per Gann Box if Nifty breaks 7474 the blue line its heading towards the red line @7400, Holding Blue line bounceback can be seen upto 7570-7634.
Nifty Daily Elliot Wave Chart
Daily chart are still trading in 3 Wave and dips till 7300 should be bought into Nifty stocks by delivery traders and investor.
Nifty Gann Date
02 July +-1 days is gann turn date and explosive move is round the corner. Last week we gave date of 2 +/-1 date and we saw explosive move on 24 June
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400
As per Gann Fans Nifty has taken support at gann trendline holding the same will be bullish for initial target of 7720.On Downside strong support in range of 7474-7450 if broken can see downside till 7400 as shown in above chart.
Nifty Fibo Retracement
7449 and 7294 which are 23.6% and 38.2% retracement should be watched closely in coming week.
Nifty Weekly Chart
It was negative week, with the Nifty down by 2 points closing @7508 , Lower Highs and Lower Lows have started forming on Weekly charts,forming a Doji leading to state of indecisiveness among Market Participants. As per Gann Arcs Nifty is near an important support range holding the 7474-7500 range on closing basis we can see a big move in coming week.Also the Time analysis is substantiating our view as Nifty is still trading in positive quadrant as show in below chart.
Trading Monthly charts
Monthly chart gives a target of 7800 for short term as per Fibo ratio theory
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7515
Nifty Support:7435,7376 and 7284
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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