Nifty gets into correction mode, Weekly Analysis

By | July 13, 2014

Last Week we gave Chopad level of 7766, Nifty did all 4 target on downside rewarding trend follower with 300 points. Using the Golden Ratio we were able to predict the Top of Nifty around 7800 Can Nifty form short term top around 7800 ?  Nifty saw a decline of 3.8% last week panicking traders and investor and many of them talking bull run is over , So  Lets analyze how to trade Nifty in next week.

 Nifty Hourly Chart

nifty hourly

Hourly charts shows strong support in range of 7380-7400. Holding the same we can see a bounceback till 7600 odd levels.

Nifty Elliot Wave Analysis

Nifty Hourly EW

As per Elliot wave Theory C wave on hourly charts can get over near 7419 levels and bounceback till 7600 odd levels.

Nifty Daily Chart

nifty daily

Nifty is near its 50 DMA which provides good support in bull market holding the same 20 DMA becomes target.

Nifty Daily Elliot Wave Chart

NIFTY - Daily EW

Daily chart are still trading in 4 Wave @ 7394 if it indeed get over  we enter in 5 wave where target is huge as shown in above chart.

Nifty Gann Date

Gann Dates

17 July +/1 days is gann turn date and explosive move is round the corner. Last week we gave date of 11 July  +-1  date and we saw explosive downmove on 11 July.

 Nifty Gaps

For Nifty traders who follow gap trading there are 7 trade gaps in the range of  5300-6400

  • 7067-7014
  • 7130-7121
  • 7276-7293
  • 7229-7239

Fibonacci technique

Fibonacci fan

nifty ff

As per Gann Fans  Nifty has taken support at gann trendline holding the same  will be bullish  for initial target of 7600.On Downside strong support in range of 7385-7400 if broken can see downside till 7200 as shown in above chart.

Nifty Fibo Retracement

nifty fibo

7361 and 7223 which are 38.2% and  50 % retracement should be watched closely in coming week.

Nifty Weekly Chart

Nifty Weekly Andrew Pitchfork

It was negative week, with the Nifty up by 292 points  closing @7460.Weekly charts are also showing strong support in range of 7400-7380 use these level to exit shorts.   This is what we mentioned last week, Now Nifty is its Andrew Pitchfork median line and unable to cross the same pullback can start, Also nifty will be entering a new quadrant from next week as per time analysis and need to be extreme cautious on longs now.

Nifty Weekly Timeline 

 

Trading Monthly charts

nifty monthly

Monthly chart gives a target of  8023  for short term as per Fibo ratio theory

 Nifty Weekly Chopad Levels

 

Nifty Trend Deciding Level:7441

Nifty Resistance:7506,7571,7636

Nifty Support:7380,7334, 7246

 

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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