Nifty Weekly Outlook as per Fibo and Elliot wave

By | July 20, 2014

Last Week we gave Chopad level of 7441, Nifty did all 3 target on upside rewarding trend follower with 200 points. Using the Golden Ratio we were able to predict the Top of Nifty around 7800 Can Nifty form short term top around 7800 ?  Lets analyze how to trade Nifty in next week.

 Nifty Hourly Chart

nifty hourly

Hourly charts shows strong support in range of 7600-7610. Holding the same we can see a bounceback till 7800 odd levels.

Nifty Elliot Wave Analysis

Nifty Hourly EW

As per Elliot wave Theory B wave on hourly charts can get over near 7700-7731   levels and pulback till 7522 odd levels.

Nifty Daily Chart

nifty daily

Nifty is near the gann box resistance line closing above the same 7731/7800 becomes the target.

Nifty Daily Elliot Wave Chart

NIFTY - Daily EW

Daily chart are still trading in 3 Wave and dips till 7422 needs to be bought into.

Nifty Gann Date

Gann Dates

21  July +/1 days is gann turn date and explosive move is round the corner. Last week we gave date of 17 July  +-1  date and we saw explosive upmove on 16 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
  • 7454-7459
  • 7526-7532

Fibonacci technique

Fibonacci fan

nifty ff

As discussed last week 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

7532  which are 23.6  retracement should be watched closely in coming week.

Nifty Weekly Chart

Nifty Weekly Andrew Pitchfork

It was positive week, with the Nifty up by 204  points  closing @7664.This is what we mentioned last week Weekly charts are also showing strong support in range of 7400-7380 use these level to exit shorts. 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:7685

Nifty Resistance:7758,7847,7901

Nifty Support:7640,7590, 7495

 

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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5 thoughts on “Nifty Weekly Outlook as per Fibo and Elliot wave

  1. kk adhikari

    bramesh sir. i want to know about gann time. can u tell me every thing about it

  2. Bramesh Post author

    Thanks Vijay Corrected the Typo Error.

    Rgds,
    Bramesh

  3. Vijay

    Hi Bramesh, Thank you for detailed analysis. I have two questions –
    1. Under ‘Nifty Gann Date’ it is given that on 17th there was a explosive move. What is meant by explosive move? If I understand it as a big move, on 16th there was a big move than on 17th. 16th trade range is bigger than 17th.
    2. Under Gap theory it is mentioned that ‘For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400’. But the gaps listed are 6 and the range is current one. Is this a typo mistake?

    Thank you again!!

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