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
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
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 is near the gann box resistance line closing above the same 7731/7800 becomes the target.
Nifty Daily Elliot Wave Chart
Daily chart are still trading in 3 Wave and dips till 7422 needs to be bought into.
Nifty Gann Date
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.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400
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
7532 which are 23.6 retracement should be watched closely in coming week.
Nifty Weekly Chart
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.
Trading Monthly charts
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 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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