Last Week we gave Chopad level of 7620, Nifty did 2 target on upside. Resurfacing of Geopolitical risk and bad macro data was not able to stop the bull rally, Now we are near the crucial zone of 7800-7840 which will be fought fiercely between both bulls and bears. Lets analyze how to trade Nifty in coming week.
Nifty Hourly Chart
Nifty Hourly charts shows have been trading in a channel, now currently trading near the channel top which is around 7820-7840, any break above it nifty can head towards 7900 odd levels. Bearish only below 7770.
Nifty Elliot Wave Analysis
Nifty is currently in its C wave in hourly charts, short term target comes @ 7638.
Nifty Daily Chart
Nifty is approaching the yeallow line of Gann Box, Close above 7820 only we will see new high else fall back till 7638 is on cards.
Nifty Daily Elliot Wave Chart
Daily chart are still trading in 3 Wave and dips till 7540 needs to be bought into.
Nifty Gann Date
18 Aug + 1 days is gann turn date and explosive move is round the corner. Last week we gave date of 14 Aug +-1 date and we saw explosive upmove on 14 Aug
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 7000-7800
NIfty took exact support at Gann Circle and bounced now approaching the resistance level of Gann circle,so pullback can start if Nifty is unable to close above 7820-7840 range.
Nifty Fibo Fan
7820-7840 needs to be closely watched as per gann fan also.
Nifty Weekly Chart
It was positive week, with the Nifty up by 223 points closing @7791 . Nifty took exact support near Andrew Pitchfork support line and bounced back. For 9 weeks Weekly Charts are trading in a range of 7422-7808. So a big move is round the corner.
Trading Monthly charts
Bulls will have to save 7422 for momentum to build in August Month as July Series formed a spinning top pattern.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7801
Nifty Support:7729,7660, 7600
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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