Nifty Weekly Analysis for Aug F&O expiry

By | August 24, 2014

Last Week we gave Chopad level of 7801, Nifty did  3 target on upside our target was 7945 nifty did a high of 7930 and closing a record high and first time a weekly close above 7900.  Lets analyze how to trade Nifty in August F&O Expiry week.

 Nifty Hourly Chart

nifty hourly

Nifty Hourly charts is forming an expanding triangle formation which is bearish in nature if nifty close below 7900. Break and close below 7900 nifty can see 7800/7750 levels. Above 7932 the pattern in invalidated and 8000 is on cards.

 

Nifty Daily Chart

nifty daily

Nifty daily chart is forming a bearish Wolf Wave pattern with broadening top pattern all this point to bearish scenario which is against the current trend.All this pattern suggest we can see a short term pullback till 7800/7750.  7917 is am important Neo Wave number , closing above it only bull can see 8000, else we can see a downmove. From past 4 trading session nifty is unable to close above 7917.

 

Wave Analysis

Wave Analysis

As per wave analysis 3 swing move have taken 10 days also the range is getting reduced so price balancing act is happening in market.

 

Nifty Daily Elliot Wave Chart

NIFTY - Daily EW

Daily chart are still trading in 3 Wave and dips till 7540 needs to be bought into.

Nifty Gann Date

Gann Dates

As per time analysis next week is very important as Nifty will complete its 1 time cycle on 26 Aug so in this date range major top and bottom can be formed so next week we can see a major swing top or bottom. Also 25 Aug can see some explosive move. Last week we gave date of 18 Aug +1  date and we saw explosive upmove on 18 Aug

 Nifty Gaps

For Nifty traders who follow gap trading there are 7 trade gaps in the range of  7000-7800

  • 7067-7014
  • 7130-7121
  • 7276-7293
  • 7229-7239
  • 7454-7459
  • 7526-7532
  • 7598-7568
  • 7625-7654
  • 7874-7881
  • 7891-7900

Fibonacci technique

Fibonacci fan

nifty ff

7930-7940 needs to be closely watched as per gann fan.

Nifty Fibo Fan

NIFTY - Gann Circle

Nifty is approaching the another gann circle resistance so next week is very crucial.

Fibonacci Extension

nifty fibo

As per Fibo extension 7932 and 7992 are 2 levels are to be seen.

Nifty Weekly Chart

Nifty Weekly Andrew Pitchfork

It was positive week, with the Nifty up by 121 points  closing @7913 . Nifty took exact support near Andrew Pitchfork support line and bounced back. Negative divergence have started coming on weekly charts, break of 7800 can see the divergence come in effect.

Nifty Weekly Timeline 

 

Trading Monthly charts

nifty monthly

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:7932

Nifty Resistance:7968,8026,8118

Nifty Support:7874,7818, 7750

 

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 Analysis for Aug F&O expiry

  1. ramathakur29

    Very Detailed technical analysis.
    For Nifty this is among web’s best website to check complete technical analysis.
    I have become a fan of your technical depth

  2. Gayu

    Hi Bramesh,
    Your analysis is awsm, can you please tell me Nifty August series closing.

  3. Anand

    Hi Bramesh,

    Excellent analysis, Can you explain in a separate article or write up on What is a Chopad level and how to calculate it ? If you ask for Fibonaccci or Gann level , I can explain . But I need to understand this term Chopad or is it Cho pad (two words) , are they hindi words or derived from some other language .? Pls explain

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