Nifty Weekly Analysis for RBI Policy

By | August 3, 2014

Last Week we gave Chopad level of 7765, Nifty did  2 target on downside rewarding trend follower with 164 points. Lets analyze how to trade Nifty in RBI Week.

 Nifty Hourly Chart

nifty hourly

Nifty Hourly charts shows have been trading in a channel, now currently trading near  the channel bottom which is around 7540 , any break below it the current uptrend can come to an end, Holding the same we can see new highs again.

Nifty Elliot Wave Analysis

Nifty Hourly EW

Nifty if its held 7581 can see the completion of c wave and rise till 7721 can be seen in next week, before next leg on downside.

Nifty Daily Chart

nifty daily

Nifty is near the gann Box support  as shown in above chart holding above it can see a move till 7721.Closing below the circle short term target comes around 7420.

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

05 Aug +/1 days is gann turn date and explosive move is round the corner. Last week we gave date of 29 July  +-1  date and we saw explosive upmove on 30 July.

 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
  • 7717-7721

Fibonacci technique

Fibonacci fan

nifty ff

NIfty took exact support at Gann fan will it bounce this time like last time.

Nifty Fibo Retracement

nifty fibo

7557  which are 23.6  retracement should be watched closely in coming week.

Nifty Weekly Chart

Nifty Weekly Andrew Pitchfork

It was negative week, with the Nifty down by 190 points  closing @7602. Now Nifty is near its Andrew Pitchfork support line and Holding the  same bounceback can start,

Nifty Weekly Timeline 

 

Trading Monthly charts

nifty monthly

Bulls will have to save 7422 for momentum to build in August Month.

 Nifty Weekly Chopad Levels

 

Nifty Trend Deciding Level:7636

Nifty Resistance:7670,7721,7800

Nifty Support:7555,7480, 7420

 

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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One thought on “Nifty Weekly Analysis for RBI Policy

  1. Kumar

    Can we see a bounce back To 7720 before or by RBI meet ..!!

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