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 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 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 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
Daily chart are still trading in 3 Wave and dips till 7422 needs to be bought into.
Nifty Gann Date
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.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 7000-7800
NIfty took exact support at Gann fan will it bounce this time like last time.
Nifty Fibo Retracement
7557 which are 23.6 retracement should be watched closely in coming week.
Nifty Weekly Chart
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,
Trading Monthly charts
Bulls will have to save 7422 for momentum to build in August Month.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7636
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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