How will Nifty react to economic and political news flow ?

By | October 19, 2014

Last week we gave  Nifty Chopad level of 7883 and Nifty did 2 target of downside rewarding chopad followers by 151 points. Nifty witnessed a volatile week due to wild swings seen in global markets. Tomorrow market will open reacting to both political and economic news. Diesel deregulated, natural gas price hiked and BJP set to form government in both Maharashtra and Haryana and taking Modiji dream of “Congress Mukt Bharat” one step closer. Lets see how to trade market next week. 24 October  is again a trading holiday.

 Nifty Hourly Chart

nifty hourly
Nifty Hourly charts 21/34 EMA have gone flat, trendline support exists @ 7723/30  range, Bulls will get active above 7843 for initial target of 7920 and 8026 .Bears will get active below 7723 for target of 7610/7540.

 

Nifty Hourly Elliot Wave Chart

Nifty Hourly EW

Hourly EW is showing correction seems to get to over and initial move can be seen till 7920.

 

Nifty Daily Chart

nifty daily

Nifty daily chart is shown with both short and medium term trendline, next week is very crucial as any break of trendline,also 100 DMA  can put a break to current bull run

 Nifty Harmonic

Nifty Daily Bias

Nifty daily chart bias is still in neutral zone so investors can use this dip to buy into quality stocks. BAT Harmonic pattern also seems to get over so holding 7723 nifty can see a pullback till 7923.

Nifty Daily Elliot Wave Chart

NIFTY - Daily EW

Daily chart are is showing 4 wave is still on completion around 7724 and bounceback can be seen as part of 5 wave  till 8150/8200 in next 2 week.

Nifty Gann Date

As per time analysis 20 October is Gann Turn date , except a impulsive around this date.

 Nifty Gaps

Drive Wealth

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

Fibonacci technique

Fibonacci fan

nifty ff

As per gann fan 7723 is support nifty took support at this level and 8000 is coming up as resistance as per gann fan.

 

 

Nifty Fibonacci Retracement

nifty fibo

7784 which is 61.8 Fibo retracement levels needs to be watched closely in coming week.Holding the same we can see a good bounce till 7960 levels.

Nifty Weekly Chart

nifty weekly

It was negative week,fourth in row  with the Nifty down by 80 points  closing @7979 . As per Harmonic Bias as seen in above chart, first time after 6000 and 31 week we are seeing trend change from Bullish to Neutral, so expect choppy/sideways move till the Harmonic Bias turn back to Bullish zone ie, Weekly candle turns back to green.Nifty has broken  AF support zone closing below this for coming week also weekly trend can turn down and holding the same fast and furious pullback can start, need to see if we can bounceback this time also. New Time cycle will start from next week.

Nifty Weekly Timeline 

 

Trading Monthly charts

nifty monthly

Bulls need to protect the recent low of 7723 for rest of days for bullish moves to continue.

 Nifty Weekly Chopad Levels

 

Nifty Trend Deciding Level:7896

Nifty Resistance:7945,8026,8156

Nifty Support:7850,7810,7730

Chopad levels have been modified as per SGX opening

 

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 “How will Nifty react to economic and political news flow ?

  1. Publcum

    Could you please elaborate what precisely “chopad” means. It’s difficult to find a definition for it. Thanks.

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