Last week we gave Nifty Chopad level of 7966 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.Next week 7784 needs to be closely watched any close below it can see a sharp decline to 7655. Lets see how to trade market next week. 15 October is again a trading holiday.
Nifty Hourly Chart
Nifty Hourly charts 21/34 EMA have gone flat, trendline support exists @ 7784/7800 range, Bulls will get active above 7972 for initial target of 8100 and 8175.Bears will get active below 7784 for target of 7725/7655.
Nifty Hourly Elliot Wave Chart
Hourly EW is showing correction can be seen till 7794 range and bounceback to 7940 range.
Nifty Price Channel
As per Price Channel concept Nifty is entering in zone of demand as seen in above chart holding the same upmove can be seen towards the highs of channel.
Nifty Daily Chart
Nifty daily chart is shown with both short and medium term trendline, next week is very crucial as any break of trendline can put a break to current bull run.
Nifty daily chart bias is still in neutral zone so expect some range bound volatile move in nifty in coming week.
Nifty Daily Elliot Wave Chart
Daily chart are is showing 4 wave is still on completion around 7784/7655 and bounceback can be seen as part of 5 wave till 8150/8200 in next 2 week.
Nifty Gann Date
As per time analysis 15 October is Gann Turn date , except a impulsive around this date. Now as 15 is Holiday so 13 or 16 we will see the expected move. Last week we gave 07 Oct and nifty gave good correction on that day
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 7000-7800
7841-7850 needs to be closely watched as per gann fan support.Resistance @ 8130.
Nifty Fibonacci Retracement
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
It was negative week, with the Nifty down by 85 points closing @7859 . 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 is back again to AF support zone where it bounce back last time, need to see if we can bounceback this time also. New Time cycle will start from next week.
Trading Monthly charts
Bulls saved 7950 on Monthly levels, also forming a spinning top pattern, Now as seen in above chart this month we can see a good upmove going by Historical pattern of this bull run.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7883
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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