Last week we gave Nifty Chopad level of 8026 and Nifty did 3 target of upside rewarding chopad followers by 179 points and in process making new life highs. Next week is Holiday shortened week as 4 Nov and 6 Nov are trading holiday and NSE doing disaster recovery so live data feed will not be avilable to most of traders. We were able to catch the bottom of Nifty as per Nifty signal bottom formation, FII FnO Data Analysis Lets analyze how to trade in expiry week.
Nifty Hourly Chart
Nifty Hourly charts has been on tear and rising like a phoenix with out signifcant correction,Maximum correction seen on hourly charts is 26 points, if any correction is more than 26 points signify we can see pause in current trend and see profit booking also, Strong support now exists at 8200 and time correction will be seen next week.
Nifty Hourly Elliot Wave Chart
Hourly EW is shown and 8355/8364 needs to be seen very closely unable to close over can see correction till 8300/8266.
Nifty Daily Chart
Nifty daily chart is also entering confluences of trendline zone,8355 will play an important resistance strong support @ 8200.
Nifty as per harmonic pattern seems to have covered maximum move of this current rise, We see maximum rise of 650 in upmove we have done 604 points in 10 trading session so upmove will come to an end, Also as show in above chart Nifty has reached the top end of grey box upside is limited we can see decline of 200/300 points in nifty by 20 November.
Nifty Daily Elliot Wave Chart
Daily chart are is showing 4 wave completed @7723 and V wave has started target comes @ 8660.
Nifty Gann Date
As per time analysis 06 November is Gann Turn date , except a impulsive around this date. Last week we gave 29 October is Gann Turn date and Nifty was up by 80 points on that day.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 7000-7800
As per gann fan 8355 is coming up as resistance .
Nifty Weekly Chart
It was positive week, with the Nifty up by 307 points closing @8322. As per Harmonic Weekly chart nifty has reached the grey box upper end on weekly chart also so time to be cautious as we can see sideways move with a negative bias in coming 2 weeks.
Trading Monthly charts
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:8355
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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