Last week we gave Nifty Chopad level of 8546 Nifty made high of 8627 and came down till 8504 did 1 target on downside,Nifty continued with its upward journey and make new life highs but closed negative on weekly basis after 6 straight weekly rise.Lets see how to trade next week.
Nifty Hourly Chart
Nifty Hourly charts has broken its trendline @8300 and is now heading towards 8171/8180 range , if held we can see bounceback in nifty.
Nifty Hourly Elliot Wave Chart
Elliot wave chart on Hourly is shown above suggesting correction is on verge of completion and we can see bpunceback till 8300 levels.
Nifty Daily Chart
Nifty daily chart with Gann Box is shown above. Its heading towards 50% support of gann box, holding the same bounceback else the trend continues on downside.
Nifty daily chart as shown above has entered in BUy on dips mode, Harmonic pattern shows correction is coming to an end.
Nifty Daily Elliot Wave Chart
As per EW more legs are left to the rally use dips to take exposure to quality large and mid caps stocks.
Nifty Gann Date
As per time analysis 16 December +1 is Gann Turn date , except a impulsive around this date. Last week we gave 08 December is Gann Turn date and Nifty showed expected move with a 100 points downmove.
Nifty Gann Emblem
22 Dec and 16 Jan are very important date as per Gann Embelm.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 7000-7800
8168/8181 should be watched closely on upside and 8350/8400 on upside.
Nifty Weekly Chart
It was negative week, with the Nifty down by 314 points closing @8224 . Weekly time frame as per AF?Harmonic suggests Nifty is entering a support zone so shorts can start booking profits. Nifty started the new time cycle with a negative week. So bias remains bearish till this cycle do not get complete.
Trading Monthly charts
December Bulls need to protect 8150 and bears any close below 8100 can put a dent to this rally.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8205
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.Please also read the detailed Disclaimer mentioned in the Right side of Blog.
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