Last week we gave Nifty Chopad level of 8620 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 meet its trendline support@ 8500,Breaking the same we can see another round downmove move till 8434/8400,Holding the same new high on cards.
Nifty Hourly Elliot Wave Chart
EW on Hourly chart is shown above Holding 8520 we can see upmove till 8630/50.
Nifty Daily Chart
Nifty daily chart with Vortex Indicator is shown above, which is approaching the neutral line , Till 8500 is not broken uptrend continues Trendline confluence comes @ 8660/8680 levels.
Nifty continued with its impulsive rise with 33 days of rise and moving up 904 points, if 8627 is broken the rise can continue with 8710/8723odd levels.Breaking of 8500 and closing below it on weekly basis we could have made a short term top.Nifty daily chart has turned into sideways mode with formation of Grey bar.
Nifty Daily Elliot Wave Chart
Daily chart are is showing 4 wave completed @7723 and V wave has started target comes @ 8660, correction will be part of the rise so use dips till 8450/8500 to enter.
Nifty Gann Date
As per time analysis 08 December +1 is Gann Turn date , except a impulsive around this date. Last week we gave 01 December is Gann Turn date and Nifty showed expected move with formation of high@ 8623 and correcting till 8545.
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
8680/8700 should be watched closely on upside and 8450/8430 on downside.
Nifty Weekly Chart
It was negative week, after 6 positive week in a row with the Nifty down by 50 points closing @8588 . Weekly time frame as per Harmonic is still in Buy on Dip mode. Nifty will enter new time quadrant next week, will be interesting to watch the price analysis on next week.
Trading Monthly charts
December have been favorite month for bulls as seen in above chart so can we see 9000 Nifty.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8546
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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