Last week we gave Nifty Chopad level of 8205 Nifty did 3 target on downside and got stop out on upside ,Nifty after making short term bottom @ 7961 is back above 8200 We have Jharkhad and J&K election results coming on 23 Dec and Expiry on 24 Dec .Lets see how to trade next week.
Nifty Hourly Chart
Nifty Hourly charts is approaching its trendline resistance @8306 crossing the same the upmove will continue till 8380/8450 else we might see pullback again towards 8150 odd levels.
Nifty Hourly Elliot Wave Chart
Elliot wave chart on Hourly is shown above suggesting upmove can continue further and 8280/8300 will decide further course of action.
Nifty Daily Chart
Nifty daily chart with Gann Box is shown above. Its heading towards 2X1 resistance of gann box, crossing 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 23 and 24 December is Gann Turn date , except a impulsive around this date. Last week we gave 16 December is Gann Turn date and Nifty showed expected move with a 152 points downmove.
Nifty Gann Emblem
23 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
Nifty took exact support @ gann fan holding the same 8350/8400 is possible on upside.
Nifty Weekly Chart
It was positive week, with the Nifty up by 1 points closing @8225 forming a hammer candlestick pattern . Weekly time frame as per Harmonic suggests Nifty is still in buy on dips mode . Nifty started the new time cycle with a negative week but this week we saw a buying at lows suggesting negative week cycle is getting over.
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:8286
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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