Has Nifty formed short term top, Weekly Analysis

By | January 31, 2015

Last week we gave Chopad Levels  of 8806 Nifty did 2 target  on upside. We saw a roller coaster ride in last week with Bulls were on front foot till Thursday and Friday was the day Bears came back strongly, So have we formed short term top or start of new correction. RBI policy next week on 3 Feb  will keep traders alert.  Lets see how to trade nifty in coming week.

 Nifty Hourly Chart

nifty hourly
Nifty Hourly charts has broken its both 21/34 HEMA as nifty was unable to cross its trendline resistance, Now nifty is at crucial support of 8774/8754 , breaking the same correction can run deep, able to hold another attempt will me made for new highs.

 Nifty Hourly Elliot Wave Chart

Nifty Hourly EW

Elliot wave chart  on Hourly is shown above suggesting correction can resume if 8754 is broken and closed below it. Holding 8754 can see move back towards 8900.

 

Nifty Daily Chart

nifty daily

Nifty has reacted last Friday from its long term resistance line as seen in past occasion nifty will try to touch its lower end of trendline which comes around 8350/8300 odd levels.

 Nifty Harmonic Pattern

Nifty ABCD

After completion of bullish butterfly pattern Now Nifty is forming a bearish ABCD pattern so longs should trade cautiously, as 8888 will play very crucial now. Any close above it for 2 days we can see up move till 9200/9500, Unable to close above it we can see downfall till 8600/8350 in medium term.

As discussed in last analysis market oblized us.

 

Nifty Daily Elliot Wave Chart

NIFTY - Daily EW

As per EW more legs are left to the rally use dips around 8300/8400  to take exposure to quality large and mid caps stocks.

Nifty Gann Date

Nifty As per time analysis 02 Feb +1 day is Gann Turn date , except a impulsive around this date. Last week we gave 28 Jan +-1 Day  and Nifty formed short term top on that day only forewarning of correction.  As per gann theory Feb 5 needs to be closely watched  apart from turn date.

Nifty Gann Emblem

 Gann Embelm

16 Jan are very important date as per Gann Emblem. RBI news came 1 day before the gann emblem date Next important day to keep in mind is 16 Feb.

 Nifty Gaps

For Nifty traders who follow gap trading there are 7 trade gaps in the range of  7000-7800

  • 7067-7014
  • 7130-7121
  • 7276-7293
  • 7229-7239
  • 7454-7459
  • 7526-7532
  • 7598-7568
  • 7625-7654
  • 7780-7856
  • 7927-7974
  • 8029-8065
  • 8378-8327
  • 8102-8167
  • 8277-8380
  • 8513-8531
  • 8550-8574
  • 8761-8774

Fibonacci technique

Fibonacci fan

nifty ff

Nifty took exact resistance @ gann fan and is now going towards lower end. As per Fibo retracement theory Nifty took support at 23.6% retracement @ 8776 unable to hold heading towards 8641/8531 odd levels as shown below.

 

nifty fibo

Nifty Weekly Chart

nifty weekly

It was negative week, with the Nifty down by 26  points  closing @8808 forming a gravestone doji pattern, correcting after touching the upper trendline resistance. As discussed in last analysis  Weekly time cycle also started in positive note, its time to be cautious now as Nifty is approaching its trendline resistance in daily, weekly and monthly charts so book some profit in nifty and stocks positions.

Nifty Weekly Timeline 

 

Trading Monthly charts

nifty monthly

Nifty reacted from its upper trendline of Monthly channel we can see dip till 8300/8350 odd levels.

 Nifty Weekly Chopad Levels

 

Nifty Trend Deciding Level:8806

Nifty Resistance:8888,8957,9079

Nifty Support:8723,8680,8600

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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9 thoughts on “Has Nifty formed short term top, Weekly Analysis

  1. Bramesh Post author

    Was bit busy with my training and seminars.

    Yes your understanding is correct.

  2. Sachin

    Hi Bamesh,

    Missed your FII analysis and Stock levels….Hope you are doing well…..

    Thanks for sharing knowledge…

    Query: Nifty closing below 8806 means taking short positions? Trend changes to downwards?

    Regards,
    Sachin

  3. Bramesh Post author

    Please follow the levels mentioned. It gave 100 points on close above 8888 and now below it corrective trend starts.

    Rgds,
    Bramesh

  4. T.Srinivas

    Bramesh ji, Your analysis and guidance is giving us confidence to trade accurately. Your Gann Dates have been spot-on. Please accept our grateful thanks. Your free advice will give you bountiful returns. Thank-you.

  5. Bramesh Post author

    It’s very far for traders 100 point move can change views.

  6. kalai

    market will turn bearish look only if it closes below 8337 levels,,,may i right bramesh sir

  7. H BASAVARAJ

    Nice analysis
    why FII data is missing
    any problem in NSE website
    please keep updating data
    both FII and DII

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