Last week we gave Chopad Levels of 8416 Nifty triggered SL on upside and than rewarded discipline traders with 202 points. Lets analyze how to trade Nifty in coming week.
Nifty Hourly Chart
Nifty Hourly charts moved between both support and resistance line in previous week and is trading above its 21/34 HEMA.8231/8242 is the support zone holding the same nifty can move towards 8400/8450 levels.
Nifty Hourly Elliot Wave Chart
Elliot wave chart on Hourly is shown above suggesting upmove can continue further and 8480/8550 will decide further course of action.
Nifty Daily Chart
Nifty daily chart has completed 56 trading days from the low formed on 17-Oct, as per gann theory next week will be very crucial as per time theory, Also Nifty for 3 time has taken support near 100 DMA also forming triangle formation with breakout, breakdown offing in coming week.
Nifty Harmonic Pattern
As per Butterfly harmonic pattern nifty is heading towards new high by Feb holding 7961.
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
Nifty As per time analysis 12 Jan is Gann Turn date , except a impulsive around this date. Last week we gave 06 Jan and Nifty give the biggest fall in the current bull market.
Nifty Gann Emblem
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 and now entering the resistance zone in range of 8420/8440
8294 is 50% retracement closing above it 8372 which is golden ratio needs to be watched closely.
Nifty Weekly Chart
It was negative week, with the Nifty down by 110 points closing @8284 and trading in its uptrending channel . Weekly time frame as per Harmonic suggests Nifty is still in buy on dips mode .
Trading Monthly charts
Uptrending Monthly channel is still on, so new highs can still come.
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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