Last week we gave Chopad Levels of 8840 and discussed nifty is ready for pre budget rally but last week Nifty on Weekly basis has the smallest range in past 15 years. Weekly Range was just 120 points and the expected Pre Budget rally was not seen. We saw a roller coaster ride in last week with Nifty and Bank Nifty swinging wildly and both indices in small range. Coming week has 6 trading session as market will remain open on Saturday as Union Budget will be presented. I have discussed which traders can use as an Input to their trading plan for coming week Stock Market Response to past Union Budget and Option Trading Strategy for Union Budget 2015 .Lets analyze how to trade next week.
Nifty Hourly Chart
Nifty Hourly charts has taken support at its 21 HEMA on downside and is near strong trendline resistance on upside from where Nifty has turned back 2 times before, Closing above the same will lead to short covering and market moving towards All time High of 8996. Unable to cross dip can be seen till 8700 odd levels.
Nifty Hourly Elliot Wave Chart
Elliot wave chart on Hourly is shown above suggesting 8806 will play a crucial role in coming week.
Nifty Gann Box
Nifty is stuck in green and yeallow line of gann box, price action near this should be closely watched. Breaking of Yeallow line @8920 will lead to breakout on upside and break of green line can see 8700/8650 on downside.
Nifty Harmonic Pattern
Nifty is forming a Butterfly pattern again unable to cross 8930 can lead to small pullback, any close above 8930 invalidates the pattern and nifty will march towards all time high.
Nifty Daily Elliot Wave Chart
As discussed in last week analysis 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. Market gave the expected dip 2 weeks before and we saw swift recovery, hopefully traders and investors got oppurtunity to take exposure to stocks.
Nifty Gann Date
Nifty As per time analysis 24 Feb/28 Feb is Gann Turn date , except a impulsive around this dates. Last week we gave 18 Feb/20 Feb Day and Nifty saw a volatile move on both the days .
Nifty Gann Emblem
Nifty did not reacted to Gann Emblem date on 16 Feb last week went very neutral so can see big move in coming week.
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 is now going towards higher end. As per Fibo retracement theory Nifty broke at 78.6% retracement @ 8884 and break above 8884 can see move towards 9000.
Nifty Weekly Chart
It was positive week, with the Nifty was up by 28 points closing @8833 forming a DOJI candelstick pattern, holding above 8920 heading towards trendline resistance on weekly basis. As per time analysis next week we can see big move.
Trading Monthly charts
Nifty reacted from its lower trendline support of Monthly channel break of 8900 can see move towards 9200.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8850
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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