Last week we gave Chopad Levels of 8806 and discussed nifty is ready to make short term bottom on AAP Win How will market react to AAP win Nifty did 3 target on upside. We saw a roller coaster ride in last week with Nifty and Bank Nifty swinging wildly and both indices closing at weekly high and setting ground for pre budget rally.Lets analyze how to trade next week, Tuesday is Trading holiday on account of Maha Shivratri.
Nifty Hourly Chart
Nifty Hourly charts has broken its both 21/34 HEMA on upside and is near strong trendline resistance from where Nifty has turned back 3 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 8843 will play a crucial role in coming week.
Nifty Gann Box
Nifty is heading towards yeallow line of gann box, price action near this should be closely watched.
Nifty Harmonic Pattern
Nifty is forming a Butterfly pattern again unable to cross 8843 can lead to small pullback, any close above 8843 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 and we saw swift recovery, hopefully traders and investors got oppurtunity to take exposure to stocks.
Nifty Gann Date
Nifty As per time analysis 18 Feb/20 Feb is Gann Turn date , except a impulsive around this dates. Last week we gave 09 Feb/12 Feb Day and Nifty saw a volatile move on that day .
Nifty Gann Emblem
16 Feb important date as per Gann Emblem. Lets see what market has in store for us.
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 61.8% retracement @ 8795 and break above 8840 can see move towards 9000.
Nifty Weekly Chart
It was positive week, with the Nifty was up by 144 points closing @8805, holding above 8700 heading towards trendline resistance on weekly basis. As per time analysis next 2 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:8840
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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