Nifty ready for pre budget rally,Weekly Analysis

By | February 15, 2015

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
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

Nifty Hourly EW

Elliot wave chart  on Hourly is shown above suggesting 8843 will play a crucial role in coming week.

 

Nifty Gann Box

NIFTY - Gann Box

Nifty is heading towards yeallow line of gann box, price action near this should be closely watched.

 Nifty Harmonic Pattern

Nifty ABCD

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

NIFTY - Daily EW

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

 Gann Embelm

16 Feb  important date as per Gann Emblem. Lets see what market has in store for us.

 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
  • 8711-8729

Fibonacci technique

Fibonacci fan

nifty ff

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 fibo

 

Nifty Weekly Chart

nifty weekly

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.

Nifty Weekly Timeline 

 

Trading Monthly charts

nifty monthly

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

Nifty Resistance:8928,8996,9050

Nifty Support:8806,8730,8676

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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7 thoughts on “Nifty ready for pre budget rally,Weekly Analysis

  1. Vinit

    All Eyes at 8840 for tomorrow. Gann Emblem suggests tomorrow to be an important date. So… Will the Eyes meet the Date? Having said that, let’s not speculate. As the master says, just follow the market. Don’t anticipate. Things will fall in place.

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