AAP Exit Poll Effect,Will Stock Market form short term bottom

By | February 8, 2015

Last week we gave Chopad Levels  of 8806 Nifty did 2 target  on downside. We saw a roller coaster ride in last week with Nifty and Bank Nifty swinging wildly and both indices closing in red for 6 days in a row feat which was last achieved in 09-17 Dec 2013. Here is my analysis on How will market react to AAP win  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 8630/8590 , breaking the same correction can run deep, able to hold another attempt will me made for 8840/new highs.

 Nifty Hourly Elliot Wave Chart

Nifty Hourly EW

Elliot wave chart  on Hourly is shown above suggesting correction can resume if 8611/8590 is broken and closed below it. Holding 8590 can see move back towards 8900.

 

Nifty Gann Box

NIFTY - Gann Box

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

 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 09 Feb/12 Feb  is Gann Turn date , except a impulsive around this dates. Last week we gave 02 Feb +1 Day  and Nifty saw a volatile move on that day .  Also we mentioned Feb 5 and saw major volatility in market on that day 🙂

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

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 38.2% retracement @ 8641 unable to hold heading towards 8590/8400 odd levels as shown below.

nifty fibo

 

Nifty Weekly Chart

nifty weekly

It was negative week, with the Nifty down by 147  points  closing @8661, in continuation with last week correction after touching the upper trendline resistance.

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:8676

Nifty Resistance:8715,8786,8840

Nifty Support:8590,8520,8400

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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4 thoughts on “AAP Exit Poll Effect,Will Stock Market form short term bottom

  1. Bramesh Post author

    As Weekly close was below 8888 still need to wait for final confirmation.

    Rgds,
    Bramesh

  2. tanovice

    Bramesh Ji, nifty had crossed over 8888 levels for more than 2 days on 28th, 29th and 30th of January…so ideally we should now be xpecting 9200/9500 levels as per your harmonic pattern..

  3. Vallinayagam

    Sir, all your analysis are excellent.. Could you please post on individual stocks like ICICI Bank & Havells for a buy in F&O..Thanks

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