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 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
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 is heading towards yeallow/red line of gann box, price action near this should be closely watched.
Nifty Harmonic Pattern
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
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
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.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 7000-7800
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 Weekly Chart
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.
Trading Monthly charts
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
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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