Nifty Forms Evening Star pattern,Weekly Analysis

By | March 15, 2015

Last week we gave Chopad Levels  of 8936  Nifty opened at 8891 below chopad levels and  did 2 target on downside rewarding Chopad followers with 170 points. Last week is the biggest weekly loss for CY2015 . Lets analyze how to trade next week.

 Nifty Hourly Chart

nifty hourly

Nifty Hourly charts has broken its trendline support and trading well below 21/34 EMA,If we draw 16×1 gann line as shown in above chart support comes in range of 8542-8555 Nifty.

 Nifty Hourly Elliot Wave Chart

Nifty Hourly EW

Elliot wave chart  on Hourly is shown above suggesting 8601 will play a crucial role in coming week.

 Nifty Market Profile

Market Profile

As per Market Profile 8601  should be watched in coming week, Holding the same bounce back can be seen till 8723 odd levels. Weakness will creep below 8601  levels for 8542/8460 odd levels.

 

 Nifty Daily

Nifty Trendline

Nifty has closed below its 50 SMA, and broken its trendline so next week we need to see follow up move. Can the fall get extended till 100 SMA which has given support 3 times in past.

Nifty Correction

Nifty Correction

All the correction which has happened in current bull market has been market. Last correction from 8996 to 8470 was 526 points was for 8 days , current correction started from 9119 also completes 8 day on 16 March so we need to watch closely 8593(9119-526) level in coming week.

Nifty Harmonic

Nifty Harmonic

As discussed last week, Nifty obliged us Nifty has completed its Butterfly pattern with move till 9119 and move till 8600 is on cards as per harmonic analysis.

Nifty Daily Elliot Wave Chart

NIFTY - Daily EW

As per EW more legs are left to the rally use dips around 8500/8460  to take exposure to quality large and mid caps stocks. NO leveraged positions this for cash market traders.

Nifty Gann Date

Nifty As per time analysis 16/20 March  is Gann Turn date , except a impulsive around this dates. Last week we gave 10/12 Mar Day  and Nifty saw a volatile move on both the days .

 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
  • 8937-8891

Fibonacci technique

Fibonacci fan

nifty ff

Nifty broke its Fibo fan support so next week we need to see do we get the follow up move.

 

Nifty Weekly Chart

nifty weekly

It was negative week, with the Nifty down  by 290  points  closing @8747 forming a Evening Start candlestick pattern, and breaking its trendline support and heading towards its 20 WSMA @8544 which has given support in past 3 times as seen in above chart.Also we are entering a new time cycle from 09March-27 March which will be highly volatile so trade cautiously.

Nifty Weekly Timeline 

 

Trading Monthly charts

nifty monthly

Monthly lower trendline support @8540/8555.

Nifty PE

Thanks to Ganesh K for helping me on PE chart

PE

As per PE ratio we are entering to higher end of 24. 28 is bubble category which was formed in 2000/2008, Still away from Bubble valuation but need to caution on delivery position.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8595

Nifty Resistance:8676,8723,8800

Nifty Support:8546,8465,8416

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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8 thoughts on “Nifty Forms Evening Star pattern,Weekly Analysis

  1. Bramesh Post author

    Thanks for your views Ankit !!

    Rgds,
    Bramesh

  2. Bramesh Post author

    Please read the post very clearly explained.

    Rgds,
    Bramesh

  3. Rajan

    market will be influenced by fed meet on 17 and 18th

  4. Ankit Khemka

    Hi Bramesh, am a keen follower of yours.. on this latest Nifty weekly analysis, if the Nifty has formed a true evening star pattern on the weekly chart, that is a cause for great concern as that will invariably lead to a significant correction in the nifty (maybe greater than 15%). However, I should point out that the nifty has not formed a true Evening Star pattern because for that, we need a large real white body followed by a small star body followed by a large real black body. However, in this case the Nifty has a small white body (with a large lower shadow) to start with, hence not a true Evening Star. This is great news for everyone 🙂
    You are doing a fantastic job and I have recommended your blog to a number of people and believe me, they all don’t miss a single post 🙂

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