Last week we gave Chopad Levels of 8286 , Nifty did 2 target on downside and rewarded Chopad followers. Lets analyze how to trade market in coming expiry week.
Nifty Hourly Chart
Nifty Hourly charts has broken on downside and below its 21/34 EMA, till 8309 is not broken trend remains on downside. We are also entering supply area as shown in above chart.
Nifty Hourly Elliot Wave Chart
8120/8140 will play a vital role in coming week, Holding the same we can see 8250/8309 and below it nifty can move to 8065/7965 range.
Nifty Pyrapoint Analysis
As per Pyrapoint Analysis unable to sustain above its 180 degree line, suggesting move towards its 225 degree line which lies near 8105.
Nifty Market Profile
Nifty as per Market profile 8230 should be closely watched in coming week,unable to cross we can see downside till 7905 odd levels
Nifty for 2 day in row has closed below its 200 DMA,suggesting selling pressure at higher levels.
ON Daily chart Nifty Gunner is entering in green arc, any break below 8120 ie break of green arc will see move towards 8000. Holding the same 8309 is on cards.
If butterfly pattern needs to form Nifty should bounce sharply in coming week till 8400/8600.
Nifty Daily Elliot Wave Chart
As per EW more legs are left to the rally use dips around 8200/8165 to take exposure to quality large and mid caps stocks. NO leveraged positions this for cash market traders.
Supply and Demand Zone
Self Explanatory chart for Supply and Demand zone.
Murry Math line support at 8125, break of same can see move towards 7972. 8281 is upper side target as per MML
Nifty Gann Date
Nifty As per time analysis 04 May/06 May is Gann Turn date , except a impulsive around this dates. Last week we gave 27 April Day Nifty saw a volatile move .
For Nifty traders who follow gap trading there are 14 trade gaps in the range of 7000-9000
Nifty Andrew Pitchfork
Holing the median line suggests bulls have hope.
Nifty near its Fibo fan support so next week we need to see do we get the follow up move.
8208 is 78.6% retracement number so keep a eye on this.
Nifty Weekly Chart
It was negative week, with the Nifty down by 123 points closing @8181 , and closing below its 20 WSMA and broken its its weekly channel for second time in 3 weeks suggesting supply pressure at higher levels.Also taking support at its 50WSMA As discussed last week Nifty has broken the red arc of gunner which has bearish implication if nifty do not close above red arc in coming week. Entering new quadrant as per time analysis so exciting week ahead
Trading Monthly charts
Monthly chart took support near 23.6% retracement line.
As per PE ratio has again up to 22.07, Result season is going bad unable to upgrade the earning can see nifty moving in bubble category.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8221
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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