Last week we gave Chopad Levels of 8450 ,Nifty did 3 target on downside rewarded Chopad followers . Nifty form Bearish Engulfing on Weekly and Inverted Hammer on Daily chart Lets analyze how to trade market in coming week.
Nifty Hourly Chart
Nifty Hourly charts with gann angles are drwan,Nifty took support @8×1 gann line and resistance lies @4×1 @8350. Break of 8057 can see move towards 8016/7961 odd levels.
Nifty Hourly Elliot Wave Chart
Hourly charts EW target comes @8016 and if held can see move towards 8300/8450
Nifty Pyrapoint Analysis
As per Pyrapoint Analysis able to sustain above its 90 degree line, suggesting move towards its 112.5 degree line which lies near 7961.Resistance @45 degree line @8232.
Nifty Market Profile
Nifty as per market profile if unable to cross 8210 downside is still present. Bullish above 8210 for short term target of 8338.
As per gunner nifty is still holding 2×1 gunner line if held bulls have hope for target of 8232/8338.
Nifty has completed the BAT pattern on downside.
Nifty Daily Elliot Wave Chart
As per EW more legs are left to the rally use dips around 8000/7900 to take exposure to quality large and mid caps stocks. NO leveraged positions this for cash market traders.
Unable to cross 8126 short term target 7971. Holding above 8126 short term target 8281.
Nifty Gann Date
Nifty As per time analysis 08 June/10 June is Gann Turn date , except a impulsive around this dates. Last week we gave 02 June/05 June Nifty saw a volatile move .
For Nifty traders who follow gap trading there are 14 trade gaps in the range of 7000-9000
Close at 23.6% retracement zone heading towards 38.2%
Nifty Weekly Chart
It was negative week, with the Nifty down by 318 points closing @8114 , and closing below its 20 WSMA and above its 55 EMA. Nifty Weekly formed bearish engulfing pattern on weekly charts. Nifty has seen lowest closing of 2015. Break of 8056 can see move towards 7997/7961/7910. Holding the low can see nifty moving intital move towards 8232 and 8310. As per time analysis next cycle till 14 June will be neutral to bearish.
Gunner weekly charts also suggests nifty moving towards green arc , unable to hold the green arc can see nifty moving towards the horizontal line.
Trading Monthly charts
Monthly chart broke 23.6 % retracement.
As per PE ratio has again down to 22.49, Result season finally showed effect and nifty corrected almost 5% from 23 odd levels.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8156
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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