Last week we gave Chopad Levels of 8026 ,Nifty made high of 8250.8 meeting our 3 Chopad Level of 8251 and closed at the highest point of the week. We got Stopped out on Monday but were with the trend from Tuesday as soon as Nifty moved above the Chopad level of 8026 and rewarded the Disciplined Chopad followers . Lets analyze how to trade market in coming expiry week.
Nifty Hourly Chart
As discussed last week Also Bull Power indicator is crossing the median line which if sustained can see relief rally coming in market till 8147/8290 odd levels.
Now as per Currently Hourly chart we have confluence of Trendline Resistance and 4×1 gann line @8286-8300 zone, so long should book profit in the zone and wait to see how market react in this zone.Support lies in range of 8176-8150 range.
Nifty Hourly Elliot Wave Chart
Hourly charts on Elliot wave shows 8279 is target for this rise, unable to rise beyond this can again see market falling back.
Nifty Pyrapoint Analysis
As per Pyrapoint Analysis till 8200 is held @90 degree line bulls are in control,can push nifty up till 8351 zone @ 45 degree line once congestion zone of 8280/8300 is crossed. Bear have life below 8150 only.
Supply Demand Zone
Bounced 3 time from Demand zone and once 8351 is crossed big chace of market to rally towards 8432 odd levels in coming days.
Entering a new quadrant in Gunner with green arcs in vicinity time to be cautious on longs, till zone of 8280/8300 not crossed.
As discussed last week Nifty has completed the BAT and ABCD pattern on downside. Holding lows can see bullish upside move.
So we were able to capture bottom now on upside as per above chart some profit booking expected in coming week till 8200/8150 either from 8251 or 8280/8300 zone.
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.
Traders who bought must have bee rewarded.
As discussed last week Unable to cross 7971 short term target 7813. Holding above 8000 short term target 8126/8281.
8283 is MML resistance zone and Support at 8122.
Nifty Gann Date
Nifty As per time analysis 22 June/25 June is Gann Turn date , except a impulsive around this dates. Last week we gave 17 June/20 June Nifty saw a volatile move .
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
Took support @38.2% and bounced back sharply.
8208-8286 is fibo retracement as shown above are important level to be watched in coming week.
Nifty Weekly Chart
It was positive week, with the Nifty up by 242 points closing @8224 , forming Bullish engulfing pattern and closing above its 55 WEMA and below its 20 WSMA. Nifty has bounced sharply 310 points in past 6 trading sessions based on oversold nature of Weekly chart and positive divergence . As per time analysis next cycle from 22-26 June will be Volatile cycle with underlying trend neutral to bullish. Time Analysis of showing positive move after 14 June worked perfectly
Gunner weekly charts bounced perfectly from red arc and horizontal line and resistance @grey line as shown in above chart.
Trading Monthly charts
Monthly chart recovered back to its 23.6 % retracement.
Nifty as bounced from 22 PE ratio and move back towards 22.79 zone.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8251
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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