Nifty near Trendline resistance, Weekly Forecast

Last week we gave Chopad Levels  of 8416 , Nifty opened with gap down and show a swift recovery from the lows and gave a long entry to Chopad followers on Monday and did all 3 target on upside. Lets analyze how to trade market in coming week as we have many index heavyweight declaring results.

Nifty Hourly Chart

nifty hourly

 Nifty hourly chart with gann box is shown above, breakout comes above 8665 and support exits near 45 degree gann line around 8570/8560 odd levels.

Nifty Hourly Elliot Wave Chart

Nifty Hourly EW

Hourly charts on Elliot wave shows are showing 2 extreme possibility, upside move can be seen till 8884/8900 once 8865 is crossed and sustained. Break down below 8540 can see nifty moving near 8300 odd levels.

Nifty Pyrapoint Analysis

NIFTY - Pyrapoint

As per Pyrapoint Analysis 8650 needs to be crossed and sustained for move in next quadrant and move towards 8787/8800 odd levels.Support at 8500

 Supply Demand Zone

Supply Demand

Nifty has crossed above the supply zone at 8561/8570 heading towards supply zone of 8720/8740.


Nifty Gunner

Nifty Gunner

Holding Gunner horizontal line heading towards 8720/8750 odd levels, else touch of 2*1 line is on cards break below 8570


Nifty Gann Box

NIFTY - Gann Box

Gann Box on daily chart is shown above suggesting resistance in range of 8690/8700 levels.Strong support at 2×1 line at 8535.

Nifty Daily Elliot Wave Chart

NIFTY - Daily EW

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.

Nifty MML

Nifty MML

Heading towards blue MML pivot line @8750.

Nifty Gann Date

Nifty As per time analysis  20/24 July is Gann Turn date , except a impulsive around this dates. Last week we gave   14 July Nifty saw a volatile move .

 Nifty Gaps

For Nifty traders who follow gap trading there are 15 trade gaps in the range of  7000-9000

  • 7067-7014
  • 7130-7121
  • 7276-7293
  • 7229-7239
  • 7454-7459
  • 7526-7532
  • 7598-7568
  • 7625-7654
  • 7780-7856
  • 7927-7940
  • 8174-8195
  • 8091-8102
  • 8454-8462
  • 8523-8542
  • 8937-8891


Fibonacci technique

Fibonacci fan

nifty ff

Heading towards 78.6% retracement if 61.8% is held as per Fibo Fans.

nifty fibo

8500/8527/8652/8665/8845 is fibo retracement as shown above are important level to be watched in coming week

Nifty Weekly Chart

NIFTY - Weekly Trendline

It was positive week, with the Nifty up by 250  points  closing @8610 forming bullish engulfing, and closing above its 20/55 WEMA and also heading towards its trendline resistance as shown above.  Time Analysis of showing positive move after 14 June worked perfectly

Nifty Weekly Timeline



Weekly Gunner

Weekly Gunner

Gunner weekly charts bounced perfectly from horizontal line and resistance @grey line as shown in above chart.

Trading Monthly charts

nifty monthly

Monthly chart after 2 Month of hammer candlestick, bullish only above 8370.

Nifty PE


Nifty PE @23.87 is heading in result season with expensive valuation, lets see what result season has in store to justify these hefty valuation.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8627

Nifty Resistance:8665,8716,8800

Nifty Support:8546,8500,8462


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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  1. Bramesh said:

    once position is triggered and carried forward the next day you can keep sl based on ur risk management

    July 20, 2015
  2. Bramesh said:

    yes it short as per chopad level

    July 20, 2015
  3. Bramesh said:

    Bullish above chopad levels and bearish below that.

    July 20, 2015
  4. Preet said:

    Next week seems to be tricky one expect some volatility as Nifty spot will try to hit key resistance 8672.If nifty unable to close above 8672 level expect a small correction to 8500 levels.

    July 19, 2015
  5. rajveer said:

    Thank you for the comprehensive analysis, we are nearing the .618 retrace from 7940 to 9119 so could be a problem for the market to cross 8650. Also P/E nearing 23.5. Looking for a top in this rally.

    July 19, 2015
  6. Dhiraj said:

    Nifty has moved up from 7940 in rising wedge pattern, for this to validate it should stay below 8670 and head towards 8000 in coming days, atleast 8300 is on cards….

    July 19, 2015
  7. Thanks for the analysis bramesh ji. Please correct levels in Elliot wave analysis
    Hourly charts on Elliot wave shows are showing 2 extreme possibility, upside move can be seen till 884/8900 once 8865 is crossed and sustained.

    July 19, 2015

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