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 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
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
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
Nifty has crossed above the supply zone at 8561/8570 heading towards supply zone of 8720/8740.
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
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
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.
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 .
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
Heading towards 78.6% retracement if 61.8% is held as per Fibo Fans.
8500/8527/8652/8665/8845 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 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
Gunner weekly charts bounced perfectly from horizontal line and resistance @grey line as shown in above chart.
Trading Monthly charts
Monthly chart after 2 Month of hammer candlestick, bullish only above 8370.
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
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.
Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863