Last week we gave Chopad Levels of 8627 , Nifty got stopped out on long side and rewarded chopad followers on downside meeting 2 targets. 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 8460/8480 odd levels.
Nifty Hourly Elliot Wave Chart
Hourly charts on Elliot wave shows are showing upside possibility, upside move can be seen till 8884/8900 once 8665 is crossed and sustained. Break down below 8460 can see nifty moving near 8400/8370 odd levels.
Nifty Pyrapoint Analysis
This is what we discussed last week 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
Low made was 8498 and High 8654 both in pyrapoint range, Now 8500/8460 range should be watched for further move.
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 closed below support zone, need to see if we see follow downmove.
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.
Nifty Gann Date
Nifty As per time analysis 27 July/01 August is Gann Turn date , except a impulsive around this dates. Last week we gave 24/27 July Nifty saw a volatile move .
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
61.8% again added as resistance as shown above.
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 negative week, with the Nifty down by 88 points closing @8521, and closing above its 20/55 WEMA and unable to cross its trendline resistance as shown in above chart. Time Analysis of showing positive move after 14 June worked perfectly
Gunner weekly charts reacted perfectly resistance @grey line as shown in above chart.Support at green arc
Trading Monthly charts
Monthly chart after 2 Month of hammer candlestick, bullish till 8370 is held.
Nifty PE @23.67 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:8500
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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