Last week we gave Chopad Levels of 8546 , Nifty did 3 target on downside rewarding chopad followers. Lets analyze how to trade market in coming week.
Nifty Hourly EW Chart
Nifty hourly chart as per EW analysis should compelte abc correction in range of 8173/8195 and next price action to be seen around these levels.
Nifty gunner shows support in range of 8105-8095 around the green arc. Resistance above the gann 1*2 line/
Nifty Gann Box
Gann Box on daily chart is shown above suggesting resistance in range of 8356 levels.Strong support at 2×1 line at 8156/8140 levels,
Nifty Supply and Demand
8124 is where demand zone starts.
Nifty Harmonic Analysis
Nifty as per Harmonic Analysis the current bottom once formed and if 7940 is held can lead to big rally in September month.
Nifty Gann Date
Nifty As per time analysis 24August/27 August is Gann Turn date , except a impulsive around this dates. Last week we gave 19 August/21August Nifty saw a volatile move .
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
38.2% again will act as resistance and support at 23.6% as resistance as shown above.
8154/8093 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 218 points closing @8299 forming hammer candlestick pattern , and closing above its 55 WEMA and below its 20 WEMA and held its trendline support as shown in above chart. We are still in Bullish time cycle from 14 June till mid September, correction in between should be bought into with proper risk management.
Trading Monthly charts
Monthly chart after 2 Month of hammer candlestick,saw a bullish candlestick, and again nifty took support @78.6 % if low held we should see nifty moving above 8650 in medium term.
Nifty PE @22.99 , so atlast seeing some correction in valuation
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8173
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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