Nifty trades near Supply Zone@ 8589, Weekly Forecast

Last week we gave Chopad Levels  of 8500 , Nifty did 1 target on upside and 1 target downside. Coming Week we have IIP/CPI Data coming which will keep market participants on the edge. Lets analyze how to trade market in coming week.

Nifty Hourly Chart

nifty hourly

 Nifty hourly chart with gann box is shown above, breakout comes above 8610 8×1 line and support exits near 3×1  degree gann line around 8550/8540 odd levels.


Nifty Pyrapoint Analysis

NIFTY - Pyrapoint

Again heading towards the crucial resistance zone of 8636.

Nifty Gunner

Nifty Gunner

Nifty is getting resisted at horizontal grey line support near red arc and gann 2*1 line.


Nifty Gann Box

NIFTY - Gann Box

Gann Box on daily chart is shown above suggesting resistance in range of 8640/8665 levels.Strong support at 2×1 line at 8380/8400.

Nifty Supply and Demand

Supply Demand

Unable to cross the supply zone of 8589 from past 3 trading sessions. Again heading into Supply zone time to be cautious.


Nifty Gann Date

Nifty As per time analysis  11 August/14 August is Gann Turn date , except a impulsive around this dates. Last week we gave   04 August/07 August 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
  • 8335-8421
  • 8421-8448
  • 8937-8891


Fibonacci technique

Fibonacci fan

nifty ff

61.8% again added as support and 78.6% as  resistance as shown above.

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

It was positive week, with the Nifty up by 31 points  closing @8564, and closing above its 20/55 WEMA and bounced from 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.

Nifty Weekly Timeline



Trading Monthly charts

nifty monthly

Monthly chart after 2 Month of hammer candlestick,saw a bullish candlestick, will we see a follow upmove.

Nifty PE


Nifty PE @23.63 is heading in result season with expensive valuation, results have not been so great to justify such rich valuation.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8550

Nifty Resistance:8610,8695,8787

Nifty Support:8461,8401,8320


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. vishnu said:

    Thank you sir

    August 9, 2015
  2. Bramesh said:

    Thanks its corrected. Yes levels remains the same

    August 9, 2015
  3. Preet said:

    Last week chopad levels were 8550 and not 8500 pls correct,So chopad levels are same for this week too with same support and resistance levels?

    August 9, 2015

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