Last week we gave Chopad Levels of 7930 , long taken as per Chopad levels got rewarded with 234 points as Nifty did all 1 targets on Upside and all 3 targets on downside. We have trading Holiday on 02 October. Lets analyze how to trade market in coming week where we have RBI policy on 29 Sep.
Nifty Hourly Chart
As discussed last week Nifty hourly EW chart shows if 8055 is not broken we can see downmove till 7800 in coming week.
Now if 8000 is not broken on closing basis we can go down till 7650/7539 and forming new low for 2015.
Nifty Hourly Gann Box
7960/7980 zone is important gann resistance support zone and strong support @4×1 line.
This is what we discussed last week Got Resisted @ 135 degree heading towards 180 @7928 and below that 7800.
For coming week 180 degree @7920 if resisted again nifty heading towards 7787/7623 odd levels.Closing above it heading towards 8000/8080.
Nifty Supply and Demand
This is what we discussed last week Supply Demand zone caught top @8055 as shown by Blue arrow bow break of 7958 and close below it for 2 days can see nifty going down till 7767.
For coming week 7767 should be closely watched on downside and 7958 on upside.
Nifty Harmonic Analysis
On Medium term Nifty is forming Butterfly pattern which is bullish till 7539/7500 held on weekly closing basis. Use dips to buy from medium term perceptive.
Nifty Gann Date
Nifty As per time analysis 30 Sep is Gann Turn date , except a impulsive around this dates. Last week we gave 21 September/24 Sep Nifty saw a volatile move .
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
8097/7965 /7912/7802 should be watched in coming week.
Touched the high of Fibo Fan and retraced back.
Nifty Weekly Chart
It was negative week, with the Nifty down by 113 points closing @7868, and closing below its 55 WEMA and 20 WEMA and held its trendline support as shown in above chart. Time Cycle started on negative note.
Trading Monthly charts
Monthly chart took support @61.8% retracement line and showed bounce back.
Nifty PE @21.81 , so at last seeing some correction in valuation
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7880
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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