Last week we gave Chopad Levels of 8250 , Nifty traded in sideways market in range of 8217-8294 in low volatile week gave multiple entry to Chopad followers as Nifty was unable to cross the 1 target of Chopad levels @ 8293 formed 3 tops near 8294 and also not a single day closed below the Chopad level of 8250, before the Big gap up on Friday Nifty has closed at 8251. Lets analyze how to trade market in coming week as we have October F&O Expiry. Traders do remember Lot size revision will take place from November Expiry and Nifty Lot size is revised to 75, For more details please read this
Nifty Hourly Chart
This is what we discussed last week Nifty Hourly charts are shown above says closing above 8250 we can see quick move towards 8280/8320 and unable to close above it can see back to 8150/8100 odd levels.
Nifty did both target on upside above 8250,For coming week 8361/8390/8416 needs to be observed closely as these levels can act as potential resistance.
8416 on Upside and 8160 on Downside is the range of market for time being.
Nifty Gann Box
Heading towards 1×1 line of gann box around 8390/8400.
Nifty Elliot Wave
Fellow traders asked me the maximum nifty can rally, we need to observe the 61.8% retracement @8515 in coming months unable to cross the same and if ABC pattern comes into effect we can see downfall till 6936. This is medium term view if 8515 get resisted.
Nifty Gann Date
Nifty As per time analysis 28 Oct is Gann Turn date , except a impulsive around this dates. Last week we gave 23 Oct Nifty saw a volatile move .
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
Got resisted 50% @8328 next zone of resistance @8416. Support @8228
Got resisted at Fibo Base line as discussed last week.
Nifty Weekly Chart
It was positive week, with the Nifty up by 57 points closing @8295 unable to do follow move on Hanging Man candlestick continued forming higher high and higher low pattern, and closing above its 20 WEMA and 55 WEMA .Nifty is also heading towards the upper end of channel as shown in 1 chart closing above channel will be bullish unable to do so can move down to channel bottom in medium term. Time Analysis remains in bullish mode from start of October series.
Trading Monthly charts
Monthly chart took support @61.8% retracement line and showed bounce back and is heading towards 78.6% retracement.
Nifty PE @22.55 , entering the result season with expensive valuation.Most of results have been inline or below expectation.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8335
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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