Last week we gave Chopad Levels of 8335 , Nifty opened at 8333 made high of 8336 give a very good entry to Chopad DISCIPLINED followers and all 3 targets were done on downside. Lets analyze how to trade market in coming week. 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
Nifty hourly chart reacted from the 8336 resistance zone and is heading towards the support of 8005 and 7940 if 8100 is not broken by bulls.
8298 on Upside and 7943 on Downside is the range of market for time being.
Nifty Gann Box
Nifty gann angles showed the price time square as market was not able to break 8329 odd levels suggesting we have formed short term top and can fall all the way till 7938 odd levels if 8008 does not hold.
Nifty Supply and Demand
Self explanatory chart of Supply and Demand zone.
Nifty Gann Date
Nifty As per time analysis 03 Nov is Gann Turn date , except a impulsive around this dates. Last week we gave 28 Oct Nifty saw a volatile move . 07 Nov should also be watched as its Gann emblem date and also coinciding with Anniversary date.
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 Support @7965
Got resisted at Fibo Base line and falling towards the support zone will it hold ? discussed last week.
Nifty Weekly Chart
It was negative week, with the Nifty down by 229 points closing @8065 forming a bearish engulfing pattern and closing below its 20 WEMA and 55 WEMA . As discussed last week 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 is approaching the last cycle this week, it has been a neutral cycle.
Trading Monthly charts
Monthly chart took support @61.8% retracement line and showed bounce back and unable to cross 78.6% retracement.
Nifty PE @22.06 , entering the result season with expensive valuation.Most of results have been inline or below expectation.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8044
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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