Last week we gave Chopad Levels of 8044 , Nifty gave 2 shorting opputunity @8044 both rewarded traders with 1 Tgt on 1 time and 2 target on second initiation of chopad levels, Longs got stopped out before reaching target of 8145, High made was 8116. Lets analyze how to trade market in coming week after BJP lost Bihar election. We have 2 trading holidays in coming week on 11 and 12 November.
Nifty Hourly Chart
Nifty hourly chart continues to trade below the 21/34ema line, support is now at 7819/7767 range,till close is not above 21/34 ema its sell on rise market.
As per Harmonic shark pattern 7783 is the logical target of the downmove.
Nifty Gann Box
As discussed last week 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.
7938 is achieved now next logical target should be 7810 which should be done in todays gap down and after that 7750.
Nifty Supply and Demand
Self explanatory chart of Supply and Demand zone.
Nifty Gann Date
Nifty As per time analysis 09 Nov is Gann Turn date , except a impulsive around this dates. Last week we gave 03 Nov Nifty saw a volatile move . Effect of Aniversary date will be shown at market opening.
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
7802/7732/7847/7912 are levels to be watched in coming week.
Nifty Weekly Chart
It was negative week, with the Nifty down by 111 points closing @7954 continued with its fall and closing below its 20 WEMA and 55 WEMA . Nifty has first time closed below its weekly trendline as shown in above chart we need to see follow up downmove with close below this weekly trendline else bulls will again bounceback as down previous 3 times, Nifty continues to trade in its weekly channel 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 @21.57 , entering the result season with expensive valuation.Most of results have been inline or below expectation.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7820
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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