Last week we gave Chopad Levels of 7950 , Nifty was volatile last week trading above and below the Chopad levels, Long Intitated during first half of week got Stopped out , Shorts were rewarded with all three target done by Friday. Nifty made low of 7756 which was near our last Chopad level of 7760.Lets analyze how to trade market in coming week.
Nifty Hourly Chart
Nifty is forming an expanding trading range with higher higs and higher lows, if range of 7767-7750 is held we can see bounce till 7855/7912 range and above it should break 7995.
As discussed last Week Alternate Bat pattern which is valid till 7731 is not broken for upside target of 7994 and 8167. Nifty made high of 7980 before correcting.
Now Nifty is forming a Bearish BAT pattern to complete the pattern need to see bounceback towards the circle area as mentioned above.
Nifty Gann Angles
Holding the Blue gann angle line can see fast and furious bounce back like it did last time. Breaking and closing below the blue line will increase probability of breaking 7539.
Nifty Supply and Demand
Self explanatory chart of Supply and Demand zone.
Nifty Gann Date
Nifty As per time analysis 07/11 Dec is Gann Turn date , except a impulsive around this dates. Last week we gave 02 Dec Nifty saw a volatile move.
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
7844/7937/7730/7651 are levels to be watched in coming week.
Nifty Weekly Chart
It was negative week, with the Nifty down by 160 points closing @7782,taking support at trendline and closing below its 20 WEMA and 55 WEMA and again took support at 100 WEMA .100 WEMA has supported last 6 time now. We hav changed the time analysis setting which will help us in getting swing high and swing low points.
Trading Monthly charts
Monthly chart took resistance @50% retracement line.
Nifty PE @21.04 , Nifty is bouncing from 20.5-21 PE as seen in past instance.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7850
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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