Last Week we gave Chopad Levels of 7555 , Nifty opened gap down below chopad levels and made low of 7494 before bouncing back near 1 target of 7605, Shorts Intitated on Tuesday were rewarded with 2 target done by Tuesday only.Lets analyses how to trade nifty next week.
Traders should work on New Year resolutions and use the below 2 post for planning a successful and profitable 2016.
Nifty Hourly Chart
Nifty moved perfectly in pyrapoint angles break support at 315 line, and saw a quick fall till 360 and took exact resistance at 315and again had a fall till 360 degree.
Break of 7420 can see fast move till 7290. Close above 7420 again a move towards 7610.
Shark Pattern will get complete around 7503 level where we need to observe the price action. Holding the same we can see sharp bounceback. Nifty bounced back 3 times from 7503 before finally closing it below 7503.
Now Nifty is forming an ABCD pattern which gets completed around 7221 as shown in above chart.
Nifty Gann Angles
Gann angles are shown above as shown we can see move till blue line.
Nifty Supply and Demand
Self explanatory chart of Weekly Supply and Demand zone is shown,Weekly close below 7563 can see moving towards 7118 levels.
Nifty Elliot Wave
Nifty Gann Date
Nifty As per time analysis 18/20 Jan is Gann Turn date , except a impulsive around this dates. Last week we gave 12 Jan Nifty saw a volatile move.
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
7539/7323/72630 are levels to be watched in coming week.
Nifty Weekly Chart
It was negative week, with the Nifty down by 163 points closing @7437 breaking the middle trendline as shown in above chart and closing below its 20/ 55/100 WEMA. Break of 7430 can see fast move till 7360/7290/7118 levels.
Trading Monthly charts
Monthly chart broke support @61.8 % on Monthly charts.
Nifty PE @20.56 lowest from Oct 2014.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7376
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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