Last Week we gave Chopad Levels of 7979 , Nifty opened gap down below chopad levels and made low of 7556 near the previous swing low of 7551, Shorts Intitated on Monday were rewarded with all three target done by Tuesday.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 225 line, and saw a quick fall till 315 and took exact support at 315 and showed bounce back. Break of 315 @7551 can see fast move till 7430.
7979/8024 are the 2 levels which needs to be watched next week, Unable to close above it can see Nifty correcting till 7888/7788.
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 Gann Angles
Break of green line can see fast move on downside.
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 Gann Date
Nifty As per time analysis 12 Jan is Gann Turn date , except a impulsive around this dates. Last week we gave 06 Jan/08 Dec Nifty saw a volatile move.
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
7551/7503/7430 are levels to be watched in coming week.
Nifty Weekly Chart
It was negative week, with the Nifty down by 362 points closing @7601 and having worst week from Jan 2011 , again got stop near the middle trendline as shown in 1 chart and closing below its 20 and 100 WEMA and 55 WEMA. Break of 7503 can see fast move till 7430/7360 levels. Time cycle turned again at the dotted line as shown in below time chart.
Trading Monthly charts
Monthly chart took resistance @50% and support near 61.8% retracement line. Break of 61.8% can see fast move to downside.
Nifty PE @20.56 lowest from Oct 2014.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7555
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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