In Our Last Analysis on 20 Dec we gave Chopad Levels of 7717 , Nifty opened gap up and made low of 7733 near our Chopad level of 7717, Long Intitated on Monday were rewarded with all three target done by Friday , Our last target was 7890 and Nifty made a high of 7889 .Lets analyze how to trade market in New Year 2016. Wishing all the readers of the Blog a very very happy and profitable new year 2016.
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 took support near the 225 line, holding it moved towards 180 degree line. 180 degree line resistance comes @7898/7892 so price action near this range should be watched.
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.
Nifty Gann Angles
Nifty bounced from 7551 levels and rallied and now moving towards 1×2 line around 8024 line.
Nifty Supply and Demand
Self explanatory chart of Weekly Supply and Demand zone is shown,Weekly close above 8004 can see moving towards 8116 levels.
Nifty Gann Date
Nifty As per time analysis 06 Jan/08 Jan is Gann Turn date , except a impulsive around this dates. Last week we gave 23 Dec Nifty saw a volatile move.
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
7943/8036/7851 are levels to be watched in coming week.
Nifty Weekly Chart
It was positive week, with the Nifty up by 102 points closing @7963,able to close above trendline and closing above its 20 and 100 WEMA and below 55 WEMA. Nifty also made short term bottom near the new time cycle and has rallied for 3 week in a row.
Trading Monthly charts
Monthly chart took resistance @50% and bounced from support near 61.8% retracement line.
Nifty PE @21.53.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7979
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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