Last Week we gave Chopad Levels of 7035 , Nifty gave short entry on Wednesday and did all 1 targets on downside and gave Long Entry again on Wednesday which did 2 target on Upside and closed near the high point of the week thus rewarding discipline chopad followers by 200 points. Lets analyses how to trade nifty next week as we have Feb Expiry
Nifty Hourly Chart
Hourly chart are trading near 225 degree gann angle @7280 Range of 7240-7290 is very crucial test for both Bulls and Bears. Aboveit can see fast move till 7400/7425. Unable to cross than correction till 7130/7075
As discussed last week Nifty completed its black swan harmonic pattern so closing above 7043, can see move till 7151/7238. Both Target done.
Now close above 7240 Tgt 7325/7450
Nifty Gann Angles
Gann Angles also suggest a move till 7400
Nifty Supply and Demand
Close above 7242 om Weekly basis can target 7600.
Nifty Gann Date
Nifty As per time analysis 24 Feb is Gann Turn date , except a impulsive around this dates. Last week we gave 15/19 Nifty saw a volatile move.
For Nifty traders who follow gap trading there are 6 trade gaps in the range of 7000-9000, rest all gaps were filled in the last week fall.
7290/7129/7420 levels to be watched in coming week.
Nifty Weekly Chart
It was positive week, with the Nifty up by 229 points closing @7211 bounced from 200 W SMA, As discussed last week Time Analysis also suggest we have corrected 49 week from the high of 9119, so we might have formed short term bottom.
Trading Monthly charts
Monthly chart bounced from 78.6% support.
Nifty PE @19.5
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7246
Nifty Resistance :7300,7370,7420
Nifty Support :7195,7132,7040
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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