Last Week we gave Chopad Levels of 7512 , Nifty gave short entry on Monday and did all 1 targets on downside by Wednesday and gave long entry on Wednesday which got Stop out on Thursday and Short taken again on Thursday did 1 Tgt on Friday. It was a topsy turvy ride after 6.5% rally in last week. Lets analyses how to trade nifty next week.
Nifty Hourly Chart
Resistance at 135 comes @7555 closing above it can see move towards 7686/7700. Unable to close above 135 can see downmove till 7406, So 7555 needs to be watched in coming week.
As per Shark Pattern till we close above 7460 we can see next move till 7590/7695.
Nifty Gann Angles
Nifty has been resisting at gann angle as shown above, Close above 7555 can see impulsive move towards 7700.
Nifty Supply and Demand
Weekly close above 7600 of required for next big move towards 7900 in 3-4 weeks.
Nifty Gann Date
Nifty As per time analysis 15/17 March is Gann Turn date , except a impulsive around this dates. Last week we gave 10 March 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.
7707/7527/7400/7273 levels to be watched in coming week.
Nifty Weekly Chart
It was positive week, with the Nifty up by 24 points closing @7510 took support near the middle line of channel resistance and above its 200 WSMA, but need to close above 20 WSMA for 7163. As discussed last week Now coming week Nifty needs to hold 7390-7380 range for next move towards 7600/7700.
Trading Monthly charts
Monthly chart bounced from 38.2% support and facing resistance at 50%.
Nifty PE @20.27
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7555
Nifty Resistance :7616,7686,7766
Nifty Support :7506,7430,7350
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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