Last Week we gave Chopad Levels of 7555 , Nifty gave short entry on Monday and did 2 targets on downside by Wednesday and gave long entry on Friday which gave 1 Target on Upside by Friday. Lets analyses how to trade nifty next week as we have 2 trading Holidays on Thursday and Friday.
Nifty Hourly Chart
As discussed in last week 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.
7555 did played a crucial role last week Nifty was unable to close above 135 degree angle convincingly made exact low at 7405 near 180 degree as we discussed last week, and gave a decent bounceback and also able to close above 135 degree on weekly basis so we can see move towards 7686.
As discussed in last week As per Shark Pattern till we close above 7460 we can see next move till 7590/7695.
7590 done and now heading towards 7695/7780
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 21/23 March is Gann Turn date , except a impulsive around this dates. Last week we gave 15/17 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 94 points closing @7604 took support near the middle line of channel resistance and above its 200 WSMA, but need to close above 20 WSMA for 7613, High made was 7613 for current week, Close above it will add more firepower for bulls.
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:7636
Nifty Resistance :7686,7749,7840
Nifty Support :7560,7480,7400
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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