Last Week we gave Chopad Levels of 7777 , Nifty gave Long entry on Monday did 2 target on upside by Tuesday. Lets analyses how to trade nifty in coming expiry week, We have 2 down weeks and 1 up week in May as of today.
Nifty Hourly Chart
As discussed in last analysis I have drawn Angle Wedge chart on HOurly chart which suggest support is range of 7777-7740 and below that can see fast fall till 7600, Bullish till we held on to 7800 for move till 7921-7950.
Low made on MOnday was 7772 and bounced back till 7940 in 2 days doing target of 7921-7950. Now for coming week holding 7740 can again 7881/7940 and below it move towards 7678/7600.
Holding 7777 can see move till 7921/7972/8096. Unable to close above 7777 can see move till 7650
Nifty Gann Angles
As discussed in last analysis 7777/7921 showed its importance in last week, This is Beauty of Gann Analysis.
Close below 7740 can again lead to fall towards 7665/7600. Again move above 7777 can see move towards 7850/7940
Nifty Supply and Demand
As discussed in last analysis Above 7777 we will do 7921, High made in current week was 7940 🙂
Trading below 7777 for next week move towards 7517 else another move towards 7921
Nifty Gann Date
Nifty As per time analysis 24/27 May is Gann Turn date , except a impulsive around this dates.
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.
Nifty Weekly Chart
It was negative week, with the Nifty down by 65 points closing @7750 falling after touching 7940 , but close above the upper line of AF from where it has breakout , closed below gann number of 7850 and 7777 which played very crucial role last week, This is 3 week in a row we have closed below 7850 So if we do not close above 7777 next week also High probability we will go towards 7678/7550 in next 1-2 weeks.
Trading Monthly charts
Monthly chart forming INSIDE candle between 50-61.8 zone.If we do not break 7995/7516 in next 7 trading session expect impulsive move in June month.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7777
Nifty Resistance :7840,7900,7972
Nifty Support :7680,7604,7550
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.
Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863
Follow on Twitter during Market Hours: https://twitter.com/brahmesh