Last Week we gave Chopad Levels of 7921 , Nifty gave Long entry on Tuesday which did 1 target on Monday Longs taken got Stopped out on Thursday and Shorts initiated on Thursday did 2 target on downside low made was 7788 which was near our 2 target of 7777. Lets analyses how to trade nifty in coming week, Will the age old adage , “SELL IN MAY AND GO AWAY” hold true in May month.
Nifty Hourly Chart
Nifty is unable to close above 7978 where 1 rotation of price is getting completed, For Bulls to come back we need a close above 0 degree price above 8000.Close below 7777 can see market moving towards 7546.
Holding 7781 can see move towards 8096 as per Shark pattern.
Nifty Gann Angles
Nifty showed an important breakout this week as first time after 04 March Nifty has broken an important gann angle as shown above,Now for coming few weeks 7777 needs to be watched. If held on it nifty can move towards 8100/8250 as per gann price and time analysis.
Nifty Supply and Demand
we need to see close above 7921 on Weekly basis for next move till 8336 and close below 7777 for next move towards 7517.
Nifty Gann Date
Nifty As per time analysis 03/06 May is Gann Turn date , except a impulsive around this dates. Last week we gave 25/29 April
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 49 points closing @7849 forming a Long legged DOJI pattern , close above the upper line of AF first time after 9119 , But again closed exactly at gann number of 7850, We Now need to see if we close above 7850 for next week if we do than we are heading towards 8100/8250 else going towards 7550 in next 2-3 weeks.
Trading Monthly charts
Monthly chart support at 50% and bounced from that and resistance at 61.8%
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7877
Nifty Resistance :7921,7995,8080
Nifty Support :7777,7680,7600
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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