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
As discussed in last analysis 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. We did till 7678 now coming week once 7650 breaks we can see fast move towards 7500-7520. Bullish only on close above 7777.
Unable to close above 7777 can see move till 7500.
Nifty Gann Angles
As discussed in last analysis 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. Failed to hold 7777, support at 7500, below than can saw a swift fall towards 7200. Only above 7777/7850 bulls have a chance.
Nifty Supply and Demand
Close below 7777 for next week move towards 7517.
Nifty Gann Date
Nifty As per time analysis 11/13 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 116 points closing @7733 falling for 3 weeks in a row , close near the upper line of AF from where it breakout , closed below gann number of 7850/7777, So if we do not close above 7850 High probability we will go towards 7550 in next 1-2 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:7777
Nifty Resistance :7840,7900,7972
Nifty Support :7700,7644,7555
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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