Last Week we gave Chopad Levels of 7777 , Nifty gave Short entry on Monday did not achieve the target and Nifty opened above 7777 and Long taken were rewarded handsomely doing all 3 target. Lets analyses how to trade nifty in coming week after 5% move in previous week. Market can consolidate for a while to catch breath in coming week
Nifty Hourly Chart
Hourly chart as per pyrapoint has support at 8120 and resistance at 8250.
Close above 8200 required for next move towards 8527
Nifty Gann Angles
As discussed in last analysis 7777/7921 showed its importance in last week, This is Beauty of Gann Analysis.
Both done. Now close above 8200 can see next move towards 8336-8354 range.
Nifty Supply and Demand
Next move towards 8336 holding 8000.
Nifty Gann Date
Nifty As per time analysis 30 May/03 June 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 Positive week, with the Nifty up by 406 points closing @8156 rising impulsively above 7972 , so after 5 weeks of time correction we got the impulsive move.
Trading Monthly charts
Monthly chart broke out of 61.8% retracement , now need a close above 8000 for bulls to rule.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8181
Nifty Resistance :8260,8336 ,8400
Nifty Support :8107,8026,7972
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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