Last Week we gave Chopad Levels of 8181, Nifty had a very choppy week and whipsawed Chopad followers after long time, Always remember the golden rule IF SL gets triggered 2 times in a day No further trade. Capital Preservation is most important for trader. Nifty made high of 8262 which was our 1 target of Buy. Lets analyses how to trade nifty in coming week as we have RBI Policy and gann crucial turn date also coming up.
Nifty Hourly Chart
As discussed in Last Analysis Hourly chart as per pyrapoint has support at 8120 and resistance at 8250.
Low made was 8134 and High made was 8262 both within the pyrapoint range. Now for coming week Close above 8262 we can see move till 8392, and below 8200 can see move till 8120/8025.
We are forming 3 Harmonic pattern, 2 forming on Hourly are bearish (ABCD, SHARK) which gets invalidated on close above 8242-8262 range target are coming in range of 8075-8025.
On Daily we have a Bullish Shark pattern forming which till we held on to 7972 can see move till 8500-8527 in medium term.
Nifty Gann Angles
Nifty took exact support at gann trendline orange color before giving a bounceback.
Holding 8210 on Weekly basis can see next move towards 8300/8392/8477/8577 range.
Nifty Supply and Demand
Next move towards 8336 holding 8000.
Nifty Gann Date
Nifty As per time analysis 08 June/10 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 64 points closing @8221 consolidating the gains on last week, Nifty has risen 6% in matter of 2 weeks after 5 weeks of time correction. Nifty has been trading in the weekly channel as shown above, from the low of 6825, Now we need to hold 8134-8100 range for another up move towards 8500-8550 range. For coming week as we have RBI policy expect some big range in market for coming week. Bulls should hold 8210 on weekly closing basis for next move till 8577.
Trading Monthly charts
Monthly closed above 61.8% retracement ,signaling bulls have upper hand
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8286
Nifty Resistance :8333,8401 ,8474
Nifty Support :8150,8080,8025
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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