Last Week we gave Chopad Levels of 8286, Nifty not for a single day was able to close above 8286 and made a low of 8162 near our 1 target of 8150. Lets analyses how to trade nifty in coming week as slew of economic events lined up like Fed Policy, Britian Exit vote which might add to volatility.
Nifty Hourly Chart
8110 is support zone and 8260 is resistance zone as per pyrapoint.
As Nifty did not hold on to 8242-8262 range so the downmove can end near 8075/8100 range.
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 s coming near the gann angle, so if 8100-8120 range is held we can see another upmove. Else we will move down to 8000 odd levels.
Nifty Supply and Demand
Next move towards 8336 holding 8000.
Nifty Gann Date
Nifty As per time analysis 13 June/17 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 Negative week, with the Nifty down by 50 points closing @8170.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. Bulls failed to hold 8210 on weekly closing basis for next move till 8577, but for coming week if 8100-8120 range is held we can see another attempt to close above 8210.
Trading Monthly charts
Monthly closed above 61.8% retracement ,signaling bulls have upper hand
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8120
Nifty Resistance :8201,8265 ,8336
Nifty Support :8075,8000,7950
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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