Nifty forms Weekly Doji, Weekly Forecast

Last Week we gave Chopad Levels  of 8577, Nifty gave Short entry on Monday made low of 8494 near our target of 8500, again gave opportunity on Thursday as High made was 8585 and again did the 1 target of 8500 on Friday. Last Week Chopad Level of 8577 was major hurdle for bulls. Lets analyze Will Bulls will be able to break the wall of 8577 in coming Expiry Week.

Nifty Hourly Chart

NIFTY - Pyrapoint

As discussed in last Analysis Hourly Chart resistance at 8649 and support at 8500. Nifty found multiple support at 180 degree as shown above.

Same Support and Resistance remains the same for coming week.

Nifty Harmonic

Deep Crab

Holding 8480/8490 range nifty can see upmove till 8667/8737 as per Deep Crab harmonic pattern.

Nifty Gann Angles

nifty resistnac e

Self Explanatory Gann Angle chart,Resisting near gann angles before the next move. Bulls needs close above 8577 and bears below 8434 for next move .

Nifty Supply and Demand

Supply Demand_Weekly

Now Bulls need to close above 8544 on Weekly close basis for a target of 8654/8774. Bears will get active below 8295 only.

Nifty Gann Date

Nifty As per time analysis 28 July  is Gann Turn date , except a impulsive around this dates.

Nifty Gaps

For Nifty traders who follow gap trading there are 8 trade gaps in the range of  7000-9000, rest all gaps were filled in the last week fall.

  • 7222-7308
  • 7368-7406
  • 7748-7809
  • 7934-7948
  • 8127-8157
  • 8204-8242
  • 8323-8407
  • 8937-8891

Nifty Weekly Chart

NIFTY - Weekly Trendline

It was negative week, with the Nifty down by 0.2 points  closing @8541.Nifty has been trading in the weekly channel as shown above, Bulls again managed to close above the weekly channel suggesting they are still in play and can play next move towards 8900 as per weekly channel.

Trading Monthly charts

nifty monthly

4 Months of Higher close, Bulls should hold 8434 for market to scale up.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8577

Nifty Resistance :8645,8701 ,8760

Nifty Support :8500,8430,8370


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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  1. Sonu said:

    Sanjay please be careful pe multiple should not be used as a trading tool it is generally a market indications of sentiments u have two big triggers happening gst and good monsoons which can propel earnings which will bring down pe .2008 pe went to 28 before corrections set in .

    July 24, 2016
  2. Sanjay said:

    Good morning sir. Can we think of some correction? Nifty pe is above 23. Past history has shown correction comes around that. If nifty has to go new high, around next gann resistance 8625 is it advisable to go sell with a sl 8660? Please clarify . Thanjs and regards

    July 24, 2016

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