Last Week we gave Chopad Levels of 8577, Nifty gave Multiple Long entry on Monday/Tuesday/Wednesday and did 1 target on all 3 occasion . Last Week Chopad Level of 8577 was major Support for bulls as once closing above it all dips near 8577 was bought into. Lets analyze How the market will fair in August which historically have favored bears and passing GST bill next week.
Nifty Hourly Chart
As discussed in last Analysis Hourly Chart resistance at 8649 and support at 8500. Nifty found multiple resistance at 225 degree as shown above.
Resistance for coming week 8677 at diagonal line 8800 at 270 degree and Support at 8500.
As discussed in last Analysis Holding 8480/8490 range nifty can see upmove till 8667/8737 as per Deep Crab harmonic pattern.
8670 was high so target done, Now for coming week Holding above 8670 Nifty can rally till 8737
Nifty Gann Angles
As discussed in last Analysis 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 .
As observed in above chart,Angles are getting smaller with each rise suggesting market is getting heavier on one side and cautious advised to both bulls and bears as we can see an impulsive rise/fall. Bulls should hold 8577 for move till 8800/8901. Any close below 8577 can see fast move till 8210.
Nifty Supply and Demand
As discussed in last Analysis Now Bulls need to close above 8544 on Weekly close basis for a target of 8654/8774. Bears will get active below 8295 only.
Bulls did impulsive move above 8543 after 2 failed attempt. Now Bulls need a weekly close above 8654 for 8773.
Nifty Gann Date
Nifty As per time analysis 03/05 Aug is Gann Turn date , except a impulsive around this dates.
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.
Nifty Weekly Chart
It was positive week, with the Nifty up by 97 points closing @8638.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
5 Months of Higher close, Bulls should hold 8434 for market to scale up.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8677
Nifty Resistance :8710,8767 ,8860
Nifty Support :8620,8577,8500
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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