Last Week we gave Chopad Levels of 8677, Nifty gave Long entry on Monday did the 1 target of 8710, High made was 8711 near our chopad levels and short triggered on Monday rewarded chopad followers handsomely as Nifty made low of 8518 near our final target of 8500 before giving an impulsive rally as explained in daily analysis using gann and harmonics . Last Week Chopad Level of 8677 was major resistance for bulls as Nifty failed to close above it most of the day and only on Friday closing hours was able to close above it. Lets analyze how to trade nifty in coming 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. Once the resistance was taken out we saw impulsive move. Now we are heading towards 8760-8790 zone where next level resistance zone.
As discussed in last Analysis Holding 8480/8490 range nifty can see upmove till 8667/8737 as per Deep Crab harmonic pattern.
8711 was high so target done, Now for coming week Holding above 8670 Nifty can rally till 8752/8790
Nifty Gann Angles
Self Explanatory Gann Angle chart,Resisting near gann angles before the next move.
2×1 line will act as an important support for bulls going forward, and nifty can see rise till 8900.
Nifty Supply and Demand
As discussed in last Analysis Now Bulls need a weekly close above 8654 for 8773.
8683 done now heading towards 8773. 2 Weeks close above 8774 we can see move till 8951/9119.
Nifty Gann Date
Nifty As per time analysis 09/12 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 44 points closing @8683.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 8577 for next target of 8951
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8717
Nifty Resistance :8777,8830 ,8900
Nifty Support :8670,8620,8577
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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