Last Week we gave Chopad Levels of 8777, Nifty gave Long Entry on Monday which got stopped out on Tuesday as close was below chopad level, Short take again on Tuesday were again stopped out on Wednesday as close was above chopad level, But Long Taken on Wednesday rewarded the discipline chopad followers as next day we open gap up and did the 1 target on upside. Lets analyze how to trade nifty in coming week as we are entering a crucial week as per gann analysis.
Nifty Hourly Chart
Nifty continue to trade in its triangle pattern on hourly chart,Support at lower level come at 8803, break of 8803 can see nifty correcting back till 8761/8700. Bullish on breakout above 8851 for target of 8903/8950.
Unable to close above 8890 Nifty can see correction till 8732 as per Cypher pattern.
Nifty Gann Angles
Nifty held on the gann line on daily chart, and we saw the expected move, but we did not see the 200-300 point move as we were expecting due to conflict of 2 time cycle as discussed in daily analysis. Bulls need to held on to range of 8720-8730 for the bullish cycle to continue for target of 9000/9056/9120. Bears below 8700 can push nifty towards 8550/8477.
Nifty Supply and Demand
Now for coming weeks bulls should hold 8774 for a move towards all time high of 9119. Bears below 8728 can move towards 8540.
Nifty Gann Date
Nifty As per time analysis 25/30 Sep 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 51 points closing @8831 formed another DOJI pattern holding on the weekly trendline. Bulls need Weekly close above 8928 to get back momentum in their favour. Bears will get active on close below 8700 for target of 8620/8577.
Trading Monthly charts
6 Months of Higher close, Bulls should hold 8670 on Monthly basis for next target of 9120
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8851
Nifty Resistance :8902,8970 ,9033
Nifty Support :8780,8720,8650
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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