Last Week we gave Chopad Levels of 8602, Nifty close above the chopad level on Monday giving Long entry to Chopad Followers and did all 3 target by Wednesday. Last Week Chopad Level of 8602 was major support for bulls as Nifty failed to close below it. As discussed last week As per Gann Time Analysis we are approaching 77 Week from top of 9119, expect impulsive move in coming week or at most next week. We saw impulsive move as expected. Lets analyze how to trade nifty in coming week.
Nifty Hourly Chart
Nifty traded in the blue channel as shown above, touching both upper and lower end of channel suggesting breakout or breakdown should come in next week. Break of 8470 can see move towards 8300/8225. Break of 8700 required for move towards 8800/8851.
Now for coming week Bulls need to hold 8774 for move towards 9000/9120.
For coming as we are forming a Deep Crab pattern which will only get negate once we close above 8700, else high probability we can see move till 8434/8388.
Deep crab got negated and Bullish ABCD in force target 8915.
Nifty Gann Angles
As discussed in Last Analysis Bears were finally were able to break 2×1 line and saw a weekly close below it. Suggesting Bears can push nifty till 8434/8388.Bulls will get active only above 8700.
Bears failed to capitalize and bulls did a good job above 8700. Now we need close above 8850 for move towards 8920/9000/9120.
Nifty Supply and Demand
Bulls failed to protect 8596, coming week also if we close below 8596 bears can push nifty towards 8388/8300 levels.
Bullish on Weekly close above 8596 for target of 8700/8850.
Nifty went above 8596 on 1 day of last week and 8824 done. Now for coming weeks bulls should hold 8774 for a move towards all time high of 9119.
Nifty Gann Date
Nifty As per time analysis 06/09 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 237 points closing @8809.As discussed last week 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. As per Gann Time Analysis we are approaching 77 Week from top of 9119, expect impulsive move in coming week or at most next week.
Bulls will almost do 8900 by tomorrow morning and also gann time analysis explosive move can as we expected. Now coming week range of 8900-8920 is very crucial, Unable to close above it can see quick correction of 100-150 points and time correction as we are near the upper end of weekly channel.
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:8910
Nifty Resistance :8976,9040 ,9120
Nifty Support :8850,8780,8720
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.
Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863
Follow on Twitter during Market Hours: https://twitter.com/brahmesh