Last Week we gave Chopad Levels of 8737, Nifty gave short entry on Monday as it made high of 8636.95 which did 3 target on downside, as our target of 8555 and low made was 8550 before nifty recovered, Thus rewarding the disciplined Chopad followers. Wishing all Chopad Traders a very very profitable year ahead. Lets analyze how to trade nifty in coming week as volatility with increase in coming month.
Nifty Hourly Chart
As discussed in last analysis For coming week range of 8737-8748 is important zone of resistance as shown above Closing above it move towards 8840/8950, Unable to close above it going for 8500 again.
High made 8737 and nifty turned down to make low of 8550. Coming week 8650-8660 is crucial zone, closing above it move towards 8737/8800 and below it move towards 8550/8448.
As discussed in last analysis Coming Week 8737 will play crucial role as closing above it will see move towards 8840 and unable to close above it can see move towards 8525/8481.
Any close above 8737 will made a move towards 8852 for this pattern to be valid 8532 should be held.
Nifty Gann Angles
Nifty continue to trade in 2 gann angles breakout is offing.
Nifty Supply and Demand
As discussed in last analysis 8737-8773 is line of resistance for bulls and 8444 is downside support.
Nifty Gann Date
Nifty As per time analysis 03 Nov 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 negative week, with the Nifty down by 68 points closing @8625 formed hammer candlestick pattern again closing above its weekly trendline as shown in above chart .
As discussed in last analysis Bulls need Weekly close 8774 for momentum to come in their favor, Unable to close above 8737 for next week bears can push nifty towards 8577/8450 range..
8737 was the high made and nifty corrected till 8550. Now for coming week 8650-8660 is crucial range above it 8737/8800 below it 8500.Next week is very important as Gann Time Cycle.
Trading Monthly charts
As per monthly chart traders should watch for 8450 level in any correction holding 8450 is very important for the current uptrend from 6825.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8650
Nifty Resistance :8737,8828 ,8900
Nifty Support :8580,8518,8448
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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