Last Week we gave Chopad Levels of 8601, Nifty opened with gap up and made low of 8636 and traders who initiate trade as per Chopad levels were rewarded as Nifty did high at 8806 near to our 3 target of Chopad level of 8800. We have mentioned last week crucial price and time square has happened as per gann analysis around 8555 and nifty bounced almost 250 points from that level. So as I always say Price knows everything well in advance.
Lets analyze how to trade nifty in coming week as we have 2 trading holidays coming up.
Nifty Hourly Chart
Now for coming week 8777 is crucial resistance zone and 8555 is support zone, expect 100-150 point move on break of any of the two levels.
As discussed in last analysis For coming week 8538-8518 is important support zone as Alternate ABCD pattern is getting completed, holding the same we can see bounce back towards 8800.
High made 8806 and nifty corrected back, Now for coming week break of 8656 can see a move towards 8555 break of surgical strike low.
Nifty Gann Angles
As discussed in last analysis Low made 8555 which is another important Price and time Square, Holding the same we can see move towards 8700-8750.
We got the expected move, as per gann price and time sqaure. As per gann angles 8800 is very strong resistance as shown in above chart, as price in this uptrend were not able to close above this gann angle in last week. Break of 8656 can see fast move towards 8555 and below that 8450.
Nifty Supply and Demand
Now for coming weeks bulls should hold 8656 holding the same we can see upmove till 8778/8850. Bears will get active below 8656 for target of 8540.
Nifty Gann Date
Nifty As per time analysis 10 Oct 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 86 points closing @8697 formed inside day pattern again coming above its weekly trendline as shown in above chart Bulls need Weekly close 8774 for momentum to come in their favor, Unable to close above 8700 for next 2 weeks bears can push nifty towards 8577/8450 range.
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:8720
Nifty Resistance :8777,8830 ,8888
Nifty Support :8656,8600,8540
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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