Last Week we gave Chopad Levels of 8851, Nifty opened with gap down and traders were not able to initiate trade as per Chopad levels, Aggressive traders who shorted below chopad levels should have been rewarded. We have mentioned last week we are entering a crucial week as per gann analysis as the effect was seen as Nifty corrected by 220 points highest from the bottom made on Feb 2015. So as I always say Price knows everything well in advance.
Lets analyze how to trade nifty in coming week as we enter the last quarter of 2016 and RBI Policy in coming week.
Nifty Hourly Chart
As discussed in last analysis break of 8803 can see nifty correcting back till 8761/8700. Bullish on breakout above 8851 for target of 8903/8950.
Nifty did the target as we expected, Now for coming week 8518-8488 is crucial support zone holding the same we can see bounce back till 8800.
As discussed in last analysis Unable to close above 8890 Nifty can see correction till 8732 as per Cypher pattern.
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.
Nifty Gann Angles
As discussed in last analysis Bears below 8700 can push nifty towards 8550/8477.
Low made 8555 which is another important Price and time Square, Holding the same we can see move towards 8700-8750. Break of 8555 nifty can see another 100 point correction towards 8488-8448 range.
Nifty Supply and Demand
As discussed in last analysis Bears below 8728 can move towards 8540.
Now for coming weeks bulls should hold 8540 and close above 8725 for a move towards all time high. Bears below 8540 can see fast move towards 8488-8448.
Nifty Gann Date
Nifty As per time analysis 03/07 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
As discussed in last analysis Bears will get active on close below 8700 for target of 8620/8577. It was negative week, with the Nifty down by 220 points closing @8611 formed bearish engulfing pattern breaking the weekly trendline first time after 6825 bottom as shown in above chart Bulls need Weekly close 8700 for momentum to come in their favor, Unable to close above 8700 for next 2 weeks bears can push nifty towards 8448/8250 range.
Trading Monthly charts
As discussed in last analysis Bulls should hold 8670 on Monthly basis for next target of 9120, We have monthly close below 8670 suggesting after 6 months of uptrend finally bears are able to halt bulls but still not able to close below the 8518 level low of Last month suggesting we are seeing pause in uptrend.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8601
Nifty Resistance :8660,8730 ,8800
Nifty Support :8545,8490,8448
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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