Last Week we gave Chopad Levels of 8720, Nifty gave short entry on Monday before 2 days holiday and rewarded discipline chopad as all 3 target on downside were done. Our 3 target of 8540 and Nifty made low of 8541.
Lets analyze how to trade nifty in coming week as we are approaching a important time cycle point as per gann time analysis.
Nifty Hourly Chart
For coming week 8518-8520 is very crucial range . Break the same Nifty can correct till 8448 levels. 8448-8440 is again an important support as per gann analysis holding the same we can see sharp up rally till 8700/8800.
Bullish only on close above 8756.
As discussed in last analysis Now for coming week break of 8656 can see a move towards 8555 break of surgical strike low.
8555 was broken made low of 8540, We are forming 2 pattern ABCD and Gartley as shown in below chart which gets complete in range of 8448-8460.
Nifty Gann Angles
As discussed in last analysis Break of 8656 can see fast move towards 8555 and below that 8450.
8555 done now waiting for 8450, Bullish only above 8656 for target of 8756/8840
Nifty Supply and Demand
As discussed in last analysis 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.
8540 done made low of 8541, Now for coming week if 8540 gets taken out we can correct all the way to 8448 and below that 8300. Bullish above 8656 for target of 8728/8774/8840.
Nifty Gann Date
Nifty As per time analysis 18-22 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 negative week, with the Nifty down by 114 points closing @8583 formed bearish engulfing pattern again closing below 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 8700 for next 2 weeks bears can push nifty towards 8577/8450 range.
Coming 2 week expect big impulsive move as per time analysis, 8540 holding can see back to 8756 and break of 8540 down move till 8448/8300.
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:8595
Nifty Resistance :8656,8720 ,8800
Nifty Support :8540,8480,8400
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