Last Week we gave Chopad Levels of 8297, Nifty gave short entry on Monday and did the 3 target of 8050 made low at 8048 before staging small recovery so disciplined Chopad Followers were rewarded again by Market. Lets analyze how to trade nifty in coming November expiry week
Nifty Hourly Chart
As discussed in last analysis For coming week 8297 will play crucial role above it nifty can see move towards 8500/8581. Trading below 8287 can see move towards 8120/8000.
8048 done now close below 8039 can see fast move towards 7972/7927/7888. Bullish on close above 8100 for a fast mvoe towards 8151//8222/8300
Nifty is forming a ABCD pattern as seen below 8000 is crucial for this pattern to come in effect targets are huge but we need to see November month close above 8300 for the target of pattern to come in effect.
Nifty Gann Angles
As discussed in last analysis . Break of 8284 can see further correction till 8200/8100. BUllish only on close above 8448 for a quick move towards 8556/8600/8700.
8100 done. Now as per gann angles holding 8039 range we can see bounce till 8151/8300/8434 , Below 8039 fast fall till 7800.
Nifty Supply and Demand
Bulls will be under pressure till we do not have weekly close above 8295. Till we do not close above 8295 move towards 7927 possible.
Nifty Gann Date
Nifty As per time analysis 23/25 Nov is Gann Turn date , except a impulsive around this dates.
Nifty Weekly Chart
It was negative week, with the Nifty down by 222 points closing @8074 again closing below its weekly trendline as shown in above chart and also taking support at the lower channel.
As discussed in last analysisAs we have been disusing last week was crucial gann week and the effect were shown as nifty corrected 200 points in clear trending move. Unable to close above 8434 next week can see nifty correcting all the way towards 8100. Closing above 8434 can see fast move towards 8650.
8100 done now Bulls need close above 8100 for a move towards 8300/8434. Bears will get active below 8039 for a move towards 7927/7850.
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. Finally 8450 is broken, Bulls are under pressure till we do not close above 8300.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8100
Nifty Resistance :8151,8222,8290
Nifty Support :8040,7972,7896
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