Last Week we gave Chopad Levels of 8448, Nifty did not gave entry till Wednesday as trading well above chopad level, Shorts got triggered on Wednesday which got stopped out on Thursday as market opened gap up giving loss of 120 points, But loss was immediately recovered on Friday as Nifty gave a perfect short entry at 8448 and did the 1 target of 8330 and closed at 8296, so disciplined Chopad Followers were rewarded again by Market. Lets analyze how to trade nifty in coming week as Finally the effect of 25-26 Oct Time Cycle is coming to an end and Nifty will start a new cycle till 26 Nov. We can see continuation of current trend or trend reversal with 8300 being a trend change level for this new time cycle.
Nifty Hourly Chart
As discussed in last analysis Coming Week 8434 will play crucial role below this market will touch 8287/8130, Above 8450 nifty will go towards 8568/8700.
Nifty traded with gaps most of the week above 8434 and below 8434, But Friday was a picture perfect short entry below 8434 which did the low of 8284 near our target of 8287. 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.
As discussed in last analysis coming week 8364 is crucial holding the same market can move up higher towards 8700. Break of 8363 BAT pattern not shown below nifty can move towards 8287/8182.
As soon as 8363 was broken on Upside after gap down on Wednesday fast move was seen towards 8600. 8363 was broken on Friday and low was 8284 and trading below 8284 we will see 8182/8000 to complete the pattern.
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 8434 for the traget of pattern to come in effect.
Nifty Gann Angles
As discussed in last analysis Nifty continue to trade in 2 gann angles breakout is offing.
Gann Analysis kept us ahead of curve as Nifty bounced exactly for gann angle line thus rewarding with almost 500 point in matter of 2 days. Break of 8284 can see further correction till 8200/8100. BUllish only on close above 8448 for a quik move towards 8556/8600/8700.
Nifty Supply and Demand
As discussed in last analysis Bears closed below 8444 now breaking 8400 fast move towards 8295.
Target was done on Friday and closed at the border line between Bulls and Bears. Next 2 weeks are very crucial as break of 8294 on Weekly basis can see fast move towards 8000/7860 and holding the same rally towards 8773.
Nifty Gann Date
Nifty As per time analysis 17/18 Nov is Gann Turn date , except a impulsive around this dates.
Nifty Weekly Chart
It was negative week, with the Nifty down by 137 points closing @8296 again closing below its weekly trendline as shown in above chart and also taking support at the lower channel.
As discussed in last analysiAs 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.
We closed below 8434 suggesting move till 8100 is possible, Bullish only on Weekly close above 8434 for next move towards 8600/8777.
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 as monthly closing is far bulls have chance to hold on to 8450.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8297
Nifty Resistance :8374,8448,8556
Nifty Support :8220,8150,8050
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