Last Week we gave Chopad Levels of 8675, Nifty gave Long Entry After Budget day but failed to do the 1 target of 8773 as high made was 8757 rewarding disciplined Chopad followers. Lets Analyze How to trade Nifty in coming week as we have RBI Policy outcome on 08 Feb
Nifty Hourly Chart
Hourly chart keep bouncing from the channel bottom as happened in 2 instances in last 2 weeks as shown in above chart ,Now Bulls need a close above 8752 for a move towards 8840/8900.
ABCD harmonic pattern is formed on Daily chart with target of 8882.
Nifty Gann Angles
As per gann angle current move can move till 8775 and close above 8775 move towards 8969/9119.
Bearish below 8432 only.
Nifty Supply and Demand
Bulls need a close above 8775 for a move till 8969 and above that 9119. Bearish only below 8432 for move till 8200
Nifty Gann Date
Nifty As per time analysis 06 Feb/09 Feb is Gann Turn date , impulsive move can be seen around these dates.
Nifty Weekly Chart
It was positive week, with the Nifty up by 100 points closing @8740 bouncing from support at the lower end of channel and reaching the resistance level at upper end of channel as shown in above chart .Weekly resistance comes at 8775 as per AF chart and above it rally till 8969. As discussed in last analysis Now we have new time cycle which started from 27 Jan and will end till 10 Feb. Traders should watch for break of 8490 for bearish move and till 8612 is held Bullish move will continue.
As of now we are holding above 8612 suggesting bullish move to continue as per time cycle.
Trading Monthly charts
Monthly chart should hold 8295 for Bulls to rule in next 6 months. Till 8295 Held on Monthly chart Bullish move to continue.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8777
Nifty Resistance :8820,8893,8969
Nifty Support :8710,8620,8555
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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