Last Week we gave Chopad Levels of 8840, Nifty gave Short Entry on Friday but no target was achieved. Another Week of consolidation after a massive rally of 1000 points in less than 2 months. Lets Analyze how to trade Nifty in the expiry week.
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 8840 for a move towards 8888/8969/9100.
As discussed in last analysis ABCD harmonic pattern is formed on Daily chart with target of 8882.
High made 8894 so target done, Now coming week Holding 8750 next move towards 8975.
Nifty Gann Angles
As per gann angle current move can extend towards 8957/9119 as soon as 8840 is broken.
Nifty Supply and Demand
Bulls finally closed above 8773 opening the way towards 8969/9119. Bulls need weekly close above 8840 for this happen.
Nifty Gann Date
Nifty As per time analysis 20/23 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 28 points closing @8822 bouncing from support at the lower end of channel and closing as shown in above chart . Nifty has closed above the Weekly resistance 8775 as per AF chart and above it rally till 8969/9200. Bearish below 8700 for a move till 8600/8555. We have new time cycle starting from 13 Feb-24 Feb With important trend change date being 13/15/20 Feb
As discussed in last analysis Till 8720 is held bulls will have upper hand. Low made 8712 and rally till 8894 in 2days
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:8840
Nifty Resistance :8900,8970,9090
Nifty Support :8763,8690,8620
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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