Wishing Dear Readers a very very happy and prosperous and profitable new Year.
2017 year started with a rally after forming a bottom at 7893 on 26 Dec 2016 @7893 when both Gann Price and Time Squaring happened. Nifty staged a spectacular rally all the way till 10552. Its was the year where nifty never had correction of more than 2% on Closing basis, happened first time in Nifty trading history Nifty clocking a gain of 22 % in 2017 best year we had after 2009. We can consider 2017 as year of breakout, Expect some consolidation and lot of volatility in coming year. Monthly and Yearly chart of Nifty with time cycle are shown below.
Yearly chart have formed an Bullish Engulfing candlestick. Keep a Close eye on 01 Jan Opening level, and High formed on 31 Jan, they will decide the further trend of market.
Nifty bulls did a breakout after last 2 years of consolidation. Bulls should hold 10033 on Monthly closing basis for uptrend to continue and Bears should see Close below 10000 for some serious correction which they have been waiting for last 1 year 🙂
Monthly Gann Chart
Monthly Chart with Gann Angles is shown Trend Continuation 11300-11500 where next major resistance lies,Closing above it can see fast rally towards 12000. Breakdown below 10090 for a move till 9448/9119/8600
Monthly Chart with Supply and Demand Zone
Yearly Trend Change Level: 10562
Yearly Resistance Level : 10813,11615,12157
Yearly Support Level : 10100,9559,9119
Important Dates as per Time Analysis :
Last Year Time Cycle dates can be seen here
Below dates can see Trend Change in Market.
Follow on Twitter during Market Hours: https://twitter.com/brahmesh