Last Week we gave Chopad level of 6873, Nifty did 1 target on upside and 1 target on downside .Lets analyze how to trade Nifty before Modiji PM swearing ceremony and expiry week.
Nifty Hourly Chart
Nifty Hourly charts has given a breakout above 7320 and now heading towards 7414 and 7500.
Nifty Elliot Wave Analysis
As per EW analysis it shows short term correction is over till 7121 is not broken and bounce back till 7600 is on cards.
Nifty Daily Chart
Nifty after 4 days of consolidation is also showing a range breakout, Monday price action will be very crucial as range of 7414-7434 is important supply zone, Closing above it nifty will head for new high.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400
As per Gann Fans using gann circle Nifty will be bullish above 7367 for initail target of 7434 and 7500
As per Fibo retracement ,only a close below 38% retracement of 7207 will be bullish in short term till 7200 is not broken.
Nifty Weekly Chart
It was positive week, with the Nifty up by 164 points closing @7367 . As per Andrew Pitchfork nifty can again move back to median line. Weekly charts are still in positive quadrant as shown in below chart.
Monthly chart gives a target of 7800 for short term as per Fibo ratio theory
Nifty Weekly Trading Levels
Nifty Trend Deciding Level:7376
Nifty Support:7294,7246 and 7200
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
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