Last Week we gave Chopad level of 6873, Nifty did all 7 target on upside giving 633 points to trend follower .Lets analyze how to trade Nifty before the Lok Sabha election results.
Nifty Hourly Chart
Nifty Hourly charts are trading in expanding triangle range, spurt up and than cool off and finally closing the gap. Holding 7121 is bullish in short term.
Nifty Elliot Wave Analysis
As per EW analysis it shows short term correction is over till 7121 is not broken and bounce back till 7726 is on cards.
Nifty Daily Chart
Nifty took perfect support at gann arc as shown above and bounce back heavily, Short term target as per gann arc come at 7684.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400
As per Fibonacci Arcs using gann angles target bullish move only above 7246
As per Fibo retracement ,only a close below 50% retracement of 7107 will be bearish in short term
Nifty Weekly Chart
It was positive week, with the Nifty up by 344 points closing @7203. 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:7246
Nifty Support:7210,7121,7067 and 7014
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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