Last Week we gave Chopad level of 7515, Nifty did all 3 target on upside. Next Week is full of event, Finance Minister Arun Jaitley will present the final Union Budget for 2014-15 in Lok Sabha at 11:00 IST on Thursday and First quarter corporate earnings season begins next week. Private sector bank IndusInd Bank will unveil Q1 results on Wednesday, 9 July 2014. IT major Infosys is scheduled to announced Q1 results on Friday, 11 July 2014. I have discussed Nifty performance on Union Budget day here Nifty’s Movement on Union Budget day .Lets analyze how to trade Nifty in next week.
Nifty Hourly Chart
Hourly charts after breaking out of trendline are just moving in gaps and rallying, All 5 days of last week nifty opened with gap up and rallied. Hourly trendline resistance comes @7850 as per above chart.
Nifty Elliot Wave Analysis
As per Elliot wave Theory upside looks limited and we can see a rise upto 7800 , We have discussed the possibility of Can Nifty form short term top around 7800 ?
Nifty Daily Chart
Nifty has is forming a rising wedge pattern on Daily charts also a hanging man pattern both of which needs a follow up move to confirm the same.
Nifty Daily Elliot Wave Chart
Daily chart are still trading in 3 Wave and dips till 7300 should be bought into Nifty stocks by delivery traders and investor.
Nifty Gann Date
11 July +-1 days is gann turn date and explosive move is round the corner. Last week we gave date of 02 July +/-1 date and we saw explosive move on 02 July.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400
Nifty Weekly Chart
It was positive week, with the Nifty up by 248 points closing @7751 and closing at life highs This is what we mentioned last week,As per Gann Arcs Nifty is near an important support range holding the 7474-7500 range on closing basis we can see a big move in coming week.Also the Time analysis is substantiating our view as Nifty is still trading in positive quadrant as show in below chart. Now Nifty is its Andrew Pitchfork median line and unable to cross the same pullback can start, Also nifty will be entering a new quadrant from next week as per time analysis and need to be extreme cautious on longs now.
Trading Monthly charts
Monthly chart gives a target of 8023 for short term as per Fibo ratio theory
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7766
Nifty Support:7680,7611, 7508 and 7441
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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