Last Week we gave Chopad level of 7685, Nifty did 2 target on upside rewarding trend follower with 150 points. Lets analyze how to trade Nifty in Expiry week.
Nifty Hourly Chart
Hourly charts shows have been trading in a channel, now currently trading at the channel bottom which is around 7752, any break below it the current uptrend can come to an end, we might see short term reversal
Nifty Elliot Wave Analysis
Keep a close eye of 34 Hour EMA, last time Nifty close below it we got 150 points in 2 days, so any close below 34 EMA will spell trouble for bulls.
Nifty Daily Chart
Nifty is near the gann Circle resistance as shown in above chart closing above the same 7908 becomes the short term target target.Closing below the circle short term target comes around 7550.
Nifty Daily Elliot Wave Chart
Daily chart are still trading in 3 Wave and dips till 7422 needs to be bought into.
Nifty Gann Date
29 July +/1 days is gann turn date and explosive move is round the corner. Last week we gave date of 21 July +-1 date and we saw explosive upmove on 22 July.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 7000-7800
NIfty took exact support at Gann fan and bounced back towards a new high.
Nifty Fibo Retracement
7557 which are 23.6 retracement should be watched closely in coming week.
Nifty Weekly Chart
It was positive week, with the Nifty up by 126 points closing @7790. 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 as huge negative divergence are visible in Weekly charts.
Trading Monthly charts
We are approaching the month end on 31 July and expiry is also on same day.Bulls will have to save 7629 for momentum to build in August Month.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7765
Nifty Support:7695,7601, 7529
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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