Nifty Weekly Analysis for 18-22 Aug

By | August 17, 2014 5:58 pm

Last Week we gave Chopad level of 7620, Nifty did  2 target on upside. Resurfacing of Geopolitical  risk and bad macro data was not able to stop the bull rally, Now we are near the crucial zone of 7800-7840 which will be fought fiercely between both bulls and bears. Lets analyze how to trade Nifty in coming  week.

 Nifty Hourly Chart

nifty hourly

Nifty Hourly charts shows have been trading in a channel, now currently trading near  the channel top which is around 7820-7840, any break above it nifty can head towards 7900 odd levels. Bearish only below 7770.

Nifty Elliot Wave Analysis

Nifty Hourly EW

Nifty is currently in its C wave in hourly charts, short term target comes @ 7638.

Nifty Daily Chart

nifty daily

Nifty is approaching the yeallow line of Gann Box, Close above 7820 only we will see new high else fall back till 7638 is on cards.

Nifty Daily Elliot Wave Chart

NIFTY - Daily EW

Daily chart are still trading in 3 Wave and dips till 7540 needs to be bought into.

Nifty Gann Date

Gann Dates

18 Aug + 1 days is gann turn date and explosive move is round the corner. Last week we gave date of 14   Aug +-1  date and we saw explosive upmove on 14 Aug

 Nifty Gaps

For Nifty traders who follow gap trading there are 7 trade gaps in the range of  7000-7800

  • 7067-7014
  • 7130-7121
  • 7276-7293
  • 7229-7239
  • 7454-7459
  • 7526-7532
  • 7598-7568
  • 7625-7654

Fibonacci technique

Fibonacci fan

nifty fibo

NIfty took exact support at Gann Circle and bounced now approaching the resistance level of Gann circle,so pullback can start if Nifty is unable to close above 7820-7840 range.

Nifty Fibo Fan

nifty ff

7820-7840 needs to be closely watched as per gann fan also.

Nifty Weekly Chart

Nifty Weekly Andrew Pitchfork

It was positive week, with the Nifty up by 223 points  closing @7791 . Nifty took exact support near Andrew Pitchfork support line and bounced back. For 9 weeks Weekly Charts are trading in a range of 7422-7808. So a big move is round the corner.

Nifty Weekly Timeline 


Trading Monthly charts

nifty monthly

Bulls will have to save 7422 for momentum to build in August Month as July Series formed a spinning top pattern.

 Nifty Weekly Chopad Levels


Nifty Trend Deciding Level:7801

Nifty Resistance:7859,7896,7945

Nifty Support:7729,7660, 7600


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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5 thoughts on “Nifty Weekly Analysis for 18-22 Aug

  1. Shir

    It is really very good to read and understand the movements of the market. I am very very late to come accross your Website. I would be interested to learn the Elliot wave theory


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