Last week we gave Nifty Chopad level of 8107 and Nifty did 1 target on downside in choppy week of trading as weekly range was just 123 points, Lets analyze how to trade in coming week.
Nifty Hourly Chart
Nifty Hourly charts trading in channel and also seeing an convergence of 21/34 ema suggesting a range expansion will happen in coming week. Holding 8050 bounce back can be seen till 8200/8240,Break of 8050 will see a pullback till 7950.
Nifty Hourly Elliot Wave Chart
Hourly EW is showing if 8128 is not crossed correction tilll 7984.
Nifty Daily Chart
Nifty daily chart bias has turned from bullish to neutral so expect some range bound move in nifty in coming week.
Nifty Daily Elliot Wave Chart
Daily chart are is showing 3 wave completion around 8180 and pullback can be seen as part of 4 wave till 7950/7800 in coming week before next round of upmove.
Nifty Gann Date
As per time analysis 16 Sep +-1 day Big move can be seen in Nifty.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 7000-7800
7950-7984 needs to be closely watched as per gann fan.
Nifty Gann Circle
Nifty is approaching the another gann circle support so next week is very crucial break below that 7977 can be seen.
Nifty Fibonacci Retracement
8027 /7977 are 2 Fibo retracement levels which needs to be watched closely.
Nifty Weekly Chart
It was positive week, with the Nifty up by 18 points closing @8105 forming a DOJI candle pattern. Nifty took exact support near Andrew Pitchfork support line and now need to see will be see a pullback or next round of upmove. Negative divergence have started coming on weekly charts, break of 7950 can see the divergence come in effect.Also we are approaching the 55 day cycle on Weekly charts also.Weekly time analysis suggests next cycle to start soon.
Trading Monthly charts
Bulls will have to save 7950 for momentum to build in September Month.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8114
Nifty Support:8050,7992, 7930
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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