Last week we gave Nifty Chopad level of 8100 and Nifty did 3 target on downside rewarding trend followers by 179 points, Coming week has only 3 trading days so trading will be limited, S&P upgrade was a big positive for India and Our PM meeting Obama will be keenly watched by market so market will trend to be volatile in next 3 trading session, If your capital is small better avoid trading for next 3 trading session.
Nifty Hourly Chart
Nifty Hourly charts made a V shaped recovery from channel bottom now facing resistance in zone of 7990-8020 range which is 21/34 ema confluene, Closing above it only can see an upmove till new highs.Move will be volatile in small trading range.
Nifty Hourly Elliot Wave Chart
Hourly EW is showing correction is over and rise can be seen till 8110 odd levels.
Nifty Price Channel
As per Price Channel concept Nifty is entering in zone of demand as seen in above chart holding the same upmove can be seen towards the highs of channel.
Nifty Daily Chart
Nifty daily chart bias is still in neutral zone so expect some range bound volatile move in nifty in coming week.
Nifty Daily Elliot Wave Chart
Daily chart are is showing 4 wave completion around 7841 and bounceback can be seen as part of 5 wave till 8150/8200 in next 2 week.
Nifty Gann Date
As per time analysis 03 October is Gann Turn date as 03 being holiday except move on 7 October, except a impulsive around this date. Last week 22 Sep gave the big move as expected.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 7000-7800
7841-7850 needs to be closely watched as per gann fan support.
Nifty Fibonacci Retracement
8041/8088 are 2 Fibo retracement levels which needs to be watched closely in coming week.
Nifty Weekly Chart
It was negative week, with the Nifty down by 152 points closing @7968 forming a Hammer candle pattern. As per Harmonic Bias as seen in above chart, first time after 6000 and 31 week we are seeing trend change from Bullish to Neutral, so expect choppy/sideways move till the Harmonic Bias turn back to Bullish zone.Nifty took exact resistance near Andrew Pitchfork resistance line and now need to see pullback we saw has formed short term bottom before next round of upmove.Also we are approaching the 55 day cycle on Weekly charts also.Weekly time analysis suggests next cycle which is mostly to be sideways/negative might last another week.
Trading Monthly charts
Bulls will have to save 7950 for momentum to build in September Month.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7990
Nifty Support:7900,7841 ,7783
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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