Last week we gave Chopad Levels of 8556 Nifty did 3 target on upside. Bulls are on rampage on Dalal Street, catching many traders on wrong foot and rewarding discipline and trend follower handsomely. Lets see how to trade nifty in coming week.
Nifty Hourly Chart
Nifty Hourly charts has broken above the trendline resistance signalling move towards new high, Any correction new the trendline support will give a good opportunity to go long.
Nifty Hourly Elliot Wave Chart
Elliot wave chart on Hourly is shown above suggesting upmove can continue further and 8888 will decide further course of action.
Nifty Daily Chart
This is what we discussed last week Nifty daily chart has completed 56 trading days from the low formed on 17-Oct, as per gann theory next week will be very crucial as per time theory, Also Nifty for 3 time has taken support near 100 DMA also forming triangle formation with breakout, breakdown offing in coming week. So Gann effect was seen with big rise on 15 Jan and we have seen the triangle breakout. Target of Triangle breakout comes @9147.
Nifty Harmonic Pattern
After completion of bullish butterfly pattern Now Nifty is forming a bearish ABCD pattern so longs should trade cautiously, as 8888 will play very crucial now. Any close above it for 2 days we can see up move till 9200/9500, Unable to close above it we can see downfall till 8600/8350 in medium term.
Nifty Daily Elliot Wave Chart
As per EW more legs are left to the rally use dips to take exposure to quality large and mid caps stocks.
Nifty Gann Date
Nifty As per time analysis 28 Jan +-1 day is Gann Turn date , except a impulsive around this date. Last week we gave 21 Jan +-1 Day and Nifty saw 144 points rise on 20.
Nifty Gann Emblem
16 Jan are very important date as per Gann Emblem. RBI news came 1 day before the gann emblem date Next important day to keep in mind is 16 Feb.
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 7000-7800
Nifty took exact support @ gann fan and is on trending move.
Nifty Weekly Chart
It was positive week, with the Nifty up by 321 points closing @8835 and trading in its uptrending channel . Weekly time cycle also started in positive note, its time to be cautious now as Nifty is approaching its trendline resistance in daily, weekly and monthly charts so book some profit in nifty and stocks positions.
Trading Monthly charts
Uptrending Monthly channel is still on, so new highs can still come.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8806
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.Please also read the detailed Disclaimer mentioned in the Right side of Blog.
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