Last week we gave Chopad Levels of 8596 , Nifty did 3 target on downside and rewarded Chopad followers. Lets analyze how to trade market in coming expiry week.
Nifty Hourly Chart
Nifty Hourly charts has broken on downside and below its 21/34 EMA, till 8400 is not broken trend remains on downside. We are also entering supply area as shown in above chart.
Nifty Hourly Elliot Wave Chart
8270/8240 will play a vital role in coming week, Holding the same we can see 8389/8400 and above it nifty can move to 8850/8900 range.
Nifty Pyrapoint Analysis
As per Pyrapoint Analysis unable to sustain above its 225 degree line, suggesting move towards its 270 degree line which lies near 8230.
Nifty Market Profile
Nifty as per Market profile 8391 should be closely watched in coming week,unable to cross we can see downside till 8200/8150 odd levels
Nifty fractal which are swing high an swing top are shown in above chart.Also we have included indicator which defines bulls and bear trend, As of now trend is down till 8464 is not broken.
ON Daily chart Nifty Gunner has broken its quadrant unable to close above it on MOnday can see move towards green arc.
If butterfly pattern needs to form Nifty should bounce sharply in coming week till 8400/8600.
Nifty Daily Elliot Wave Chart
As per EW more legs are left to the rally use dips around 8200/8165 to take exposure to quality large and mid caps stocks. NO leveraged positions this for cash market traders.
Supply and Demand Zone
Self Explanatory chart for Supply and Demand zone.
Murry Math line support has been holding from past 3 times, Will it be lucky for 4 time ?
Nifty Gann Date
Nifty As per time analysis 27 April/01 May is Gann Turn date , except a impulsive around this dates. Last week we gave 20 April/23 April Day and Nifty saw a volatile move on both the days .
For Nifty traders who follow gap trading there are 14 trade gaps in the range of 7000-9000
April 17 was gann emblem date and last week nifty corrected by 300 points.
Nifty near its Fibo fan support so next week we need to see do we get the follow up move.
8288 is 78.6% retracement number so keep a eye on this.
Nifty Weekly Chart
It was negative week, with the Nifty down by 300 points closing @8305 , and closing below its 20 WSMA and broken its its weekly channel for second time in 3 weeks suggesting supply pressure at higher levels. As discussed last week As per Gunner pattern if Nifty breaks 8568 we might head towards 8520/8434 odd levels. Nifty has broken the red arc of gunner which has bearish implication if nifty do not close above red arc in coming week.
Trading Monthly charts
Monthly chart took support near 23.6% retracement line and also low of 8245 will play a major role in coming month.
As per PE ratio has again up to 22.34, Result season is going bad unable to upgrade the earning can see nifty moving in bubble category.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8286
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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