Last week we gave Chopad Levels of 8221 , Nifty did 1 target on downside and 1 target on upside rewarded Chopad followers on both sides. Lets analyze how to trade market in coming week.
Nifty Hourly Chart
Nifty Hourly charts has broken on upside and above its 21/34 EMA, till 8200 is not broken hourly trend remains on upside.Triangle breakout target comes @8427.
Nifty Hourly Elliot Wave Chart
Hourly charts if not rising in abc pattern 8427 should be logical target. 8333 should be broken and sustained for this move to come.
Nifty Pyrapoint Analysis
As per Pyrapoint Analysis able to sustain above its 180 degree line, suggesting move towards its 135 degree line which lies near 8395.Support @225 degree line @.8
Nifty Market Profile
Nifty as per Market profile 8222 should be closely watched in coming week,8413 is target on upside and 8057/7900 on downside if 8222 is broken.
Nifty Andrew Pitchfork
Bulls near Close above AF upper line for momentum to come, else will bear attack again and drag towards median line.
ON Daily chart Nifty Gunner is entering in gann line , unable to cross above it can see nifty revisiting the lows and make new low. Closing above it can see it moving towards 8375/8400 odd levels.
We have been discussing the same from past 2 weeks 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 8000/7900 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 at 8125, break of same can see move towards 7972.Above 8286 upper side target 8437 as per MML
Nifty Gann Date
Nifty As per time analysis 19 May/21 May is Gann Turn date , except a impulsive around this dates. Last week we gave 11 May/15 May Nifty saw a volatile move .
For Nifty traders who follow gap trading there are 14 trade gaps in the range of 7000-9000
Approaching the 38.2% retracement zone.
8320 is 38.2% retracement number so keep a eye on this.
Nifty Weekly Chart
It was positive week, with the Nifty up by 70 points closing @8262 , and closing below its 20 WSMA and above its 50 SMA. Nifty Weekly formed 2 DOJI on weekly charts which was formed in Aug 2013. Break of 8333 can see momentum returning on upside. Traders had a roller coaster rise last week, now we have entered new quadrant as per Time Analysis, also gunner will be entering new quadrant so bias is neutral to bullish for coming week with volatile moves.
Trading Monthly charts
Monthly chart took support near 23.6% retracement line. Higher time frames have turned in Sell on Rise mode so technical shift is happening from Buy on Dips to Sell on Rise.
As per PE ratio has again up to 22.24, 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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