Last week we gave Chopad Levels of 8251 ,Nifty made high of 8423 almost meeting our 3 Chopad Level of 8446 Lets analyze how to trade market in coming week as we also have monthly closing and Greece drama has comes to climax with Alex Tripas asking for referendum which can send shock waves to world financial market.
Nifty Hourly Chart
Now as per Currently Hourly chart was unable to cross the 3×1 gann angle, support lies @4×1 gann line breaking the same can lead to fall near 8200 odd levels. Breakout will come only on hourly close above 8500.
Nifty Hourly Elliot Wave Chart
Hourly charts on Elliot wave shows we are done with rise can see pullback near 8200 and below that can see fall below 8000 odd levels in medium term.
Nifty Pyrapoint Analysis
As per Pyrapoint Analysis till 8350 is held @45 degree line bulls are in control,below that 8200 on cards.
Supply Demand Zone
As disucssed last week 8432 is supply zone, nifty made high of 8423 and started showing pullback.
Unable to corss the green arc suggests we can see pullback till 8200/8250 odd levels.
Harmonic also suggests if range of 8432-8450 not crossed can see pullback till 8250/8200 odd levels.
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.
Traders who bought must have bee rewarded.
8436 is MML resistance zone and Support at 8283/8126.
Nifty Gann Date
Nifty As per time analysis 29 June/02 July is Gann Turn date , except a impulsive around this dates. Last week we gave 22 June/25 June Nifty saw a volatile move .
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
8286-8216 and 8499/8524 is fibo retracement as shown above are important level to be watched in coming week.
Nifty Weekly Chart
It was positive week, with the Nifty up by 156 points closing @8381 , and closing above its 55 WEMA and below its 20 WSMA. Nifty has bounced sharply 483 points in past 12 trading sessions based on oversold nature of Weekly chart and positive divergence, Now has been consolidating in range of 8329-842, break of any of the 2 levels can show a move of 100 points. As per time analysis next cycle from 29-03 July will be Volatile cycle with underlying trend neutral to bearish. Time Analysis of showing positive move after 14 June worked perfectly
Gunner weekly charts bounced perfectly from red arc and horizontal line and resistance @grey line as shown in above chart.
Trading Monthly charts
Monthly chart recovered back to its 23.6 % retracement.
Nifty i s again in danger zone of PE charts also forming a traingle pattern, can come to down to rising trendline suggesting correction on cards,if pattern has to work.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8330
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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