Last week we gave Chopad Levels of 8550 , Nifty did 3 target on downside rewarding chopad followers. Lets analyze how to trade market in coming week.
Nifty Hourly Chart
Nifty hourly chart with gann box is shown above, breakout comes above 8550 8×1 line and support exits near 2×1 degree gann line around 8450/8440 odd levels. Gann Box again helped in identifying the bottom.
Nifty Pyrapoint Analysis
Again took support and bounced back, Again heading towards the crucial resistance zone of 8636.One of the wonderful tool for traders.
Nifty is getting resisted at red arc corrected, took support near gann line and bounced back as shown in above chart, Heading towards 8600 where price action needs to be watched.
Nifty Gann Box
Gann Box on daily chart is shown above suggesting resistance in range of 8590/8600 levels.Strong support at 2×1 line at 8350.
Nifty Supply and Demand
Nifty rotated between Supply and Demand zone and rewarding traders who shorted at Demand zone and bought back at supply zone. Self Explanatory chart shown above.
Elliot Wave Analysis
Have been advocating use dips to buy quality stocks.
Nifty Gann Date
Nifty As per time analysis 19 August/21 August is Gann Turn date , except a impulsive around this dates. Last week we gave 11 August/14 August Nifty saw a volatile move .
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
38.2% again added as support and 61.8% as resistance as shown above.
8500/8527/8652/8665/8845 is fibo retracement as shown above are important level to be watched in coming week
Nifty Weekly Chart
It was negative week, with the Nifty down by 45 points closing @8518 forming hammer candlestick pattern , and closing above its 20/55 WEMA and bounced from its trendline support as shown in above chart. We are still in Bullish time cycle from 14 June till mid September, correction in between should be bought into with proper risk management.
Trading Monthly charts
Monthly chart after 2 Month of hammer candlestick,saw a bullish candlestick, and again nifty took support @78.6 % if low held we should see nifty moving above 8650.
Nifty PE @23.69 , results have not been so great to justify such rich valuation.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8546
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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