Nifty forms Hanging Man Candlestick,Weekly Analysis

Last week we gave Chopad Levels  of 8156 ,  Nifty  gave entry to DISCIPLINED Chopad Followers on Short on Monday  and Long Entry on Friday  rewarded them with 140 points as Nifty did all 1 target on upside and 1 on downside with a low volatile week.  Lets analyze how to trade market in coming week as we have trading Holiday on Thursday on account of Dusherra.

Nifty Hourly Chart

nifty hourly

Nifty Hourly charts are shown above says closing above 8250 we can see quick move towards 8280/8320 and unable to close above it can see back to 8150/8100 odd levels.

Nifty Gunner

Nifty Gunner

Gunner also suggest resistance around 8250/8270 range above than breakout till 8321/8350 odd levels.

Nifty Supply and Demand with Gann Swing Point

Supply Demand

This is what we discussed last week For Coming Week 8174 should be watched holding above it 8232/8269/8370 should be seen, below it 8060/8008

Gann Swing points are market with  green arrows in above chart.

Nifty Gann Date

Nifty As per time analysis  23 Oct  is Gann Turn date , except a impulsive around this dates. Last week we gave 13 Oct/16 Oct  Nifty saw a volatile move .

 Nifty Gaps

For Nifty traders who follow gap trading there are 15 trade gaps in the range of  7000-9000

  • 7067-7014
  • 7130-7121
  • 7276-7293
  • 7229-7239
  • 7454-7459
  • 7950-8005
  • 8327-8372
  • 8937-8891
  • 8107-8130

Fibonacci technique

Fibonacci Retracement

nifty fibo

8228/8329/8142/80972  should be watched in coming week.

nifty ff

Heading towards the base line in fibo fans.

Nifty Weekly Chart

NIFTY - Weekly Trendline

It was positive week, with the Nifty up by 48 points  closing @8238 forming Hanging Man candlestick, and closing above its 20 WEMA  and above 55 WEMA and bouncing after taking support from 100 WEMA and held its trendline support as shown in above chart.

Nifty Weekly Timeline

Trading Monthly charts

nifty monthly

Monthly chart took support @61.8% retracement line and showed bounce back.

Nifty PE


Nifty PE @22.51 , entering the result season with expensive valuation.Most of results have been inline or below expectation.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8250

Nifty Resistance:8293,8367,8416

Nifty Support:8192,8135,8033


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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6 thoughts on “Nifty forms Hanging Man Candlestick,Weekly Analysis”

  1. Dear MB,

    Are you out of your mind, if it was so easy to write Chopad levels why Bank Nifty took multiple support at 17480 and gave rally?

    It seems you are a big time loser and unable to digest the loss ranting out here by writing big comments.

    I have taken course and its nominally charges how come u got the figure of 50K, There are no free lunches and we need to value time of Sir.

    If you follow candlestick do remember we always wait for follow up action before taking trade. learn from your mistake, it will help in future.

    BB sir please continue your good work.


  2. Dear RajMohan Sir,

    If a person is trading first thing he should know is every candlestick pattern needs to have a follow up action. It seems the person was highly short on market and took heavy beating and finally taking out his rant here. We just needs to ignore and concentrate on our work.


  3. Every trader should define his risk and money management on entering trades. Do proper back testing with ur rules and see if its profitable, To start with whats Rajamohanji has given use it.



  5. Nifty has closed the window made at 8225 spot levels.On daily charts there is Ichimoku breakout.Upward bias is likely to continue in coming days.Next probable tgt for nifty comes at 8380 levels.Key Event to watch out is Outcome of Bihar Elections to be declared on 8 November 2015.

  6. Respected Sir, sometime nifty open above or below 20 to 40 point above chopad level….
    Then how many points above or below consider as safe entry?
    Thank you in advance

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