Last week we gave Chopad Levels of 7820 , Nifty was volatile last week trading above and below the Chopad levels, Long Intitated during first half of week were stopped out, Short were rewarded but did not touch the first target and bounded back and Long at end of week were also rewarded with 1 Tgt on upside done. Lets analyze how to trade market in coming Expiry week.
Nifty Hourly Chart
As we discussed last week Strong support in range of 7700/7681 holding the same bounce back can be expected.
Nifty did low of 7724 and bounced back, For coming week 7937 will play crucial role uanble to close above it can see Nifty falling back to 7800/7750 range.
As we discussed last week 7681 is another logical target as per harmonic pattern.
Low made 7725 bounced back, Nor for coming week we are seeing Alternate Bat pattern which is valid till 7731 is not broken for upside target of 7994 and 8167.
Nifty Gann Angles
As discussed last week Nifty of the blue line holds can see fast and furious rally till 7830/7950 odd levels.
High made 7906 after a fast fall on Wednesday towards 7725 which touched the gann blue line. Coming week till the blue line holds rally possible till 7937/7997.
Nifty Supply and Demand
Self explanatory chart of Supply and Demand zone.
Nifty Gann Date
Nifty As per time analysis 24/27 Nov is Gann Turn date , except a impulsive around this dates. Last week we gave 16/20 Nov Nifty saw a volatile move . Effect of Aniversary date will be shown at market opening.
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
7802/7847/7912/7965/8034 are levels to be watched in coming week.
Nifty Weekly Chart
It was positive week, with the Nifty up by 94 points closing @7856 closing below its 20 WEMA and 55 WEMA and again took support at 100 WEMA .100 WEMA has supported last 5 time now. Nifty continues to trade in its weekly channel, With the off set of new time cycle market seems to have formed short term top further confirmation in coming week.
Trading Monthly charts
Monthly chart took support @61.8% retracement line and showed bounce back and unable to cross 78.6% retracement.
Nifty PE @21.24 , valuation are quiet expensive looking at result season we have just gone through.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7896
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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