Last Week we gave Chopad Levels of 7246 , Nifty gave short entry on Monday and did all 3 targets on downside by Wednesday thus rewarding discipline chopad followers by 200 points. Lets analyses how to trade nifty next week as we have Union Budget on Monday. 2 Articles which traders should read before trading in Union Budget
Nifty Hourly Chart
Hourly chart trading in channel, Channel will break on Hourly close above 7141 and support at lower level comes @6830.
As discussed last week Now close above 7240 Tgt 7325/7450
High made 7257 but close below 7234.
Now we have probable BAT pattern forming on Nifty, Pattern BC leg will complete around 6916-6900 range if held on closing basis we can see move till 7250/7459.
Nifty Gann Angles
Gann Angles also suggest a move till 7400
Nifty Supply and Demand
Close above 7242 om Weekly basis can target 7600.Close below 6862 we are heading towards 6638.
Nifty Gann Date
Nifty As per time analysis 29 Feb/04 March is Gann Turn date , except a impulsive around this dates. Last week we gave 24 Feb Nifty saw a volatile move.
For Nifty traders who follow gap trading there are 6 trade gaps in the range of 7000-9000, rest all gaps were filled in the last week fall.
7144/7231/7318/7913/6862 levels to be watched in coming week.
Nifty Weekly Chart
It was negative week, with the Nifty down by 181 points closing @7029 reacted from gann resistance of 7232, and closing near the channel, and above its 200 WSMA, Now close above 7232 can see nifty moving to 7500-7600 range and break of 6860 can see move towards 6660.
Trading Monthly charts
Monthly chart bounced from 38.2% support.
Nifty PE @19.1
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7058
Nifty Resistance :7141,7200,7320,7416
Nifty Support :6986,6913,6830,6650
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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