Last Week we gave Chopad Levels of 7246 , Nifty gave short entry on Monday and did all 3 targets on downside by Tuesday Budget day panic low and gave long entry on Budget Day @ 7058 and did all 4 target on upside rewarding discipline chopad followers by 500 points. Low made of 6825 was near our Chopad target of 6825. Lets analyses how to trade nifty next week after the big rally of 6.5%
Nifty Hourly Chart
Holding 225 degree Nifty cam move towards 7631,below 225 degree we can see correction till 7357.
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.
BAT Pattern was a good trade, till we close above 7460 we can see next move till 7590/7790 for completing of BAT pattern.
Nifty Gann Angles
Gann Angles also suggest a move till 7400
Now Nifty need to close above 7512 for next move 7650/7700.
Nifty Supply and Demand
As discussed last week Close above 7242 om Weekly basis can target 7600. Nifty almost did 7505.
Nifty Gann Date
Nifty As per time analysis 10 March is Gann Turn date , except a impulsive around this dates. Last week we gave 29 Feb/04 March 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.
7707/7527/7400/7273 levels to be watched in coming week.
Nifty Weekly Chart
It was positive week, with the Nifty up by 455 points closing @7485 reacted from gann support of 7830, and closing near the middle line of channel resistance and above its 200 WSMA, As discussed last week Now close above 7232 can see nifty moving to 7500-7600 range and break of 6860 can see move towards 6660. Nifty did 7500, Now coming week Nifty needs to hold 7390-7380 range for next move towards 7600/7700.
Trading Monthly charts
Monthly chart bounced from 38.2% support.
Nifty PE @20.24
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7512
Nifty Resistance :7587,7636,7716
Nifty Support :7457,7392,7300
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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