Last Week we gave Chopad Levels of 7740 , Nifty gave Long entry on Monday and got Stopped out on Tuesday at opening but gave Short entry as Open was 7736 below chopad levels and did all 3 target by Tuesday hence rewarding disciplined chopad levels . Lets analyses how to trade nifty in coming week as we have only 3 trading days as 14 and 15 are trading Holidays.
Nifty Hourly Chart
Nifty hourly broke 90 degree on RBI day saw a quick move twoards 135 degree as shown with arrows, Now consolidating around 135 degree, Break of 7570 on Upside will bee move towards 7696 and break of 7500 will be move towards 7414.
As discussed in last week High made till now 7777, and we saw a correction 100 points, Now if we close above 7740 we can see move towards 7800/7852.
7640 did not hold after RBI day hence move towards 7800/7852 negated. Now we are forming a SHARK Patter as shown above Holding 7545 we can see move towards 7649/7696.
Nifty Gann Angles
Nifty is trading between Gann Angles strong resistance in zone of 7800/7850 Support is range of 7350/7300.
Nifty Supply and Demand
As discussed in last analysis Another Weekly close above 7600 is done by bulls so we are heading towards 7859/7900 in 3-4 weeks.
Nifty closed below 7600 hence bullish move towards 7859/7900 has been negated. Now Bulls needs to close above 7584 for move towards 7730/777. Close below 7500 will see move towards 7405.
Nifty Gann Date
Nifty As per time analysis 11 April is Gann Turn date , except a impulsive around this dates. Last week we gave 05/07 April 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.
7527/7442/7318 levels to be watched in coming week.
Nifty Weekly Chart
It was negative week, with the Nifty down by 157 points closing @7555 forming a bearish engulfing pattern , close above the middle line of AF for 3 week and above its 200 WSMA, and 20 WSMA , Upper AF line comes at 7835, need to be cautious as and when it comes.
Trading Monthly charts
Monthly chart support at 50%.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7546
Nifty Resistance :7610,7666,7720
Nifty Support :7470,7420,7380
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.
Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863
Follow on Twitter during Market Hours: https://twitter.com/brahmesh