Nifty close below 7850 and 7777,Weekly Forecast

Last Week we gave Chopad Levels  of 7777 , Nifty gave Long entry on Monday did 2 target on upside by Tuesday. Lets analyses how to trade nifty in coming expiry week, We have 2 down weeks and 1 up week in May as of today.

Nifty Hourly Chart

nifty hourly

As discussed in last analysis  I have drawn Angle Wedge chart on HOurly chart which suggest support is range of 7777-7740 and below that can see fast fall till 7600, Bullish till we held on to 7800 for move till 7921-7950.

Low made on MOnday was 7772 and bounced back till 7940 in 2 days doing target of 7921-7950. Now for coming week holding 7740 can again 7881/7940 and below it move towards 7678/7600.

Nifty Harmonic

Nifty Harmonic

Holding 7777 can see move till 7921/7972/8096. Unable to close above 7777 can see move till 7650

Nifty Gann Angles

gann angles

As discussed in last analysis  7777/7921 showed its importance in last week, This is Beauty of Gann Analysis.

Close below  7740 can again lead to fall towards 7665/7600. Again move above 7777 can see move towards 7850/7940

Nifty Supply and Demand

Supply Demand_Weekly

As discussed in last analysis  Above 7777 we will do 7921, High made in current week was 7940 🙂

Trading below 7777 for next week  move towards 7517 else another move towards 7921

Nifty Gann Date

Nifty As per time analysis 24/27 May  is Gann Turn date , except a impulsive around this dates.

Nifty Gaps

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.

  • 7109-7090
  • 7222-7308
  • 7368-7406
  • 7387-7275
  • 7298-7271
  • 7708-7777
  • 8937-8891
  • 8251-8241
  • 8232-8209
  • 8116-8130

Nifty Weekly Chart

Weekly Channel

It was negative week, with the Nifty down by 65 points  closing @7750 falling after touching 7940 , but close above the upper line of  AF from where it has breakout , closed below gann number of 7850 and  7777 which played very crucial role last week, This is 3 week in a row we have closed below 7850 So if we do not close above 7777 next week also High probability we will go towards 7678/7550 in next 1-2 weeks.

Trading Monthly charts

nifty monthly

Monthly chart forming INSIDE candle between 50-61.8 zone.If we do not break 7995/7516 in next 7 trading session expect impulsive move in June month.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:7777

Nifty Resistance :7840,7900,7972

Nifty Support :7680,7604,7550


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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