Nifty does a weekly closing above 7972, Weekly Forecast

Last Week we gave Chopad Levels  of 7777 , Nifty gave Short entry on Monday did not achieve the target and Nifty opened above 7777 and Long taken were rewarded handsomely doing all 3 target. Lets analyses how to trade nifty in coming week after 5% move in previous week. Market can consolidate for a while to catch breath in coming week

Nifty Hourly Chart

NIFTY - Pyrapoint

Hourly chart as per pyrapoint has support at 8120 and resistance at 8250.

Nifty Harmonic

Nifty Harmonic

Close above 8200 required for next move towards 8527

Nifty Gann Angles

gann angles

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

Both done. Now close above 8200 can see next move towards 8336-8354 range.

Nifty Supply and Demand

Supply Demand

Next move towards 8336 holding 8000.

Nifty Gann Date

Nifty As per time analysis 30 May/03 June  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
  • 7941-7948

Nifty Weekly Chart

Weekly Channel

It was Positive week, with the Nifty up by 406 points  closing @8156 rising impulsively above 7972 , so after 5 weeks of time correction we got the impulsive move.

Trading Monthly charts

nifty monthly

Monthly chart broke out of 61.8% retracement , now need a close above 8000 for bulls to rule.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8181

Nifty Resistance :8260,8336 ,8400

Nifty Support :8107,8026,7972


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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2 thoughts on “Nifty does a weekly closing above 7972, Weekly Forecast”

  1. I would request you to back test with the past levels for at least 1 year, making yourself comfortable with the system.

    Make your own rules with proper risk and money management,

  2. Hi Bramesh…. What is the SL level for Bank Nifty Chopad level trades ? also are positions taken at the chopad level as they come or wait for a 15min bar close above or below the chopad level ?

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