Nifty Weekly Forecast with GST about to become reality

Last Week we gave Chopad Levels  of 8577, Nifty gave Multiple Long entry on Monday/Tuesday/Wednesday and did 1 target on all 3 occasion . Last Week Chopad Level of 8577 was major Support for bulls as once closing above it all dips near 8577 was bought into. Lets analyze How the market will fair in August which historically have favored bears and passing GST bill next week.

Nifty Hourly Chart

NIFTY - Pyrapoint

As discussed in last Analysis Hourly Chart resistance at 8649 and support at 8500. Nifty found multiple resistance at 225 degree as shown above.

Resistance for coming week 8677 at diagonal line 8800 at 270 degree and Support at 8500.

Nifty Harmonic

Deep Crab

As discussed in last Analysis  Holding 8480/8490 range nifty can see upmove till 8667/8737 as per Deep Crab harmonic pattern.

8670 was high so target done, Now for coming week Holding above 8670 Nifty can rally till 8737

Nifty Gann Angles

gann angles

As discussed in last Analysis Self Explanatory Gann Angle chart,Resisting near gann angles before the next move. Bulls needs close above 8577 and bears below 8434 for next move .

As observed in above chart,Angles are getting smaller with each rise suggesting market is getting heavier on one side and cautious advised to both bulls and bears as we can see an impulsive rise/fall.  Bulls should hold 8577 for move till 8800/8901. Any close below 8577 can see fast move till 8210.

Nifty Supply and Demand

Supply Demand_Weekly

As discussed in last Analysis Now Bulls need to close above 8544 on Weekly close basis for a target of 8654/8774. Bears will get active below 8295 only.

Bulls did impulsive move above 8543 after 2 failed attempt. Now Bulls need a weekly close above 8654 for 8773.

Nifty Gann Date

Nifty As per time analysis 03/05 Aug  is Gann Turn date , except a impulsive around this dates.

Nifty Gaps

For Nifty traders who follow gap trading there are 8 trade gaps in the range of  7000-9000, rest all gaps were filled in the last week fall.

  • 7222-7308
  • 7368-7406
  • 7748-7809
  • 7934-7948
  • 8127-8157
  • 8204-8242
  • 8323-8407
  • 8937-8891

Nifty Weekly Chart

Weekly Channel

It was positive week, with the Nifty up by 97 points  closing @8638.Nifty has been trading in the weekly channel as shown above, Bulls again managed to close above the weekly channel suggesting they are still in play and can play next move towards 8900 as per weekly channel.

Trading Monthly charts

nifty monthly

5 Months of Higher close, Bulls should hold 8434 for market to scale up.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8677

Nifty Resistance :8710,8767 ,8860

Nifty Support :8620,8577,8500


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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