Last Week we gave Chopad Levels of 8700, Nifty did not close above the chopad level during single session, and failed to give entry to chopad followers . Last Week Chopad Level of 8700 was major resistance for bulls as Nifty failed to close above it, HIgh made on Friday was 8696. Lets analyze how to trade nifty in coming August Expiry week.
Nifty Hourly Chart
Nifty is trading in range of 247 from past 20 trading session as shown in hourly chart above, break out above 8730 for a target of 9000 and breakdown below 8477 for a target of 8225.
Nifty is forming 2 harmonic pattern, One giving target of 8915 for this we weekly close above 8577 is required. Another one is SHARK pattern for this bears need to close below 8700 for target of 8542/8521.
Nifty Gann Angles
Self Explanatory Gann Angle chart,Resisting near gann angles before the next move.
2×1 line will act as an important support for bulls going forward, and nifty can see rise till 8900.
Nifty Supply and Demand
Bulls need to hold 8596 on Weekly Basis we can see move till 8849.
Nifty Gann Date
Nifty As per time analysis 22/24 Aug is Gann Turn date , except a impulsive around this dates.
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.
Nifty Weekly Chart
It was negative week, with the Nifty down by 5 points closing @8666 forming Inside bar and DOJI candlestick.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
5 Months of Higher close, Bulls should hold 8577 for next target of 8951
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8676
Nifty Resistance :8720,8777 ,8851
Nifty Support :8610,8555,8500
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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