Last Week we gave Chopad Levels of 8650, Nifty gave short entry on Tuesday which did 3 target on downside, Thus rewarding the disciplined Chopad followers in new samvat. Lets analyze how to trade nifty in coming week as finally the overhang of US election will be over by Wednesday and nifty closing at very crucial number of 8434 signifying 500 point trending move is round the corner.
Nifty Hourly Chart
As discussed in last analysis Coming week 8650-8660 is crucial zone, closing above it move towards 8737/8800 and below it move towards 8550/8448.
High made was 8670 and below 8650 nifty did the target of 8448. Coming Week 8434 will play crucial role below this market will touch 8287/8130, Above 8450 nifty will go towards 8568/8700.
As discussed in last analysis Any close above 8737 will made a move towards 8852 for this pattern to be valid 8532 should be held.
Shark pattern got invalidated as 8532 was broken, coming week 8364 is crucial holding the same market can move up higher towards 8700. Break of 8363 BAT pattern not shown below nifty can move towards 8287/8182.
Nifty Gann Angles
Nifty continue to trade in 2 gann angles breakout is offing.
Nifty Supply and Demand
As discussed in last analysis 8737-8773 is line of resistance for bulls and 8444 is downside support.
Bears closed below 8444 now breaking 8400 fast move towards 8295.
Nifty Gann Date
Nifty As per time analysis 07/11 Nov 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 204 points closing @8434 formed bearish engulfing candlestick pattern again closing below its weekly trendline as shown in above chart .
As discussed in last analysis Now for coming week 8650-8660 is crucial range above it 8737/8800 below it 8500.Next week is very important as Gann Time Cycle.
High made was 8678 and below 8660 market did the target of 8500 and move lower 8400. As we have been disusing last week was crucial gann week and the effect were shown as nifty corrected 200 points in clear trending move. Unable to close above 8434 next week can see nifty correcting all the way towards 8100. Closing above 8434 can see fast move towards 8650.
Trading Monthly charts
As per monthly chart traders should watch for 8450 level in any correction holding 8450 is very important for the current uptrend from 6825. Finally 8450 is broken as monthly closing is far bulls have chance to hold on to 8450.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8448
Nifty Resistance :8505,8580 ,8678
Nifty Support :8330,8233,8130
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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