Wishing Dear Readers a very very happy and prosperous and profitable new Year.
2016 year started with a fall in first 2 months forming a bottom on Budget day 29 Feb 2016 @6825 when both Gann Price and Time Squaring happened. Nifty staged a spectacular rally all the way till 8969 where again Gann Price and Tine Squaring happened and we saw a Big reversal and fall till 7893. Nifty clocking a gain of 3% in 2016 incidentally last 3 days gain were also 3% :). We can consider 2016 as year of consolidation, So Last 2 years have been years of consolidation, Expect some good move in coming year. Monthly and Yearly chart of Nifty are shown below.
Yearly chart have formed an Spinning Top candlestick
A Spinning Top indicates a strong fight going on between the bears and the bulls. The bulls are giving it their all, as are the bears. Nobody has won the fight yet, so the candle closes near to its open price.Open of Nifty was 7938 and Close was 8185.
If a Spinning Top appears during a bullish trend it suggests that the bulls could be losing control, and the trend could be ending. This is because until the spinning top formed the bulls had a very strong bullish trend. The spinning top suggests to traders that the bears are fighting back and the bulls are struggling to continue the bullish trend.
Bulls should hold 8250 on Monthly closing basis and Bears should see Close below 7900 for Spinning Top Candle to show its effect.
Monthly Gann Chart
Monthly Chart with Gann Angles is shown Breakdown below 7600 for a move till 6825/6400. Breakout above 8250 for a move towards 8450/8774/8969/9208/9364/9822. Within a few seconds, you can now see daily news and analysis and keep up to date with market trends.
Monthly Chart with Supply and Demand Zone
Monthly Support at 7420/6869/6332. Monthly Resistance 8450/9000/9500.
Important Dates as per Time Analysis :
Below dates can see Trend Change in Market.
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