Weekly View: Nifty forms Bullish Engulfing ahead of Fed Policy

Last Week we gave Chopad Levels  of 8091, Nifty gave multiple Long entry on Monday and Wednesday  and did the 3 target on upside our 3 target was 8280, High made was 8275  so disciplined Chopad Followers were rewarded again by Market.  Lets analyze how to trade nifty in coming week as we have Fed policy  outcome  on 14 Dec.

Nifty Hourly Chart

As discussed in last analysis   Now for coning week 8091 will play crucial role above which again a move towards 8175/8250.  Bearish below 8031 for 7900.

8250 done, Now coming week holding 8250 nifty can  move towards 8330/8370/844. Bearish below 8250 for a move towards 8180/8100

Nifty Harmonic


ABCD Pattern target is of 8370 Holding 8044.

Nifty Gann Angles

As discussed in last analysis    Now coming week 8091 is very crucial closing above it again move towards 8250/8350. Beraish below 8031 for move towards 7900.

Nifty bounced from gann angles support zone heading towards 8330/8370

Nifty Supply and Demand

supply-demand_weekly

As discussed in last analysis Coming week once 8031 is broken we can see a move back towards 7917. Holding 8031 move towards 8250/8295/8370

8295 done waiting for 8370

Nifty Gann Date

Nifty As per time analysis 13/14 Dec  is Gann Turn date , except a impulsive around this dates.

Nifty Weekly Chart

 It was positive week, with the Nifty up by 174 points  closing @8262 taking support at the lower channel forming a bullish engulfing  candlestick pattern and closing above 8250, Also we are seeing the effect of positive time cycle from 26-14 Dec. New Time Cycle starts from 15 Dec-10 Jan.

Trading Monthly charts

bulls gave close above  8250 for a move towards 8445 and bears below 7900 for a downmove towards 7750/7600.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8286

Nifty Resistance :8338,8400,8450

Nifty Support :8210,8150,8091

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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