Weekly view: Nifty forms gravestone doji ahead of RBI Policy

Last Week we gave Chopad Levels  of 8071, Nifty gave Long entry on Monday  and did the 2 target on upside  so disciplined Chopad Followers were rewarded again by Market.  Lets analyze how to trade nifty in coming week as RBI policy will be held on 07 Dec

Nifty Hourly Chart

nifty-hourly

As discussed in last analysis    Coming week 8100 will play crucial role above which nifty can see bounce till 8175/8220.

8250 done, Now for coning week 8091 will play crucial role above which again a move towards 8175/8250.  Bearish below 8031 for 7900.

Nifty Harmonic

As discussed in last analysis   Nifty is forming a ABCD pattern target comes at 8175.

8175 done now coming week no Harmonic pattern was spotted

 

Nifty Gann Angles

gann-angles

As discussed in last analysis   Coming week close above 8130 can see move towards 8220/8300

8250 done, Now coming week 8091 is very crucial closing above it again move towards 8250/8350. Beraish below 8031 for move towards 7900.

Nifty Supply and Demand

supply-demand_weekly

As discussed in last analysis Bulls will be under pressure till we do not have weekly close above 8295. Till we do not close above 8295 move towards 7927 possible.

High made was 8250 still 8295 not able to close above it. Coming week once 8031 is broken we can see a move back towards 7917. Holding 8031 move towards 8250/8295/8370

Nifty Gann Date

Nifty As per time analysis 05/09 Dec  is Gann Turn date , except a impulsive around this dates.

Nifty Weekly Chart

nifty-weekly-timeline

 It was negative week, with the Nifty down by 27 points  closing @8086  taking support at the lower channel forming a gravestone doji  candlestick pattern signalling reversal if we close below 8000 in coming week. Bullish only on close above 8250.

Trading Monthly charts

nifty-monthly

November month has a bad closing with Nifty closing below 8300, now bulls need a 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:8091

Nifty Resistance :8140,8201,8280

Nifty Support :8030,7972,7900

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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