Last Week we gave Chopad Levels of 8156, Nifty made High of 8132 on Monday giving Opportunity for Chopad Followers to Enter short trade a bit risky one as It did not touch the exact level of 8156 but rewards were also very good as it did the 3 target of 7972 thus rewarding Chopad Followers with Christmas and New Year gift 🙂 Wishing Everyone a Merry Christmas As we approach the last trading week of 2016 Lets analyze how to trade nifty in coming week. I sincerely Hope the Weekly Chopad levels have helped in your trading in 2016 and helped you becoming a profitable trader.
Nifty Hourly Chart
As discussed in last analysis Bulls are backend till we do not close above 8154, Above 8154 target 8230/8272. Below 8130 move towards 8097/8051/8000.
Below 8130 all target done. Now for coming week break of 7900 can see move towards 7850/7710. Bulls will get active above 7990 for a move towards 8130.
As discussed in last analysis ABCD Pattern target is of 8370 Holding 8044.
Harmonic pattern got invalidated as we break 8044. For coming week break of 7900 can see fast move towards 7700.
Nifty Gann Angles
As discussed in last analysis Nifty still holding gann angles support zone heading towards 8330/8370 holding 8097 and closing above 8150.
Nifty broke the gann angles as shown in above chart suggesting bears can push nifty below 7700/7650 once 7900 is taken out.
Nifty Supply and Demand
As discussed in last analysis Nifty due to small range has formed a conflict of multiple supply and demand zone, 8156 is laxman rekha for bulls and bears, below 8156 tgt 8097/8056/8031. Above 8156 another move towards 8230/8272.
Bulls need to hold 7900 unable to defend 7900 can see fast move towards 7777/7516 in next 2-3 trading weeks. Holding 7916 bulls need to move towards 8100/8150.
Nifty Gann Date
Nifty As per time analysis 26 Dec is Gann Turn date , expect an impulsive around this dates.
Nifty Weekly Chart
It was negative week, with the Nifty down by 153 points closing @7986 closing below 8000, also breaking the lower channel of AF and closing below it suggesting bears are having upperhand as we end 2017. Last Year Open was at 7938 Bulls will try to close around this level so that We get a perfect DOJI candle on Yearly charts and 2017 can see a move of 10-20% on Yearly basis.
Trading Monthly charts
Trading below 8250 bears will have upperhand for rest of trading month.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7972
Nifty Resistance :8050,8101,8165
Nifty Support :7900,7830,7720
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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