Last Week we gave Chopad Levels of 7972, Nifty gave Short Entry on Monday and did the 1 target of 7900, On Tuesday gave Long entry above 7972 giving Opportunity for Chopad Followers to Enter Long trade which did all target of 8165 by Friday thus rewarding Chopad Followers with New Year gift 🙂 May The Year 2017 Bring for You,Happiness,Success and filled with Peace,Hope & Togetherness of your Family & Friends…. Wishing You HAPPY NEW YEAR 2017. Lets Analyze How to trade Nifty in first week of trading in 2017.
Few Article to go through before we start the new Year 2017
Nifty Hourly Chart
As discussed in last analysis Now for coming week break of 7900 can see move towards 7850/7710. Bulls will get active above 7990 for a move towards 8130.
7894 Low made Bulls held on to 7900 and gave a good bounce above 7990 did a fast move towards 8130, Now for coming week 8250 range should be seen very closely, above this move towards 8336/8450/8555. Unable to do so move back towards 8000/7900.
8200-8250 is crucial range as Nifty unable to break that ABCD pattern will get active and we can see another downfall towards 8000/7900. Bullish only on close above 8250.
Nifty Gann Angles
As discussed in last analysis Nifty broke the gann angles as shown in above chart suggesting bears can push nifty below 7700/7650 once 7900 is taken out.
Low made was 7894 so Bulls held on to 7900 and gave good bounce but still not of woods as move above 8250 should be done for a move towards 8336/8450. Bearish on close below 8100 for a move towards 8000/7900.
Nifty Supply and Demand
As discussed in last analysis 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.
Coming week bulls should protect 8095-8100 range else again downmove above 8000/7916. Bullish only on close above 8250.
Nifty Gann Date
Nifty As per time analysis 02/04 Jan is Gann Turn date , impulsive move can be seen around these dates.
Nifty Weekly Chart
It was positive week, with the Nifty up by 200 points closing @8185 forming Bullish engulfing pattern, also holding the lower channel of AF and closing above it suggesting Bulls are having upperhand as we start 2017.
Trading Monthly charts
Trading below 8250 bears will have upperhand for rest of trading month.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8156
Nifty Resistance :8254,8301,8360
Nifty Support :8107,8030,7977
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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