Nifty Weekly Outlook
Last Week we gave Chopad level of 7636,
Nifty did 1 target on upside and 1 target on downside after making
record high @7700. On the global front Brent Crude breached $110 and
climbed near $115 mark on the back of Iraq crisis which led to rupee
losing its ground and also led to jitters in the Indian as well as
Global markets. Lets analyze how to trade Nifty next week
Nifty Hourly chart has broken its rising trendline, next week range of 7474-7478 needs to be closely watched, if held on closing basis market can see a good bounceback till 7650 odd levels else we are going to 7400 odd levels.
As per Elliot wave Analysis correction has started after making top @7700 has started its correction which might last till 7400 as per latest count as shown in above chart.
Nifty Daily Chart
As per Gann Box 7474 if not saved fall can be deeper till 7400 odd levels. We are seeing effect of Hanging Man formation on daily charts.
Nifty Gaps
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400
As per Gann Fans using Nifty will be bullish only above 7700 for initail target of 7836.On Downside strong support in range of 7474-7450 breaking the same cut can deeper till 7235 odd levels.
23.6 % Fibo @ 7450 and 38.2% @ 7294 are 2 strong support which needs to be watched in coming week.
It was negative week, with the Nifty down by 41 points closing @7542 . As per Andrew Pitchfork nifty is near its median line and unable to close above it pullback will start in market. This is what we discussed last week and Nifty made exact high at Andrew Pitchfork median line and pulled back 150 points :)
Monthly chart gives a target of 7800 for short term as per Fibo ratio theory
Nifty Weekly Trading Levels
Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl
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Nifty Hourly Chart
Nifty Hourly chart has broken its rising trendline, next week range of 7474-7478 needs to be closely watched, if held on closing basis market can see a good bounceback till 7650 odd levels else we are going to 7400 odd levels.
Nifty Elliot Wave Analysis
As per Elliot wave Analysis correction has started after making top @7700 has started its correction which might last till 7400 as per latest count as shown in above chart.
Nifty Daily Chart
As per Gann Box 7474 if not saved fall can be deeper till 7400 odd levels. We are seeing effect of Hanging Man formation on daily charts.
Nifty Gaps
For Nifty traders who follow gap trading there are 7 trade gaps in the range of 5300-6400- 5285-5303
- 5448-5553
- 5680-5700
- 5780-5802
- 6091-6108
- 6328-6339
- 6401-6413
- 6493-6510
- 6641-6643
- 7067-7014
- 7130-7121
- 7276-7293
- 7229-7239
- 7474-7497
Fibonacci technique
Fibonacci fan
As per Gann Fans using Nifty will be bullish only above 7700 for initail target of 7836.On Downside strong support in range of 7474-7450 breaking the same cut can deeper till 7235 odd levels.
23.6 % Fibo @ 7450 and 38.2% @ 7294 are 2 strong support which needs to be watched in coming week.
Nifty Weekly Chart
It was negative week, with the Nifty down by 41 points closing @7542 . As per Andrew Pitchfork nifty is near its median line and unable to close above it pullback will start in market. This is what we discussed last week and Nifty made exact high at Andrew Pitchfork median line and pulled back 150 points :)
Trading Monthly charts
Monthly chart gives a target of 7800 for short term as per Fibo ratio theory
Nifty Weekly Trading Levels
Levels mentioned are Nifty SpotNifty Trend Deciding Level:7589
Nifty Resistance:7650,7700,7763
Nifty Support:7474,7414 and 7360
Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl
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posted by Bramesh at
1:59 PM
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