Nifty Weekly Outlook

Sunday, June 15 Leave a Comment

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


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

Nifty Trend Deciding Level:7589

Nifty Resistance:7650,7700,7763

Nifty Support:7474,7414 and 7360

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
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