Nifty forms Bullish Engulfing pattern, Weekly Analysis

Last week we gave Chopad Levels  of 8026 ,Nifty made high of 8250.8 meeting our 3 Chopad Level of 8251 and closed at the highest point of the week. We got Stopped out on Monday but were with the trend from Tuesday as soon as Nifty moved above the Chopad level of 8026 and rewarded the Disciplined Chopad followers .  Lets analyze how to trade market in coming expiry  week.

Nifty Hourly Chart

As discussed last week Also Bull Power indicator is crossing the median line which if sustained can see relief rally coming in market till 8147/8290 odd levels.

Now as per Currently Hourly chart we have confluence of Trendline Resistance and 4x1 gann line @8286-8300 zone, so long should book profit in the zone and wait to see how market react in this zone.Support lies in range of 8176-8150 range.

Nifty Hourly Elliot Wave Chart

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