Nifty forms Bullish Engulfing pattern,Weekly Forecast

Last Week we gave Chopad Levels  of 8602, Nifty  close above the chopad level on Monday giving Long entry to Chopad Followers and did all 3 target by Wednesday.  Last Week Chopad Level of 8602 was major support for bulls as Nifty failed to close below it. As discussed last week As per Gann Time Analysis we are approaching 77 Week from top of 9119, expect impulsive move in coming week or at most next week. We saw impulsive move as expected. Lets analyze how to trade nifty in coming  week.

Nifty Hourly Chart

As discussed in Last Analysis

Nifty traded in the blue channel as shown above, touching both upper and lower end of channel  suggesting breakout or breakdown should come in next week. Break of 8470 can see move towards 8300/8225. Break of 8700 required for move towards 8800/8851.

Now for coming week Bulls need to hold 8774 for move towards 9000/9120.

Nifty Harmonic

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