Nifty medium term view using Gann

Nifty has been in correction mode ever since it hit the High of 8180 on 08 Sep 2014, It has been in sideways choppy mode from that point of time.As discussed in our Facebook page we are seeing some big move coming in Nifty.
Using Gann 52 concept , classic technical Analysis I am putting forward the view till end of 2014, use the below view as an input to your trading/investing plan, Do not blindly follow the same.

1. Trendline Support

AS seen in above chart, Nifty is holding on to its trendline support and also 61.8% retracemetn @ 7784, low made was 7796 which signify bulls are still in control over market

2. Hammer Candlestick

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Arvind,Biocon and JSW Steel Harmonic pattern analysis

Arvind

Positional traders should watch for  Any close above 288 stock is heading to 300/322.

Intraday traders can use the below levels

Buy above 284 Tgt

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FII FnO Data Analysis for 14 Oct

• FII's sold 20.9 K contract of Index Future worth 822 cores, 12.3 K Long contract were squared off  and 8.6 K short contracts  were added by FII's. Net Open Interest decreased  by 3.6 K contract , so FII liquidated long in index futures  and added  short in index futures.

Nifty dipped below the 50% gann box line, but recovered immediately and closed near the important resistance zone of 7904-7924 range. On Downside 7860/7850 range will act as strong support. Nifty still has not closed above its 50 DMA so bears have upperhand in short term. Inflation data and Reliance results both were favorable suggesting bulls will have upperhand

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Bank Nifty Weekly Chart Analysis

Last week we gave  Nifty Chopad level of 15306 and Bank Nifty did 3 target on upside and 1 target on downside rewarding chopad followers by 400 points.IIP numbers were not good and with global market correcting how to trade bank nifty in coming week.

Bank Nifty Hourly

Bank Nifty hourly charts broke the support zone for a day came back in channel and now near an important support of  15400.Breaking the same 15100 and below its 14750 is on cards. Bullish above 15700 only.

Bank Nifty Hourly Elliot Wave

Bank Nifty hourly EW ..

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Nifty Weekly Chart Analysis

Last week we gave  Nifty Chopad level of 7966 and Nifty did 2 target of downside rewarding chopad followers by 151 points. Nifty witnessed a volatile week due to wild swings seen in global markets.Next week 7784 needs to be closely watched any close below it can see a sharp decline to 7655. Lets see how to trade market next week. 15 October  is again a trading holiday.

 Nifty Hourly Chart

Nifty Hourly charts 21/34 EMA have gone flat, trendline support exists @ 7784/7800  range, Bulls will get active above 7972 for initial target of 8100 and 8175.Bears will get active below 7784 for target of 7725/7655.

Nifty Hourly Elliot Wave Chart

Hourly EW is showing correction can be seen till ..

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