Nifty Weekly Elliot,Gann and Fibo analysis

Last Week we gave Chopad level of 6790, Nifty did 1 target on upside . Next week Thursday is a Holiday. Lets analyze how to trade Nifty for next 4 trading sessions.

Nifty Hourly Chart

Nifty Hourly charts has trading near its 50 HDMA, 6747-6743 will play an important role in coming week,taking support near this level can see bounceback in nifty.

Nifty Elliot Wave Analysis

As per EW analysis multiple possibility are showing correction but a bounceback near 6900 comes in all cases, so we can see a fall near 6730-6747 range and bounceback again from 6900.

Nifty Daily Chart

On daily charts, nifty has formed a bearish engulfing pattern also nifty is near its Gann Arc support, which again comes in range of 6730-6747, holding the same we can see a good bounceback.

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

Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty is trading at its fibo fan resistance, unable to cross 6820 on closing basis in coming week we can see a pullback to 6675-6650 odd levels.

As per Fibo retracement ,only a close below 61.8% retracement of 6743 will be short term negative for nifty.

Nifty Weekly Chart

It was neutral week, with the Nifty up by 3 points closing @6679. Nifty is again taking resistance at its rising trendline, Weekly charts have formed an shooting start candlestick pattern which is not a reversal pattern but a short term pullback patter, Also as per time analysis Nifty has formed a short term top and next week will be negative.