Nifty ready to march towards all time high,weekly analysis

Last week we gave Nifty Chopad level of 7883 and Nifty did 2 target of upside rewarding chopad followers by 130 points. Next week is very crucial for global markets as we have FOMC Meeting results coming on 30 , Brazil Election results coming tomorrow. We were able to catch the bottom of Nifty as per Nifty signal bottom formation, FII FnO Data Analysis Next week is first week in October month having 5 trading days and October expiry, so trade with extreme caution. Lets analyze how to trade in expiry week.

Nifty Hourly Chart

Nifty Hourly charts has broken above the trendline resistance now close above 8030 is required for nifty to make a jump towards 8138/8180.Unable to do so we can see 7900 levels in coming week.

Nifty Hourly Elliot Wave Chart

Hourly EW is showing a small correction can come till 7990/7970 odd levels before making a dash towards 8138/8172 odd levels.

Nifty Daily Chart

Nifty daily chart bounced after touching its 100 DMA, trendline support and is heading towards the trendline resistance which comes @ 8138 odd levels. Bulls Power indicators is also showing breakout, so very interesting week lying ahead.

Nifty Harmonic

This is what we discussed last week Nifty daily chart bias is still in neutral zone so investors can use this dip to buy into quality stocks. BAT Harmonic pattern also seems to get over so holding 7723 nifty can see a pullback till 7923,

Now 8030 will play a major role in coming week as per above chart, unable to cross and close above 8030 for 3 days we might see correction till 7900 and deep correction till 7700, But if nifty closes above 8030 we can see move towards 8138/8172 levels.

Nifty Daily Elliot Wave Chart

Daily chart are is showing 4 wave completed @7723 and V wave has started target comes @ 8660.

Nifty Gann Date

As per time analysis 29 October is Gann Turn date , except a impulsive around this date. Last week we gave 20 October is Gann Turn date and Nifty was up by 100 points on that day.

Nifty Gaps

For Nifty traders who follow gap trading there are 7 trade gaps in the range of 7000-7800

7067-7014
7130-7121
7276-7293
7229-7239
7454-7459
7526-7532
7598-7568
7625-7654
7780-7856
7927-7974

Fibonacci technique

Fibonacci fan

As per gann fan 7723 is support nifty took support at this level and 8030 is coming up as resistance as per gann fan.

Nifty Weekly Chart

It was positive week, with the Nifty up by 236 points closing @8014. As per Harmonic Bias as seen in above chart, first time after 6000 and 31 week we are seeing trend change from Bullish to Neutral, so expect choppy/sideways move till the Harmonic Bias turn back to Bullish zone ie, Weekly candle turns back to green.Nifty has broken AF support zone closing below this for coming week also weekly trend can turn down and holding the same fast and furious pullback can start, need to see if we can bounceback this time also. New Time cycle will start from next week. This is what we discussed last week and pullback was very furious as it occured only in gaps, new time cycle also showed its effect as nifty was up after 4 week.