Nifty ready for correction,Weekly Analysis

Last week we gave  Nifty Chopad level of 8355 and Nifty did 1 target on downside rewarding chopad followers by 55 points in a holiday shortened week, Lets analyze how to trade in expiry week as we have CPI/IIP data coming on Wednesday.

 Nifty Hourly Chart

Nifty Hourly charts has meet its trendline resistance @ 8365 unable to cross and break of 34 HEMA @8303 will see a quick fall till 8260/8270 levels where 21 HEMA lies, Breaking the same can see deeper cut else bounceback again on cards till 8365 levels.

 

Nifty Daily Chart

Nifty daily chart is also has formed a series of DOJI’s and double top pattern @ 8365 also trendline resistance as per above chart with negative divergence visible in daily indicators. 8365 will play an important resistance strong support @ 8200.

 Nifty Harmonic

Nifty as per harmonic pattern seems to have covered maximum move of this current rise, We see maximum rise of 650 in upmove we have done 640 points in 13 trading session so upmove will come to an end, Also as show in above chart Nifty has reached the top end of grey box upside and bias has turned neutral with a grey bar  we can see decline of 200/300 points in nifty by 20 November.

Nifty Daily Elliot Wave Chart

Daily chart are is showing 4 wave completed @7723 and V wave has started target comes @ 8660, correction will be part of the rise so use dips to enter.

Nifty Gann Date

As per time analysis 11 November  is Gann Turn date , except a impulsive around this date.  Last week we gave 06 November  is Gann Turn date but Nifty did not show expected move due to Holiday.

 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
• 8027-8052
• 8169-8198

Fibonacci technique

Fibonacci fan

8120/8044 should be watched closely when we see pullback in NIfty

 

Nifty Weekly Chart

It was positive week,  with the Nifty up by 14 points  closing @8337 forming a DOJI candlestick pattern on Weekly charts. Next week willbe very crucial and can start a short term correction. As per Harmonic Weekly chart nifty has reached the grey box upper end on weekly chart also so time to be cautious as we can see sideways/bearish  move with a negative bias in coming 2 weeks.

 

 

Trading Monthly charts

Bulls need to protect the recent low of 7723 for rest of days for bullish moves to continue.

 Nifty Weekly Chopad Levels

 

Nifty Trend Deciding Level:8355

Nifty Resistance:8416,8465,8550

Nifty Support:8286,8212,8170

Levels mentioned are Nifty Spot

Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl

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