Nifty near break or make level, Weekly Analysis

Last week we gave Chopad Levels  of 8596 , Nifty did 3 target on downside and rewarded Chopad followers.  Lets analyze how to trade market in coming expiry week.

Nifty Hourly Chart

Nifty Hourly charts has broken on downside and below  its 21/34 EMA, till 8400 is not broken trend remains on downside. We are also entering supply area as shown in above chart.

Nifty Hourly Elliot Wave Chart

8270/8240  will play a vital role in coming week, Holding the same we can see 8389/8400 and above it nifty can move to 8850/8900 range.

Nifty Pyrapoint Analysis

As per Pyrapoint Analysis unable to sustain above its 225  degree line, suggesting move towards its 270 degree line which lies near 8230.

 Nifty Market Profile

Nifty as per Market profile 8391  should be closely watched in coming week,unable to cross we can see downside till 8200/8150 odd levels

 Nifty Daily

Nifty fractal which are swing high an swing top are shown in above chart.Also we have included indicator which defines bulls and bear trend, As of now trend is down  till 8464 is not broken.

Nifty Gunner

ON Daily chart Nifty Gunner has broken its quadrant unable to close above it on MOnday can see move towards green arc.

Nifty Harmonic

If butterfly pattern needs to form Nifty should bounce sharply in coming week till 8400/8600.

Nifty Daily Elliot Wave Chart

As per EW more legs are left to the rally use dips around 8200/8165  to take exposure to quality large and mid caps stocks. NO leveraged positions this for cash market traders.

Supply and Demand Zone

Self Explanatory chart for Supply and Demand zone.

Nifty MML

Murry Math line support has been holding from past 3 times, Will it be lucky for 4 time ?

Nifty Gann Date

Nifty As per time analysis 27 April/01 May  is Gann Turn date , except a impulsive around this dates. Last week we gave 20 April/23 April  Day  and Nifty saw a volatile move on both the days .

 Nifty Gaps

For Nifty traders who follow gap trading there are 14  trade gaps in the range of  7000-9000

• 7067-7014
• 7130-7121
• 7276-7293
• 7229-7239
• 7454-7459
• 7526-7532
• 7598-7568
• 7625-7654
• 7780-7856
• 7927-7974
• 8029-8065
• 8378-8327
• 8102-8167
• 8341-8380
• 8706-8699
• 8937-8891

Gann Emblem

 April 17 was gann emblem date and last week nifty corrected  by 300 points.

Fibonacci technique

Fibonacci fan

Nifty near its Fibo fan support so next week we need to see do we get the follow up move.

8288  is 78.6% retracement number so keep a eye on this.

Nifty Weekly Chart

It was negative week, with the Nifty down by 300 points  closing @8305 , and closing below its 20 WSMA and broken its its weekly channel for second time in 3 weeks suggesting supply pressure at higher levels.  As discussed last week As per Gunner pattern if Nifty breaks 8568 we might head towards 8520/8434 odd levels. Nifty has broken the red arc of gunner which has bearish implication if nifty do not close above red arc in coming week.

 

 

Trading Monthly charts

Monthly chart took support near 23.6% retracement line and also low of 8245 will play a major role in coming month.

Nifty PE

As per PE ratio has again up to 22.34, Result season is going bad unable to upgrade the earning can see nifty moving in bubble category.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8286

Nifty Resistance:8350,8399,8465

Nifty Support:8237,8179,8052

 

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.Please also read the detailed Disclaimer mentioned in the Right side of Blog.

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