Nifty Weekly Elliot wave and Gann Analysis

Last Week we gave Chopad level of 6873, Nifty did all 7 target on upside giving 633 points to trend follower .Lets analyze how to trade Nifty before the Lok Sabha election results.

Nifty Hourly Chart

 

Nifty Hourly charts are trading in expanding triangle range, spurt up and than cool off and finally closing the gap. Holding 7121 is bullish in short term.

Nifty Elliot Wave Analysis

As per EW analysis it shows short term correction is over till 7121 is not broken and bounce back till 7726  is on cards. 

Nifty Daily Chart

Nifty took perfect support at gann arc as shown above and bounce back heavily, Short term target as per gann arc come at 7684.

 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
• 7130-7121

Fibonacci technique

Fibonacci fan

As per Fibonacci Arcs using gann angles target bullish move only above 7246

As per Fibo retracement ,only a close below 50% retracement of 7107 will be bearish in short term

 

Nifty Weekly Chart

It was positive week, with the Nifty up by 344  points  closing @7203. As per Andrew Pitchfork nifty can again move back to median line. Weekly charts are still in positive quadrant as shown in below chart.

Trading Monthly charts

Monthly chart gives a target of  7800  for short term as per Fibo ratio theory

 Nifty Weekly Trading Levels

Nifty Trend Deciding Level:7246

Nifty Resistance:7376,7506,7636

Nifty Support:7210,7121,7067 and 7014

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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