Last Week we gave Chopad level of 7589, Nifty did 1 target on upside and 1 target on downside in a highly volatile week. Movement in crude oil prices, the progress and the spread of the monsoon rains, trend in global equity markets and investment activity of foreign institutional investors will dictate near term trend of market. Lets analyze how to trade Nifty in expiry week.
Nifty Hourly Chart
Hourly charts are still trading in range, Range contraction is happening at present, Momentum will come below 7474 on downside and 7554 on upside.
Nifty Elliot Wave Analysis
As per Elliot wave Theory 7400-7410 can be seen during the ongoing correction if 7474 is broken and market closes below it.
Nifty Daily Chart
As per Gann Box if Nifty breaks 7474 the blue line its heading towards the red line @7400, Holding Blue line bounceback can be seen upto 7555-7579.
Nifty Daily Elliot Wave Chart
Daily chart are still trading in 3 Wave and dips till 7300 should be bought into Nifty stocks by delivery traders and investor.
Nifty Gann Date
25 June +-1 days is gann turn date and explosive move is round the corner.
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
- 7067-7014
- 7130-7121
- 7276-7293
- 7229-7239
- 7474-7484
Fibonacci technique
Fibonacci fan
As per Gann Fans using gann circle Nifty will be bullish above 7556 for initial target of 7720.On Downside strong support in range of 7474-7450 if broken can see downside till 7400 as shown in above chart.
Nifty Fibo Retracement
7449 and 7294 which are 23.6% and 38.2% retracement should be watched closely in coming week.
Nifty Weekly Chart
It was negative week, with the Nifty down by 30 points closing @7487 , Lower Highs and Lower Lows have started forming on Weekly charts. As per Andrew Pitchfork nifty is near its median line and unable to close above it pullback will start in market. This is what we are discussing from past few weeks and Nifty made exact high at AF and correction started :). Now as seen in below chart, Nifty is near a trendline support and closing above it on Weekly basis can show correction is done.
Trading Monthly charts
Monthly chart gives a target of 7800 for short term as per Fibo ratio theory
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7506
Nifty Resistance:7554,7636,7720
Nifty Support:7450,7376 and 7300
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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sir your view on adani enterprises till expiry??
sir can we see 7700 till expiry???
nOPE
Dear Bramesh,
In the EW chart you are showing 4 completed and Nifty in 5th wave.in this 5th wave iii completed and now iv will be completing at around 7400 whereas the i of this 5th wave ended at 7503.60.
Can iv enter the area of ist wave ?
i am long on nifty with 7450 as SL ( for jul series)