Nifty Weekly Analysis as per Elliot wave and Gann

Last Week we gave Chopad level of 7506, Nifty did 1 target on upside and 1 target on downside in a highly volatile week. Worries of deficient rainfall, Iraq war and its effect on Brent Crude has kept markets on edge. .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 7600 on upside.

Nifty Elliot Wave Analysis

As per Elliot wave Theory correction is already done or we can revisit 7474 again before shooting on upside.

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 7570-7634.

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

02 July +-1 days is gann turn date and explosive move is round the corner. Last week we gave date of 2 +/-1 date and we saw explosive move on 24 June

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

Fibonacci technique

Fibonacci fan

As per Gann Fans Nifty has taken support at gann trendline holding the same will be bullish 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 2 points closing @7508 , Lower Highs and Lower Lows have started forming on Weekly charts,forming a Doji leading to state of indecisiveness among Market Participants. As per Gann Arcs Nifty is near an important support range holding the 7474-7500 range on closing basis we can see a big move in coming week.Also the Time analysis is substantiating our view as Nifty is still trading in positive quadrant as show in below chart.