Nifty Weekly Analysis for September 2014 Expiry

Last week we gave  Nifty Chopad level of 8114 and Nifty did 3 target on downside and almost did 1 target on upside. Lets analyze how to trade in September Expiry Week.

 Nifty Hourly Chart

Nifty Hourly charts made a V shaped recovery from channel bottom now facing resistance in zone of 8130-8150, Closing above it only can see an upmove till 8250 odd levels.

 

Nifty Hourly Elliot Wave Chart

Hourly EW is showing if 8160 is not crossed correction tilll 8015.

Nifty Price Channel

As per Price Channel concept Nifty is entering in zone of supply as seen in above chart unable to cross it can see downmove to lower end of channel around 7950-8000.

Nifty Daily Chart

Nifty daily chart bias has turned from bullish to neutral so expect some range bound move in nifty in coming week.

 

Nifty Daily Elliot Wave Chart

Daily chart are is showing 3 wave completion around 8180 and pullback can be seen as part of 4 wave  till 8000/7921 in coming week before next round of upmove.

Nifty Gann Date

As per time analysis 22 Sep is Gann Turn date, except a impulsive around this date. Last week 16 Sep gave the big move as expected.

 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
• 7874-7881
• 7904-7916

Fibonacci technique

Fibonacci fan

7950-7984 needs to be closely watched as per gann fan.

 

 

Nifty Fibonacci Retracement

7939/7864 are 2 Fibo retracement levels which needs to be watched closely.

Nifty Weekly Chart

It was positive week, with the Nifty up by 15 points  closing @8121 forming a Hammer candle pattern.  As per Harmonic Bias as seen in above chart, first time after 6000 and 31 week we are seeing trend change from Bullish to Neutral, so expect choppy/sideways move till the Harmonic Bias turn back to Bullish zone.Nifty took exact support near Andrew Pitchfork support line and now need to see will be see a pullback or next round of upmove. Negative divergence have started coming on weekly charts, break of 7950 can see the divergence come in effect.Also we are approaching the 55 day cycle on Weekly charts also.Weekly time analysis suggests next cycle which is mostly to be sideways/negative to  start soon.

 

 

Trading Monthly charts

Bulls will have to save 7950 for momentum to build in September Month.

 Nifty Weekly Chopad Levels

 

Nifty Trend Deciding Level:8100

Nifty Resistance:8160,8213, 8286

Nifty Support:8026,7977,7921

 

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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