How will Nifty react to economic and political news flow ?

Last week we gave Nifty Chopad level of 7883 and Nifty did 2 target of downside rewarding chopad followers by 151 points. Nifty witnessed a volatile week due to wild swings seen in global markets. Tomorrow market will open reacting to both political and economic news. Diesel deregulated, natural gas price hiked and BJP set to form government in both Maharashtra and Haryana and taking Modiji dream of “Congress Mukt Bharat” one step closer. Lets see how to trade market next week. 24 October is again a trading holiday.

Nifty Hourly Chart

Nifty Hourly charts 21/34 EMA have gone flat, trendline support exists @ 7723/30 range, Bulls will get active above 7843 for initial target of 7920 and 8026 .Bears will get active below 7723 for target of 7610/7540.

Nifty Hourly Elliot Wave Chart

Hourly EW is showing correction seems to get to over and initial move can be seen till 7920.

Nifty Daily Chart

Nifty daily chart is shown with both short and medium term trendline, next week is very crucial as any break of trendline,also 100 DMA can put a break to current bull run

Nifty Harmonic

Nifty daily chart bias is still in neutral zone so investors can use this dip to buy into quality stocks. BAT Harmonic pattern also seems to get over so holding 7723 nifty can see a pullback till 7923.

Nifty Daily Elliot Wave Chart

Daily chart are is showing 4 wave is still on completion around 7724 and bounceback can be seen as part of 5 wave till 8150/8200 in next 2 week.

Nifty Gann Date

As per time analysis 20 October is Gann Turn date , except a impulsive around this date.

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

Fibonacci technique

Fibonacci fan

As per gann fan 7723 is support nifty took support at this level and 8000 is coming up as resistance as per gann fan.

Nifty Fibonacci Retracement

7784 which is 61.8 Fibo retracement levels needs to be watched closely in coming week.Holding the same we can see a good bounce till 7960 levels.

Nifty Weekly Chart

It was negative week,fourth in row with the Nifty down by 80 points closing @7979 . 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 ie, Weekly candle turns back to green.Nifty has broken AF support zone closing below this for coming week also weekly trend can turn down and holding the same fast and furious pullback can start, need to see if we can bounceback this time also. New Time cycle will start from next week.