Nifty Weekly Analysis before RBI event

Last week we gave  Nifty Chopad level of 8500 Nifty did 1 target on downside, 2 target on upside and 1 time triggered SL on long.Nifty  continued with its upward journey and make new life highs. Next week we have RBI credit policy on 2 Dec, which is keenly watched to see if Governor relents to give the much expected rate cut or will he give it a pass this time also. Market is factoring in 25BPS, any surprises can see violent moves coming.Lets see how to trade next week.

 Nifty Hourly Chart

Nifty Hourly charts has meet its trendline resistance @ 8620,Breaking the same we can see another round upmove  till 8660/8720.

 

 Nifty EW Chart

EW on Hourly chart is shown above Break of 8620 can see upmove till 8680 and than a correction till 8595 than upmove till 8800.

Nifty Daily Chart

Nifty daily chart with Vortex Indicator is shown above, Negative divergence is shown in Daily chart has been nullified , Till 8500 is not broken uptrend continues  Trendline confluence comes @ 8660/8680 levels.

 Nifty Harmonic

Nifty continued with its impulsive rise with 28 days of rise and moving up 894 points, if 8527 is  broken the rise can continue with 8710 odd levels..

Nifty Daily Elliot Wave Chart

Daily chart are is showing 4 wave completed @7723 and V wave has started target comes @ 8660, correction will be part of the rise so use dips till 8450/8500 to enter.

Nifty Gann Date

As per time analysis 01 December +1   is Gann Turn date , except a impulsive around this date.  Last week we gave 25 November  is Gann Turn date and Nifty  showed expected move.

 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
• 7780-7856
• 7927-7974
• 8027-8052
• 8169-8198
• 8494-8588

Fibonacci technique

Fibonacci fan

8680/8700 should be watched closely when we see pullback in Nifty.

 

Nifty Weekly Chart

It was positive week,  6 in a row with the Nifty up by 111 points  closing @8588 forming a bullish candlestick pattern on Weekly charts. Nifty is still in positive quarant as per time analysis.

 

 

Trading Monthly charts

December have been favorite month for bulls as seen in above chart so can we see 9000 Nifty.

 Nifty Weekly Chopad Levels

 

Nifty Trend Deciding Level:8620

Nifty Resistance:8676,8732,8847

Nifty Support:8540,8472,8430

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.Please also read the detailed Disclaimer mentioned in the Right side of Blog.

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