Nifty Weekly Analysis for May F&O Expiry Week

Last week we gave Chopad Levels  of 8286 , Nifty did  3 target on upside  rewarded Chopad followers .   Lets analyze how to trade market in May F&O Expiry week.

Nifty Hourly Chart

Nifty Hourly charts has broken on upside and above its 21/34 EMA, till 8424  is not broken hourly  trend remains on upside.Resistance at upper side comes @8500

Nifty Hourly Elliot Wave Chart

Hourly charts if rising in abc pattern 8528  should be logical target.

Nifty Pyrapoint Analysis

As per Pyrapoint Analysis able to sustain above its 135 degree line, suggesting move towards its 90 degree line which lies near 8540 .Support @135 degree line @8400

 Nifty Market Profile

Nifty as per Market profile 8408  should be closely watched in coming week,8656is target on upside and 8230  on downside if 8408 is broken.

Nifty Andrew Pitchfork

Bulls near Close above AF upper line for momentum to come, else will bear attack again and drag towards median line.

Nifty Gunner

This is what we discussed last week ON Daily chart Nifty Gunner is entering in gann line , unable to cross above it can see nifty revisiting the lows and make new low. Closing above it can see it moving towards 8375/8400 odd levels.

Coming week if 8424/8400 is protected we are heading to 8600/8624 odd levels.

Nifty Harmonic

We have been discussing the same from past 3 weeks If butterfly pattern needs to form Nifty should bounce sharply in coming week till 8400/8600.

8400 done waiting for 8600

Nifty Daily Elliot Wave Chart

As per EW more legs are left to the rally use dips around 8000/7900  to take exposure to quality large and mid caps stocks. NO leveraged positions this for cash market traders.

 

Nifty MML

As discussed last week Murry Math line support at 8125, break of same can see move towards 7972.Above 8286 upper side target 8437 as per MML

8592 is logical target as per MML.

Nifty Gann Date

Nifty As per time analysis 26 May/28 May  is Gann Turn date , except a impulsive around this dates. Last week we gave 19 May/21 May  Nifty saw a volatile move .

 Nifty Gaps

For Nifty traders who follow gap trading there are 14  trade gaps in the range of  7000-9000

• 7067-7014
• 7130-7121
• 7276-7293
• 7229-7239
• 7454-7459
• 7526-7532
• 7598-7568
• 7625-7654
• 7780-7856
• 7927-7974
• 8057-8089
• 8262-8271
• 8365-8391
• 8937-8891

 

Fibonacci technique

Fibonacci fan

Holding  38.2% retracement zone heading towards 50%

8521/8558  is 61.8% and 50%  retracement number so keep a eye on this.

Nifty Weekly Chart

It was positive week, with the Nifty up by 196  points  closing @8458 , and closing below its 20 WSMA and above its 50 SMA. Nifty Weekly formed bullish engulfing  on weekly charts. Breaking weekly high of 8489 nifty can move towards 8624 odd levels. As per time analysis next cycle till 14 June will be neutral to bearish. Gunner weekly charts also suggests nifty unable to cross red arc can see pullback till 8400 odd levels.

 

Trading Monthly charts

Monthly chart took support near 23.6% retracement line. Higher time frames have turned in Sell on Rise mode so technical shift is happening from Buy on Dips to Sell on Rise.

Nifty PE

As per PE ratio has again up to 22.97, Result season is going bad unable to upgrade the earning can see nifty moving in bubble category.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8499

Nifty Resistance:8541,8624,8690

Nifty Support:8410,8324,8270

 

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.

Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section

Follow on Facebook during Market Hours:  https://www.facebook.com/pages/Brameshs-Tech/140117182685863