Last week we gave Chopad Levels of 8499 ,Nifty opened gap down @ 8443 and did 3 target on upside rewarded Chopad followers . Lets analyze how to trade market in crucial RBI Policy week.
Nifty Hourly Chart
Nifty Hourly charts has broken on upside and above its 21/34 EMA, till 8380 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 8483 should be closely watched in coming week,8653 is target on upside and 8230 on downside if 8360 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.
Coming week if 8424/8400 is protected we are heading to 8560/8624 odd levels.
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.
8592 is logical target as per MML. Support at 8280
Entering in Supply zone.
Nifty Gann Date
Nifty As per time analysis 02 June/05 June is Gann Turn date , except a impulsive around this dates. Last week we gave 26 May/28 May Nifty saw a volatile move .
3 June is Gann Emblem Date
For Nifty traders who follow gap trading there are 14 trade gaps in the range of 7000-9000
Close above 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 negative week, with the Nifty down by 25 points closing @8433 , and closing below its 20 WSMA and above its 50 SMA. Nifty Weekly formed hammer pattern on weekly charts. Breaking weekly high of 8489 nifty can move towards 8580 which is 20 WSMA, price action needs to closely watched. 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
After 2 months of bearish candle, May 2015 showed a positive candle. Although the body (Close–Open) of May 2015 was inside the body of April 2015, it is a ‘harami’ candle suggesting that a momentary halt to the fall on the monthly chart was witnessed.
As per PE ratio has again up to 23.12, 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:8450
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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