Nifty bounces from Weekly Trendline, Weekly Forecast

Last week we gave Chopad Levels  of 8500 , Nifty  rewarded chopad followers on downside meeting all 3 targets.  Lets analyze how to trade market in coming week.

Nifty Hourly Chart

 Nifty hourly chart with gann box is shown above, breakout comes above 8665 and support exits near 3×1 and 2×1 degree gann line around 8500/8440 odd levels.

 

Nifty Pyrapoint Analysis

Again heading towards the crucial resistance zone of 8636.

Nifty Gunner

 

Nifty Gann Box

Gann Box on daily chart is shown above suggesting resistance in range of 8640/8665 levels.Strong support at 2×1 line at 8380/8400.

Nifty Daily Elliot Wave Chart

Again heading into Supply zone time to be cautious.

 

Nifty Gann Date

Nifty As per time analysis  04 August/07 August is Gann Turn date , except a impulsive around this dates. Last week we gave   27 July/01 August Nifty saw a volatile move .

 Nifty Gaps

For Nifty traders who follow gap trading there are 15 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
• 7927-7940
• 8174-8195
• 8091-8102
• 8335-8421
• 8421-8448
• 8454-8462
• 8523-8542
• 8937-8891

 

Fibonacci technique

Fibonacci fan

50% again added as support and 61.8% as  resistance as shown above.

8500/8527/8652/8665/8845 is fibo retracement as shown above are important level to be watched in coming week

Nifty Weekly Chart

It was positive week, with the Nifty up by 11 points  closing @8522, and closing above its 20/55 WEMA and bounced from its trendline support as shown in above chart. We are still in Bullish time cycle from 14 June till mid September, correction in between should be bought into with proper risk management.

 

 

Trading Monthly charts

Monthly chart after 2 Month of hammer candlestick,saw a bullish candlestick, will we see a follow upmove.

Nifty PE

Nifty PE @23.63 is heading in result season with expensive valuation, results have not been so great to justify such rich valuation.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8550

Nifty Resistance:8610,8695,8787

Nifty Support:8461,8401,8320

 

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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