Nifty Weekly Technical Analysis for 04-08 Jan

In Our Last Analysis on 20 Dec we gave Chopad Levels  of 7717 , Nifty opened gap up and made low of 7733 near our  Chopad level of 7717,  Long Intitated on Monday were rewarded with  all three target done by Friday , Our last target was 7890 and Nifty made a high of 7889 .Lets analyze how to trade market in New Year 2016. Wishing all the readers of the Blog a very very happy and profitable new year 2016.

Traders should work on New Year resolutions and use the below 2 post for planning a successful and profitable 2016.

 Traders’ Resolutions for New Year-2016 

New Year Resolutions for Trading Success

Nifty Hourly Chart

Nifty moved perfectly in pyrapoint angles took support near the 225 line, holding it moved towards 180 degree line. 180 degree line resistance comes @7898/7892 so price action near this range should be watched.

Nifty Harmonic

7979/8024 are the 2 levels which needs to be watched next week, Unable to close above it can see Nifty correcting till 7888/7788.

 

Nifty Gann Angles

Nifty bounced from 7551 levels and rallied and now moving towards 1×2 line around 8024 line.

Nifty Supply and Demand

Self explanatory chart of Weekly Supply and Demand zone is shown,Weekly close above 8004 can see moving towards 8116 levels.

Nifty Gann Date

Nifty As per time analysis  06 Jan/08 Jan  is Gann Turn date , except a impulsive around this dates. Last week we gave 23  Dec 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
• 8327-8372
• 8937-8891
• 8251-8241
• 8232-8209
• 8116-8130

Fibonacci technique

Fibonacci Retracement

7943/8036/7851  are levels to be watched in coming week.

Nifty Weekly Chart

It was positive week, with the Nifty up by 102  points  closing @7963,able to close above  trendline and  closing above its 20 and 100 WEMA  and  below 55 WEMA. Nifty also made short term bottom near the new time cycle and has rallied for 3 week in a row.

Trading Monthly charts

Monthly chart took resistance @50% and bounced from support near 61.8% retracement line.

Nifty PE

Nifty PE @21.53.

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:7979

Nifty Support:7920,7860,7784

Nifty Resistance:8040,8110,8168

 

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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