Nifty Weekly Forecast for 01-05 Feb

Last Week we gave Chopad Levels  of 7457 , Nifty gave short entry on Monday which got stopped out on Friday and did not achive the target of 7380, Nifty was unable to close above the Chopad level of 7457 till Friday,Once it closed above it on Hourly basis on Friday we had the big rise, rewarding patience and flexible Chopad Followers with 2 Target on upside. Lets analyses how to trade nifty next week.

 

Nifty Hourly Chart

As discussed in last analysis Coming week break of 7435, can see move towards 7571 and unable to do so can see move towards 7290.

Nifty consolidated near 360 degree pyrapoint angles and rallied on friday. Coming week Break of 315 can see market moving towards 7700.

Nifty Harmonic

As discussed Last Week Now coming week close above 7433 can see Nifty moving towards 7470/7521

Now coming week close above 7607 can see move towards 7693

Nifty Gann Angles

As discussed in last week Gann angles are shown above as shown we can see move till blue line.

Nifty bounced exactly from gann angles. Holding 7240 we can see move till 7550/7607.

Nifty Supply and Demand

Self explanatory chart of Weekly and Daily  Supply and Demand zone is shown,Weekly close below 7563 can see moving towards 7118 levels.We have seen low of 7221,But now bulls needs to see close 7563 to be out of bear clutches.

Nifty Gann Date

Nifty As per time analysis  02/04 Feb  is Gann Turn date , except a impulsive around this dates. Last week we gave 25/29 Jan 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
• 7963-7937
• 7741-7675
• 8327-8372
• 8937-8891
• 8251-8241
• 8232-8209
• 8116-8130

Fibonacci technique

Fibonacci Retracement

7414/7520/7607  are levels to be watched in coming week.

Nifty Weekly Chart

It was positive week, with the Nifty up by 141 points  closing @7563 able to cross above the middle trendline as shown in above chart and closing below its 20/ 55/100 WEMA.

Trading Monthly charts

 

Monthly chart closed at the support of 61.8%

Nifty PE

Nifty PE @20.22

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:7593

Nifty Resistance :7635,7685,7760

Nifty Support :7530,7460,7398

 

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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