Nifty Weekly Forecast for 02-06 May

By | May 1, 2016 4:36 pm

Last Week we gave Chopad Levels  of 7921 , Nifty gave Long entry on Tuesday which did 1 target on Monday Longs taken got Stopped out on Thursday and Shorts initiated on Thursday did 2 target on downside low made was 7788 which was near our 2 target of 7777. Lets analyses how to trade nifty in coming week, Will the age old adage , “SELL IN MAY AND GO AWAY” hold true in May month.

Nifty Hourly Chart

nifty hourly

Nifty is unable to close above 7978 where 1 rotation of price is getting completed, For Bulls to come back we need a close above 0 degree price above 8000.Close below 7777 can see market moving towards 7546.


Nifty Harmonic

Nifty Harmonic

Holding 7781 can see move towards 8096 as per Shark pattern.


Nifty Gann Angles

gann angles

Nifty showed an important breakout this week as first time after  04 March Nifty has broken an important gann angle as shown above,Now for coming few weeks 7777 needs to be watched. If held on it nifty can move towards 8100/8250 as per gann price and time analysis.

Nifty Supply and Demand

Supply Demand_Weekly

we need to see close above 7921 on Weekly basis for next move till 8336 and close below 7777 for next move towards 7517.

Nifty Gann Date

Nifty As per time analysis 03/06 May  is Gann Turn date , except a impulsive around this dates. Last week we gave 25/29 April

Nifty Gaps

For Nifty traders who follow gap trading there are 6 trade gaps in the range of  7000-9000, rest all gaps were filled in the last week fall.

  • 7109-7090
  • 7222-7308
  • 7368-7406
  • 7387-7275
  • 7298-7271
  • 7708-7777
  • 8937-8891
  • 8251-8241
  • 8232-8209
  • 8116-8130


Nifty Weekly Chart

Weekly Channel

It was negative week, with the Nifty down by 49  points  closing @7849  forming a Long legged DOJI pattern , close above the upper line of  AF first time after 9119 , But again closed exactly at gann number of 7850, We Now need to see if we close above 7850 for next  week if we do than we are heading towards 8100/8250 else going towards 7550 in next 2-3 weeks.

Trading Monthly charts

nifty monthly

Monthly chart support at 50% and bounced from that and resistance at 61.8%

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:7877

Nifty Resistance :7921,7995,8080

Nifty Support :7777,7680,7600


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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7 thoughts on “Nifty Weekly Forecast for 02-06 May

  1. vicky ghosh

    Nifty should not slip below 7780 this time. Uptrend is still intact , if it falls then also it will be saved by previous runaway gap inbetween 7710-7770 [something like that ,forgot exact levels]. we’ll see nifty at 8834 within one month but 2 consecutive closing above 7980 is also necessary.

      1. vicky ghosh

        arre menon .. ha ha. sudipta mailed me this link,i am sure he got it from you. So i tried to post my view. Dont worry , i’ll join ASAP , i am going through the worst phase of my life.

  2. Karn

    Thanks sirji for great analysis and support to understand market trends according to shark pattern holding 7781 target is 8096 is it 7781 or 7881


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