Last Week we gave Chopad Levels of 7777 , Nifty gave multiple Long entry on Monday and Wednesday which did 2 target on upside and No Shorts got initiated as nifty never went below 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
As discussed in last analysis coming week once 7650 breaks we can see fast move towards 7500-7520. Bullish only on close above 7777.
Low made was 7753 so did not went below 7650 and once 7777 crossed we saw the fast move till 7921. I have drawn Angle Wedge chart on HOurly chart which suggest support is range of 7777-7740 and below that can see fast fall till 7600, Bullish till we held on to 7800 for move till 7921-7950.
Holding 7777 can see move till 7921/7972/8096. Unable to close above 7777 can see move till 7650
Nifty Gann Angles
As discussed in last analysis 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.
7777 showed its importance in last week, This is Beauty of Gann Analysis. Close below 7777 can again lead to fall towards 7665/7600.
Nifty Supply and Demand
Close below 7777 for next week move towards 7517. Above 7777 we will do 7921, High made in current week was 7916 🙂
Nifty Gann Date
Nifty As per time analysis 16/20 May is Gann Turn date , except a impulsive around this dates.
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.
Nifty Weekly Chart
It was positive week, with the Nifty up by 81 points closing @7815 bouncing after for 3 weeks fall , close above the upper line of AF from where it breakout , closed below gann number of 7850 but above 7777 which played very crucial role last week, This is 2 week in a row we have closed below 7850 So if we do not close above 7850 next week also High probability we will go towards 7550 in next 1-2 weeks.
Trading Monthly charts
Monthly chart forming DOJI candle between 50-61.8 zone.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7777
Nifty Resistance :7840,7900,7972
Nifty Support :7700,7650,7577
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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