Nifty formed second Hanging man,Weekly Forecast

Last Week we gave Chopad Levels of 8717, Nifty gave Short entry on Monday did all 3 target on downside , High made was 8724 near our chopad levels rewarded chopad followers handsomely as Nifty made low of 8540 near our final target of 8577 before giving an impulsive rally as explained in daily analysis using gann . Last Week Chopad Level of 8717 was major resistance for bulls as Nifty failed to close above it. Lets analyze how to trade nifty in coming week.

Nifty Hourly Chart

Nifty is heading towards 8760-8790 zone where next level resistance zone. Support at 8640.

Nifty Harmonic

Now for coming week Holding above 8670 Nifty can rally till 8752/8790

Nifty Gann Angles

Self Explanatory Gann Angle chart,Resisting near gann angles before the next move.

2×1 line will act as an important support for bulls going forward, and nifty can see rise till 8900.

Nifty Supply and Demand

Weekly close above 8774 we can see move till 8951/9119.

Nifty Gann Date

Nifty As per time analysis 16/18 Aug is Gann Turn date , except a impulsive around this dates.

Nifty Gaps

For Nifty traders who follow gap trading there are 8 trade gaps in the range of 7000-9000, rest all gaps were filled in the last week fall.

7222-7308
7368-7406
7748-7809
7934-7948
8127-8157
8204-8242
8323-8407
8937-8891

Nifty Weekly Chart

It was negative week, with the Nifty down by 11 points closing @8672 forming hanging man candelstick.Nifty has been trading in the weekly channel as shown above, Bulls again managed to close above the weekly channel suggesting they are still in play and can play next move towards 8900 as per weekly channel.

Trading Monthly charts

5 Months of Higher close, Bulls should hold 8577 for next target of 8951

Nifty Weekly Chopad Levels

Nifty Trend Deciding Level:8700

Nifty Resistance :8753,8820 ,8900

Nifty Support :8650,8577,8520

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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