Last Week we gave Chopad Levels of 8936, Nifty gave multiple entry in last week Long Entry on Monday which got stopped out shorts were rewarded and did 1 target on downside. Longs were triggered again on Wednesday which did 1 target by Thursday and Shorts triggered on Thursday did 1 target on downside. Lets Analyze how to trade Nifty as we approach the crucial week before the election results will be declared on 11 March.
Nifty Hourly Chart
As discussed in last analysis Now Bulls need a close above 9000 for a move towards 9050/9120/9200, Bears will get active below 8850 for a move towards 8800/8720.
Nifty did high of 8892 and low of 8850 so traded in the range, but in process broke the channel on downside. Break of 8850 shorts can be taken as fall can be seen till 8773 and bullish above 8900 for a move towards 8960/9000. Breakout above 8995 for a move towards 9083/9150.
As discussed in last analysis Coming week holding 8850 nifty target come towards 9095.
Low made was 8860, if 8850 is held we can head towards 9140 to complete the D leg of abcd pattern.
Nifty Gann Angles
As discussed in last analysis 8957 done now coming towards 9120/9220/9300 as per gann angles in next 3-4 weeks.
Still waiting for the target of 9120/9200.
Nifty Supply and Demand
As discussed in last analysis 8969 done now waiting for 9119, 8773 played very crucial role in last 2 weeks.
8850 held for another week we can see move towards 9120. Bearish below 8850 for a move till 8773/8720
Nifty Gann Date
Nifty As per time analysis 08/10 March is Gann Turn date , impulsive move can be seen around these dates.
Nifty Weekly Chart
It was negative week, with the Nifty down by 41 points closing @8898 consolidating the gains of last week . As discussed in last analysis Last cycle turned out to be another bullish cycle, We are starting new time cycle from 27 Feb-07 March with traders should look at 8850 on downside for a bearish move and 8980 on upside for bullish move.
Low made was 8860 and High made was 8992 so still signal is not clear as per time cycle which way the market will move. As only 3 days left for time cycle expect good move in next 2 days.
Trading Monthly charts
Monthly chart should hold 8295 for Bulls to rule in next 6 months. Till 8295 Held on Monthly chart Bullish move to continue.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:8921
Nifty Resistance :8975,9043,9120
Nifty Support :8850,8773,8710
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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may be there is typo mistake high was 8992 and low is 8860, and pleas some explanation write up on time cycle