Last Week we gave Chopad Levels of 9407, Nifty gave Short on Monday which did 1 Chopad Target thus rewarding disciplined Chopad Traders, Longs on Thursday rewarded chopad followers again as did 2 target on upside. Lets see how to trade in coming week as we approach the last week of May month.
Nifty Hourly Chart
As discussed in last analysis Now for coming week above 9460 another upmove towards 9550/9584/9636. Bearish below 9390 for a move towards 9300/9240
Bearish trade got stopped out failed to meet its target and bullish trade did 9605. For coming week above 9610 next move towards 9770. Bearish below 9470 only.
Nifty Harmonic
As discussed in last analysis now holding 9390 another attempt will be made towards 9584.
9584 done not holding 9495 next move towards 9798.
Nifty Gann Angles
As discussed in last analysis 9532 done now waiting for 9560/9610 on upside above 9460.
High made 9605, Now above 9610 target 9770/9906.
Nifty Supply and Demand
Bulls need to hold 9475-95 in correction if not able to hold fall towards 9352
Nifty Gann Date
Nifty As per time analysis 31 May is Gann Turn date , impulsive move can be seen around these dates.
Nifty Weekly Chart
It was positive week, with the Nifty up by 167 points closing @9595 took support at the quadrant during the 3 days of correction and saw a big bounce back on Thursday. Now till we hold 9470-95 range bulls have upper hand and can push nifty towards 9770. Bearish below 9495 for a move towards 9401/9350.
Trading Monthly charts
As discussed in last analysis Bulls need to hold 9100 on Monthly closing basis for next move towards 9600/10200 in next 6 months.
9600 done now waiting for 10200.
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:9610
Nifty Resistance :9667,9718,9765
Nifty Support :9537,9472,9400
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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Hi B Ramesh, I have been following your blog for long time. However, I dont undertsand the meaning of CHOPAD. Can you provide me an explantion of this term which you frequently use?
Sanjay