Nifty Weekly forecast for 12-16 Jan Nifty triggered 8416 SL on upside and than rewarded discipline traders with 202 points. Lets analyze how to trade Nifty in coming week.
Nifty Hourly Chart
NIFTY NEXT LONG TERM SUPPORT- 7921 (SPOT)
Nifty Hourly charts moved between both
support and resistance line in previous week and is trading above its 21/34
HEMA.8231/8242 is the support zone holding the same nifty can move towards
8400/8450 levels.
Nifty Hourly Elliot Wave Chart
Elliot wave chart on Hourly is shown
above suggesting upmove can continue further and 8480/8550 will decide further
course of action.
Nifty DailyChart
Nifty daily chart has completed 56 trading
days from the low formed on 17-Oct, as per Gann theory next week will be very
crucial as per time theory, Also Nifty for 3 time has taken support near 100
DMA also forming triangle formation with breakout, breakdown offing in coming
week.
As per Butterfly harmonic pattern nifty is heading towards new high by Feb
holding 7961.(last year bull starts)
As per EW more legs are left to the rally use dips to
take exposure to quality large and mid caps stocks
Nifty As per time analysis 12 Jan is Gann Turn date , except a impulsive
around this date. Last week we gave 06 Jan and Nifty give the biggest fall in
the current bull market.
Nifty Gaps
For Nifty traders
who follow gap trading there are
7 trade gaps in
the range of 7000-7800
7067-7014
7130-7121
7276-7293
7229-7239
7454-7459
7526-7532
7598-7568
7625-7654
7780-7856
7927-7974
8029-8065
8378-8327
8102-8167
Nifty took exact support @ gann fan and now
entering the resistance zone in range of 8420/8440
8294 is 50% retracement closing above it 8372 which is golden ratio needs
to be watched closely
Nifty time line fronts
It was negative week, with the Nifty down by 110 points closing
@8284 and trading in its up trending channel . Weekly time frame as per
Harmonic suggests Nifty is still in buy on dips mode .
Nifty Trend Deciding Level:8286
Nifty Resistance:8335,8367,8445
Nifty Support:8237,8180,8140
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