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Nifty Technical Analysis for the Week 05-09 Aug

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Last week below 11200 Nifty did our all three weekly targets. The Index ended the week with 287 points loss.
Nifty is progressing towards the critical Fixed time cycle period in the coming week.

Nifty Hourly Chart

Nifty is getting weak against the shown angle on the hourly chart.

Till now, this single angle line has kept with the market Major trend by giving multiple Selling points.

On the hourly chart, Nifty bulls need to close above 11055 for the rise towards 11110/11200.

Nifty Bears will get the chance only below 10950, for the move towards 10895/10800.

Nifty Daily Chart

On the daily chart during Thursday & Friday session buying Forces and energy were active. The move of these two days suggests we can see a bounce in the coming days.

On the chart, I have drawn the unique Gann Angle line, any Close above that can show us bounce of 150-200 points.

Nifty Weekly Chart

Nifty Technical Analysis For the Week 05-09 Aug

Last week in this section of Nifty Technical Analysis for week analysis, we discussed. We are trading near Gann Angle support line. Level 11200 is Support on weekly charts below that we can see a further decline in the Nifty.

On the weekly chart, below 11200 Nifty bears did the fall of 350 points. Now 10800 is the Critical level for bulls to hold for a bounce-back in Aug month.

In the forthcoming week, 07 & 09 August are the critical dates.

Nifty Weekly Trading Levels

Next week 11100 will act as Resistance above which move towards 11160/11230/11365 can seen.

While Support is likely to come at, 10950 below that move towards 11890/11820/10780 can be seen. can come.

Note: Above mention price projection & other Information are for educational purpose only.

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About the Author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.