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Nifty Weekly Analysis for 13-16 Aug Week

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Last week Nifty opened gap-down and did our all the Three weekly targets. The Index ended the week with 112.30 points gain.

We also discussed Nifty approaching critical Fixed time cycle period. That time cycle shows it’s effect quite well and from the lows of Monday Index rallied nearly 400 points.

Nifty Hourly Chart

On the hourly chart, Nifty bulls need to trade above 11155 for the rise towards 11200/11260.

Nifty Bears will get the chance only below 11000, for the move towards 10950/10880.

Nifty Daily Chart

On the Daily chart bulls have got some strength and energy after breaking the last week angle line.

For maintaining the momentum, bulls need the close 11150 levels, and on the lower end, 10940 will act as support Pivot.

Nifty Weekly Chart

Nifty Weekly Analysis For Week 13-16 Aug

Last week in this section of Nifty Analysis for week, we discussed. 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 previous week Nifty made low 10782 and failed to sustain below 10800 levels. From that point of Support till now Index has bounced 400 odds points.

We can see more upside can in the coming days. As on the weekly charts now forces are a bit in favor of bulls but we need to look for more additional confirmations.

In the forthcoming week, 13th August is the critical date.

Nifty Weekly Trading Levels

Next week 11190 will act as Resistance above which move towards 11245/11310/11400 can seen.

While Support is likely to come at, 11030 below that move towards 10975/10910/10820 can be seen.

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.