NIFTY Gann Technical analysis

Published on - 17 May 2023

Table Of Contents

NIFTY GANN technical Analysis comprises of Elliott wave & Gann strategies.

  • Historical trend analysis
  • Ongoing trend Analysis
  • Future trend Analysis


Tools used in this analysis,

Gann Harmonic Analysis, Elliott wave Principe, Fibonacci & Trendlines (including Parallel & extended Channeling).


Synopsis

The ongoing trend is a correction of previous motive wave from 7511 levels & the trend has its target in the areas of .236 levels ( <16210 levels).

After which the ongoing up-trend continues, to take NIFTY to historical highs before the trend in one superlative degree ends. Channeling is also given to track the ongoing corrective trends' progress.


Main Content

The ongoing trend is a correction within a correction, which is about to end & with which the market is looking forward to attaining its target of around .236% of retracement (~16,210 ~ 15,671 ~ 15,180 levels). The trend line will act as a proof of this statement [the trendline -Refer picture 2].

The strong support will be around the area of 15,365 as shown in [picture 1], conjunction with the extended trendline, which will be strong enough to initiate the next move upwards.


Initially, the Projected areas of support will be around 17,000.

Note: we expect this to be the good support (exactly @ 17, 050) - the diagonals of the square form 45 degree and the same remains to be powerful.


Furthermore, lookout for 16,150 levels to hold.

The intended time frame for accomplishing the target would be around 3-6 weeks (JUN / JUL Contract), the uptrend resumes after completion.

Accuracy Factor:

This setup is likely to be >90% accuracy.

To be on the safer side, the trade holds its validity until the historical high is tested (18,887 ) again.

Conclusion

Considering short position will be the right thing to do, for short - term ( say 2-5 weeks) & after that long will be supportive.

Taking a position @ around 18,750 - 18,800 levels.

Options: Naked BUY PUTS // SELL CALLS ( short - term action) & vice - versa for long term.


References
  1. Our Tradingview profile here,

Author

WDG_DINESH GENGARAJAN,

An avid Trader, Learner & finally a mentor, who aims at beating the markets consistently rather than making money, loves to gain & impart knowledge from & to the identical community. A Trader with 9+ yrs of experience. Interested in learning the knack of trading through various traditional disciplines - Mathematical, Geometrical, Astrological & syncing them with current day technical techniques, programming & various trading instrument classes, finally leading to creation of a system that stands far above all other ways of approaching & understanding the field, trends & markets; to the best possible extent!

Loves the idea of Mathematicus!!!

e-mail

dinesh@leadbrains.com


Disclaimer,

The Article is simply a reflection of author's Opinion & ideas on mind.

The purpose of this article is merely to understand markets better (For learning & training Purposes only) rather than an Advice / / Recommendation to trade.

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