BANKNIFTY SHORTThis is a revision of my prv BANKNIFTY chart "https://www.tradingview.com/chart/BANKNIFTY/Qr1NFlnT-Bank-Nifty-Oversold/". I explicitly stated "Oversold" as I viewed the retrace that I had called till 16k as just a retrace and not any strong sign of resurgence in the banking sector. The channel has proved to be strong. 1st Tp 13.2k 2nd Tp 12.3k.
BSE
NCC Long Potential 20% TradeAfter heavy consolidation for 2 months I can foresee a potential breakout from the 1 yr+ triangle to supply zone @ apprx 85. SL is at 62. RR Ratio = 1.65. Always the possibility of denial at resistance trendline however this extended period of consolidation gives me the confidence of an overwhelming bullish sentiment
Best of luck!
NIFTY TO STAY LONG TILL BUGDET We know that Nifty is in a downtrend and I feel that we have realized our near term bottom and can see a bounce back between 7700-7800 levels in next to 3-4 weeks. It is a good time to buy the overburnt stocks in the recent sell-off and rally along with the index.
Risk/Reward: 1:2 (roughly more than 1)
Strict Stop loss: 7200
JUBLFOOD: It's time to BUY pizzas Key take aways:
1. Completion of 5 corrective waves
2. All Oscillators are at over oversold conditions
3. Almost no risk to high reward condition.
Markets are in down trend but for next couple of weeks a upward rally can be expected in the market due to many short covers in market, which can also support the upward rally of this overheated pizzas.
Trade safe, cheers.
Maruti - Wave Competition with Rising WedgeIt seems like maruti has steamed out with price action, where price is increasing but with low volume, showing weakness. I believe it has completed its 5 wave impulse move in its weekly chart.
In order to confirm the bearish trend reveral, I'm waiting for a break out from the ascending triangle or rising wedge to downward.
LIC Housing Finance (Indian stock: NSE)Risky to buy LIC Housing Finance at this time. Fibonacci clusters of resistance are appearing at the tip of the price travel. We need to watch the levels of 506/508 carefully before buying this stock. If it fails at any of these levels, we can expect a C wave to 380 levels.