ONGC Set for BreakoutThree reasons ;-
1.) Close above 200 Day MA after a long time
2.) Breaking out of the triangle and a strong resistance line at 225.
3.) Break out above 211, strong resistance trend line.
Indianmarket
NIFTY 50 Wave Analysis 20 JUN 2016As per my last post Nifty get Support from 8080 level and went upside but pattern not give view on further upside. I am going to review the wave count and come to the new support at 8035. If coming days Nifty fell to 8035 we can expect lot of buying on this level. The upside should be limited for this month as 8311 and trend will continue on next month also.
Wave Projections for next month - Nifty may surge upto 8420 and 8650 level as quick as possible.
Bank Nifty LONG 19KOn the daily chart, I notice a potential Harmonic ABCD pattern, it has taken support at 38.2 retracement with the extension at 2.818 in sight. Assumption is based on the current Bullish pattern. Important level to break on the up side will be at 18053. It this holds good, we can see it testing 19100 level as per the projection.
PS - I am learning harmonics and views are for learning purpose only.. Appreciate any constructive feedback.. Thanks!
NIFTY 50 WAVE ANALYSIS 11 JUN 2016As i mentioned in the last post of NIFTY analysis expecting correction, It happened but due to strength of the NIFTY we got IRREGULAR PATTERN. Still Nifty on corrective pattern for next half of the week.
EXACT time and date for NIFTY BUY entry - 15 JUN 2016 --- 09:24 - 10:30 . You can enter this date & time if price near to our support levels for next week 8087 - 8038.
BANK NIFTY WAVE ANALYSIS 1 jun 2016In medium term Bank nifty progressing wave b of (c). In that wave (C) wave iii is completed, Bank Nifty fell into the iv corrective wave today. Upto next week we can expect this correction.
Short ITC but only a retracementWhile I do believe in Nifty there has been a discontinuation of the downtrend there are possibilities of some retracements before we head up to break the swing highs. On ITC we can see that price tested above the trand channel 3 times before failing down and it has been in a range as shown in the box. There could be liquidation and the gap which is left could be cleared this week.
Nifty approaching the supply zone
As we are approaching the upper line of down trend channel of nifty we need to be ready for big move from those levels,
1) Price can take resistance and reverse
2) Price can trade along the line and move side ways
3) price can move out of channel with force
If we want to trade 1st and third possibility then wait for followup on next day.
Never try to judge top or bottom just be ready to trade if price allows to do so :-)
Trend is our friend
An Analysis : Awaiting Breakout in HDFCBANKHDFCBANK is forming a perfect descending triangle pattern over last 3-4 months and desperately need a breakout from the pattern.
Descending triangles can breakout any side so lets wait till the breakout happens and it became more valid with 3 touches on flatline.
Keep HDFCBANK in your list to look out for shorterm and if it gives ample opportunity to enter after Breakout, Hop on and ride whichever side it breaksout.
Check your risks also and plan well before taking positions.
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India's Nifty Index Buy Opportunity for 8350....1. Nifty is Making My Reversal patterns in Daily chart and can give a sudden upside very soon.
2. It is Near my previous sell targets of 7350
3. Very Good Buy Opportunity on 7440 For the Targets of Over 8350 very soon, even this month.
