Falling down ... Falling down!!Nifty spot and FUT, both settled at crucial levels marked in our previous analysis. This is the level that has to be protected for Nifty to stay "NOT BEARISH" at least. Now with an even in sight, I am not sure how it will behave. My previous narrative was that Nifty would stay at ATH levels and with the election result, would fall. But now it seems like there is a different narrative playing out. In the opposite scenario, Nifty should visit 21750 levels and consolidate there, to rally on "surprisingly" (Sarcasm intended) good results for BJP with a stable Govt.
Niftyprediction
NIFTY INTRADAY LEVELS FOR 08/05/2024BUY ABOVE - 22350
SL - 22300
TARGETS - 22420,22470,22510
SELL BELOW - 22240
SL - 22300
TARGETS - 22200,22160,22100
NO TRADE ZONE - 22240 to 22350
Previous Day High - 22510
Previous Day Low - 22240
Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day.
Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move.
Please NOTE: this levels are for intraday trading only.
Disclaimer - All information on this page is for educational purposes only,
we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made.
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Long term NIFTY wave counts - potential downside ahead!I was reviewing long term EW counts of NSE:NIFTY and here is what I think. Overall, I can see potential 2 alternatives and have highlighted them in blue and red respectively. This is a monthly chart.
Blue Alternative
Let's start with blue counts first. Larger degree wave 1 (marked by square blue box) which started from Covid lows of March 2020, ended in October 2021. Wave 1 is the same for both blue and red alternatives since there is no confusion till that point. But from that point onward, things change. I have marked the correction in larger degree wave 2 (marked by square blue box) as a W-X-Y correction which ended in March 2023. From there, I am assuming a larger degree wave 3 started.
Within the larger degree wave 3, we seem to be near completion of the minor degree wave (i) of larger degree wave 3. This is marked in black since wave (i) of 3 in the red alternative also ends at the same point even though counts for the red alternative are different.
We can see the red bar forming for this month but this is too early to say if we'll get a negative close for this month. However, wave v of (i) has an ending diagonal look (more clearly visible in lower timeframes). Plus, we can see massive negative divergences in RSI and momentum oscillator which suggests that a correction is due. Make no mistake - correction will occur soon. If not this month, then maybe next month.
For the uninitiated, ending diagonal (ED) is typically the last leg of a move. In this case, it should be signaling the ending of wave (i) of 3.
Now, before we come to the size of the correction, let's take a look at the red alternative.
Red Alternative
Larger degree wave 1 remains the same in red alternative as mentioned earlier. However, in this alternative, larger degree wave 2 (marked by square red box) ended in June 2023 followed by immediate start of larger degree wave 3. In this alternative, we are taking all follow-up moves as i-ii-i-ii-iii-iv-iii-iv-v.
Don't worry about this count, just understand that this move (first leg (i) of larger degree wave 3 ) also seems to be ending exactly where blue wave count suggests, i.e. possibly this month end or next. I can't confirm now since this month's candle is still forming.
Conclusion
Both wave counts suggest that minor degree wave " (ii) of 3 " (marked in black on the right most part of the chart) should begin soon, if not already started.
Finally, coming to the size of this move, if we go by blue alternative, 38.2% retracement level is around 20500 and 50% is around 19800.
And if we go by the red alternative then 50% retracement is around 19000, 61.8% is around 18100. At the minimum, I would expect 19200-19500 levels (38.2% retracement) if the red alternative is in play.
So which one is going to happen? To be honest, I have no idea but we can go with the least of both alternatives at a tentative level and refine as the move evolves. That gives us 19800 which is still more than 2000 points correction from current levels.
20 month moving average is currently at 19675, and rising. This potentially makes 19800 a viable target in a month or two.
Happy (wave) counting ;-)
Possibility of further downside. If we consider the high and low of the last day candle in futures as a range, a break in either direction can give a sharp sting that way before turning and going the opposite way. This is just a story that played in my head. And the probability of this being on the down side seems more likely. 22350 and 22300 may be likely in this case before we see a short covering rally.
NIFTY INTRADAY LEVELS FOR 07/05/2024BUY ABOVE - 22470
SL - 22420
TARGETS - 22510,22550,22600
SELL BELIW - 22420
SL - 22470
TARGETS - 22360,22270,22210
NO TRADE ZONE - 22420 to 22470
Previous Day High - 22600
Previous Day Low - 22420
Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day.
Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move.
Please NOTE: this levels are for intraday trading only.
Disclaimer - All information on this page is for educational purposes only,
we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made.
Request your support and engagement by liking and commenting & follow to provide encouragement
HAPPY TRADING 👍
Mia Culpa Shorters at 22800-900 range have proved me wrong. I should have thought of the "Retracement" shorters, who are essentially piggyback day traders who wat for a retracement to institutional bulk orders and punch in their own, hoping the levels hold. Plus the news of taxation, did th trick. In this case, we should either fly or Consolidate. Not fall further.
NIFTY INTRADAY LEVELS FOR 06/05/2024BUY ABOVE - 22550
SL - 22510
TARGETS - 22600,22640,22710
SELL BELOW - 22470
SL - 22510
TARGETS - 22430,22360,22320
NO TRADE ZONE - 22470 to 22550
Previous Day High - 22780
Previous Day Low - 22360
Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day.
Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move.
Please NOTE: this levels are for intraday trading only.
Disclaimer - All information on this page is for educational purposes only,
we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made.
Request your support and engagement by liking and commenting & follow to provide encouragement
HAPPY TRADING 👍
Nifty50 Options Trading Plan: 3rd May to 9th MayGreetings traders,
I'm excited to share my trading plan for the Nifty50 options from 3rd May to 9th May. Let's dive into the analysis and potential scenarios.
Bullish Outlook:
Firstly, I hold a bullish sentiment for the Nifty50 9th May expiration option contract. Based on my analysis, I foresee two possible scenarios unfolding during this period.
Scenario 1: Dip Buying Opportunity
In the first scenario, I anticipate that Nifty may experience a temporary dip, possibly down to the levels of 22500/22400. This presents an excellent opportunity to buy call options at a discounted price, setting the stage for potential gains.
Scenario 2: Rally Commences
Alternatively, Nifty could kickstart a rally from tomorrow onwards, with targets set around 23000/23100. This scenario would signify a strong upward momentum, offering profitable opportunities for traders.
Trading Strategy:
Now, let's delve into the specifics of my trading strategy based on these scenarios.
Scenario 1 Unfolds:
If Nifty dips as anticipated, I have set a target range of 22800/22900. In this scenario, I plan to buy the 22650 call option at or below 60.80, considering its current price at 182.00. My target exit range for this trade is set at 200/210, adopting a "hero zero" mode strategy to maximize potential gains.
Scenario 2 Execution:
Should Nifty initiate a rally towards 23000/23100, I will adjust my strategy accordingly to capitalize on the upward momentum and potential price movements.
Conclusion:
With a bullish outlook and a well-defined trading plan for both scenarios, I am prepared to navigate the Nifty50 options market from 3rd May to 9th May. Remember, trading involves risk, so always implement risk management strategies and stay updated with market developments.
Happy trading and may the markets be in your favor!
NIFTY to shed 3000 pointsAs per neowave analysis wave D is to unfold its mega wave ''C''
wave A and B are Flat to reach the 1.618 of previous wave
today this will happen ,from next week onwards you can see the ABYSS
All important levels are given in the chart, trade accordingly.
This is as per wave theory, real time application into trade is on your risk
Short covering from the word GO22650. Who are these straddle writers who believe in the fables of the fall of Titans? Depending on the Pre market open price, we can see when they will run for cover. Not IF, but WHEN. Let us see if we can gather enough buyers to take out the fabled 22800 short sellers today. Most likely it might happen by the end of the day.
NIFTY INTRADAY LEVELS FOR 03/05/2024BUY ABOVE - 22710
SL - 22640
TARGETS - 22780,22830,22880
SELL BELOW - 22640
SL - 22710
TARGETS - 22600,22550,22510
NO TRADE ZONE - 22640 to 22710
Previous Day High - 22710
Previous Day Low - 22550
Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day.
Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move.
Please NOTE: this levels are for intraday trading only.
Disclaimer - All information on this page is for educational purposes only,
we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made.
Request your support and engagement by liking and commenting & follow to provide encouragement
HAPPY TRADING 👍
NIFTY INTRADAY LEVELS FOR 02/05/2024BUY ABOVE - 22600
SL - 22550
TARGETS - 22660,22710,22780
SELL BELOW - 22550
SL - 22600
TARGETS - 22510,22470,22430
NO TRADE ZONE - 22550 to 22600
Previous Day High - 22780
Previous Day Low - 22550
Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day.
Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move.
Please NOTE: this levels are for intraday trading only.
Disclaimer - All information on this page is for educational purposes only,
we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made.
Request your support and engagement by liking and commenting & follow to provide encouragement
HAPPY TRADING 👍
NIFTY INTRADAY LEVELS FOR 30/04/2024BUY ABOVE - 22660
SL - 22600
TARGETS - 22700,22770,22830
SELL BELOW - 22600
SL - 22660
TARGETS - 22550,22510,22470
NO TRADE ZONE - 22600 to 22660
Previous Day High - 22660
Previous Day Low - 22430
Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day.
Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move.
Please NOTE: this levels are for intraday trading only.
Disclaimer - All information on this page is for educational purposes only,
we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made.
Request your support and engagement by liking and commenting & follow to provide encouragement
HAPPY TRADING 👍
See you on the other side, NIFTY!There is one significant support that has to be protected this week. Any retracement will have to be absorbed around this area and Nifty will gather steam to revisit OR perhaps even break ATH. 22800 in FUT is where bears have big orders. Let's see what happens when we retest that area to eat up all those orders.
Nifty Short, Medium & Long Term View- 29-Apr-24 to 03-May-24Nifty Short, Medium & Long Term View- 29-Apr-24 to 03-May-24
Nifty closed at 22419 (22147) and touched low & high of 22199 & 22623
Nifty was up from the support level and was trading inside the range (22000-22800) provided last week.
RSI and stochastics levels was up from last week(53.75 %(41%) & 64% (<20%) Respectively). Moved up from oversold zone.
All Companies other than IT and Bank are expected to post result in the coming weeks. Hence market may try to take a cue from the bottom line performance (Profits). Banks & Finance companies posted Good results, IT posted muted growth, Maruti posted good results, Reliance and Ultratech posted muted growth. Other Major companies results are awaited in coming weeks.
Nifty bank 48201 (47556) - Nifty bank was up marginally inline with nifty last week. Many bank stocks are buyable zone. As insisted for last 3 months Banks & Finanace Stocks are really good and will give good results, as expected Q4 results are good especially for Axis Bank , Indusind bank ,ICICI Bank definitely can be added as portfolio stock. Kotak Bank ( after the fall due to RBI regulation can be added slowly whenever there is a dip), Bankof Maharasthra ( Can be added) ,Canara bank can be accumulated slowly & more after the Q4 result.
Following Finance Stocks can be added as it posted good results are Bajaj Finance, Bajaj Fin Serv, Manappuram Finance, Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Ceat & JK tyres can add these stocks to portfolio. Please buy in parcels and every dip of Index and every dip of individual stocks (2-5% of portfolio on each purchase for long term)
Medium term support is at 44598 if breaks major support at 43650 ( Fib Support). To continue buy on dips initial target 50000.
Refer to detailed comments in the bottom on Market, Expected election outcome & Nifty IT.
Nifty 22419- Short & medium term (Neutral)
As insisted in the last month, Market need to decisively close above 22800 to move up further. As expected last week for come back rally market went up.As mentioned in the past month, nifty almost reached the near term target 22819 two weeks before (Fibonacci extended resistance target) and started falling ( 22819 Target- which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak/23000 and again trying to cross it.
Short term support 22230 (MA 50)/22000/21800
Medium term Support - 21721 (Mar Low),21554 (Fib Support),21300, 20877 Fib Support as shown in the chart.
Long Term
Market expected range bound between 23300 ( Trend Line Resistance till May 2024) to 20225 / 20000 ( Fib Resistance),19500 expected in 2024.
Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Market Awaiting for the Q4 results to take a cue.
Comments :
Positive Lok Sabha Election result expectation, Global trend helped sustaining the market above 22000.
Recent Electoral bonds, CAA implementation news couldnt make the market down as market is confident that current govt will win more than halfway mark, continue govt post election without any additional support of other parties so that govt can be confident enough to take decisions. Hence whenever there is a dip in the market, continue to buy on small quanties till post election survey results are revealed on Jun1- Jun 3rd and Jun 4th Election results.
Hence market is in good buy whenever there is a dip. Post Elections, only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun/ Sep 2024. Market may correct if any global news till 19500 as there is strong multiple fib support in this range.
Nifty IT broke the Major support at 34918 /34000 two weeks before and went upto 32919. Nifty IT Stocks like TCS, Infosys, Wipro gave muted results in Q4 2024. Can be added for short rally as it fell sharply, however strictly for long term and also in portions slowly on each fall ( say 5-10% of total investment in IT stocks). Whenever there is such dips and new lows ( in the last 1 year) We can add slowly. It need to break above 38000 needed to further move up. Future of technology stocks are in high pressure due to AI as it is reflecting in US and Indian technology stocks. Especially Indian IT stocks is in a non decisive path and downtrend.
NIFTY INTRADAY LEVELS FOR 29/04/2024BUY ABOVE - 22470
SL - 22430
TARGETS - 22510,22550,22620
SELL BELOW - 22390
SL - 22430
TARGETS - 22360,22320,22270
NO TRADE ZONE - 22390 to 22470
Previous Day High - 22620
Previous Day Low - 22390
Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day.
Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move.
Please NOTE: this levels are for intraday trading only.
Disclaimer - All information on this page is for educational purposes only,
we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made.
Request your support and engagement by liking and commenting & follow to provide encouragement
HAPPY TRADING 👍
FINPIPE long for swing tradeThis chart for swing position if chart time frame daily then period 01 to 03 month. or 1H to 4H then 01 to 10 days .
All instructions are given upper on chart . as a all level order, entry, exit.
Its not a call tips advisory only for education purpose. Your position your self care.
NIFTY INTRADAY LEVELS FOR 26/04/2024BUY ABOVE - 22620
SL - 22570
TARGETS - 22670,22720,22770
SELL BELOW - 22510
SL - 22570
TARGETS - 22510,22430,22390
NO TRADE ZONE - 22510 to 22620
Previous Day High - 22620
Previous Day Low - 22320
Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day.
Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move.
Please NOTE: this levels are for intraday trading only.
Disclaimer - All information on this page is for educational purposes only,
we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made.
Request your support and engagement by liking and commenting & follow to provide encouragement
HAPPY TRADING 👍
NIFTY INTRADAY LEVELS FOR 25/04/2024BUY ABOVE - 22430
SL - 22360
TARGETS - 22470,22510,22570
SELL BELOW - 22360
SL - 22430
TARGETS - 22320,22270,22210
NO TRADE ZONE - 22360 to 22430
Previous Day High - 22470
Previous Day Low - 22390
Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day.
Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move.
Please NOTE: this levels are for intraday trading only.
Disclaimer - All information on this page is for educational purposes only,
we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made.
Request your support and engagement by liking and commenting & follow to provide encouragement
HAPPY TRADING 👍
NIFTY INTRADAY LEVELS FOR 24/04/2024BUY ABOVE - 22430
SL - 22360
TARGETS - 22470,22510,22570
SELL BELOW - 22360
SL - 22430
TARGETS - 22320,22270,22210
NO TRADE ZONE - 22360 to 22430
Previous Day High - 22430
Previous Day Low - 22360
Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day.
Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move.
Please NOTE: this levels are for intraday trading only.
Disclaimer - All information on this page is for educational purposes only,
we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made.
Request your support and engagement by liking and commenting & follow to provide encouragement
HAPPY TRADING 👍