Nifty is looking Bullish and can hit 23900 and 24600

Reason for Going Long in Nifty:

Wave Analysis:
Nifty is rising gradually in a 12345 wave pattern after a quick crash on June 4th. Wave 4th was a time-wise correction and spent one week in a small range.

Target:
The 127% Fibonacci level is our first target. If Wave 5 extends, we can aim for 24600 too.

Stop Loss:
We will exit the long position if a 1-hour candle closes below the Ichimoku Tenkan-sen (TS) and Kijun-sen (KS), which is around 23450.

If prices closes below 23400 then we have to recount it as a wave B and we can go for a Wave C down move.

Weekly and Monthly Fib channels also suggesting long.

Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Trade active:

Our Still survived:

It's 11:15 AM (June 19th ), we mentioned in the description that as per ichimoku 1 hour candle close below both TS & KS is our exit.

Bulls managed to close the price above TS so no need to exit in panic. Let's bears prove us we are wrong then we can give up.

Comment:

Nifty has underperformed today compared to Bank Nifty. Let's see how it goes from here; our bullish view remains the same.

Here is the updated TSL: a 1-hour candle close below 23,480.

Comment:

Time: 11:00 AM, June 20th, 2024

Our SL is still alive. The first one-hour candle has not yet closed below 23,480, so we can continue holding our longs.

Regards,
Team WaveMoku

Comment:

Time 7:14 am, June 21st 2024

Nifty is opening flat again, our TSL is one hour candle close below 23530.

Trade closed manually:

We are closing near Cost to Cost. Nifty failed to sustain our levels.