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Budget2024

Fin Nifty Budget Day Expiry - Wave Counting Fin Nifty spent the last few days moving sideways after a significant fall from 161.8% (24,000). The corrective wave has completed waves A and B, and today, the price almost touched 61.8% (minimum C wave Fibonacci level). However, the C wave often extends further in a flat correction, making it highly likely to hit 100% or more. Resistance Levels: 23,719, 23,815, 24,000 Support Levels: 23,433, 23,183, 23,005, 22,777 Fin Nifty might reach these mentioned support zones if it continues to trade below 23,719. Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Please conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:CNXFINANCEShort
by WaveMoku
1
BankNifty Intraday Support & Resistance Levels for 23.07.2024On Monday, BankNifty entered the 75m and daily demand zones, bouncing 500 points from the day's low before closing at 52880.40. A decisive crossover above 52750 with volume might lead to a new all-time high. The weekly and daily trends (50 SMA) are still positive. As mentioned in the last post, the support and resistance levels remain the same. Support Levels: Near support/demand zone (75m) for weekly trade: 51749 - 51966 Major support/demand zone (Daily): 51138 - 51934 Resistance Levels: Near small supply/resistance zone (15m): 52482 - 52563 Far supply/resistance zone (30m): 53064 - 53188
NSE:BANKNIFTY
by PriteshPal
Nifty Intraday Support & Resistance Levels for 23.07.2024On Monday, Nifty entered the daily demand zone mentioned in the previous post and bounced over 200 points from the bottom before closing at 24509.25. The weekly trend (50 SMA) remains overbought, while the daily trend (50 SMA) remains positive. The support and resistance levels remain the same as previously mentioned. Support Levels: Near support/demand zone (125m) for weekly trade: 24193 - 24357 Major support/demand zone (Daily): 24141 - 24461 Resistance Levels: Near supply/resistance zone (15m): 24741 - 24774 Near supply/resistance zone (75m) for weekly trade: 24774 - 24854.80
NSE:NIFTY
by PriteshPal
Nifty Intraday Support & Resistance Levels for 22.07.2024On Friday, Nifty opened gap up at an all-time high of 24584.80 but did not sustain and fell more than 300 points from the top, closing at 24530.90. It did not respect any intraday demand zones mentioned in the earlier post due to heavy profit booking ahead of the Budget session scheduled for today. The weekly trend (50 SMA) remains overbought, and the daily trend (50 SMA) remains positive. Support Levels: Near support/demand zone (125m) for weekly trade: 24193 - 24357 Major support/demand zone (Daily): 24141 - 24461 Resistance Levels: Near supply/resistance zone (15m): 24741 - 24774 Near supply/resistance zone (75m) for weekly trade: 24774 - 24854.80
NSE:NIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 22.07.2024On Friday, BankNifty remained within its range and did not cross the major resistance level of 52750, closing 355 points down at 52265.60. A decisive crossover above 52750 with volume might lead to a new all-time high. The weekly and daily trends (50 SMA) are still positive. Banknifty might be highly volatile today due to the Budget session scheduled today. Support Levels: Near Support/Demand Zone (75m) for weekly trade: 51749 - 51966 Major Support/Demand Zone (Daily): 51138 - 51934 Resistance Levels: Near small supply/resistance zone (15m): 52482 - 52563 Far Supply/Resistance Zone (30m): 53064 - 53188
NSE:BANKNIFTY
by PriteshPal
BUDGET 2024: Technical Outlook & Money Flow in Different SectorsNSE IT SECTORS NSE:CNXIT TREND: POSITIVE India IT sector is currently on an upward trend. After a bullish Pole & Flag pattern was spotted on the chart, a breakout occurred leading to a surge in index and the formation of a bullish Pennant pattern. Encountering resistance at the 38,600 level, the IT index underwent a correction and consolidation phase. During this consolidation, a Rounding Bottom pattern emerged, suggesting a potential continuation of the trend. Since the breakout, the index has successfully maintained levels above the breakout point and is steadily climbing higher. NSE FMCG SECTORS NSE:CNXFMCG TREND: POSITIVE The chart shows a strong uptrend. In the past, there was a bullish Pole & Flag pattern formation, resulting in a surge after the breakout. The index faced significant resistance at 58,000, causing a correction and consolidation. A Cup & Handle pattern appeared emerged in the chart, suggesting a potential continuation of the trend. The recent breakout in the cup & handle pattern suggests that the FMCG index has managed to stay above the breakout level and is gradually moving higher. NSE METAL SECTORS NSE:CNXMETAL TREND: NEGATIVE The metal industry underwent a period of consolidation time and again in the past. Reaching a peak near the 10,200 level, the metal index consolidated again, and a recent breakdown suggests a potential downward movement. Looking at the downside, the 8,800 level could serve as a solid support, leading to a possible rebound in the index. NSE MEDIA SECTOR NSE:CNXMEDIA TREND: NEGATIVE A bullish Ascending Triangle pattern was visible in the chart earlier. Instead of breaking upwards, the index experienced a breakdown, marked by a powerful bearish marubozu candle. Furthermore, the support level was breached, leading to a notable decline. The index eventually found support and traded within a box pattern. Following the breakout, the index rallied but encountered resistance at the former support level, now acting as a resistance post-breakdown. It is anticipated that the Media index will continue to decline and potentially find support around the 1,750 level.
NSE:CNXITEducation
by GoodluckCapital
#BudgetUnion Kothari Sugars And Chemicals Ltd. MULTIBAGGER StockThis Company should be next Multibagger Stock in 2024-2025. This stocks has potential to gave a unpredictable growth. This Company is engaged in manufacturing of Sugar, Alcohol and Power. It also caters to the demand of both domestic and International markets. And the most important thing is that it manufactures ETHANOL. The company has shown a good profit growth of 29.25% for the Past 3 years. The company has shown a good revenue growth of 20.02% for the Past 3 years. The company has significantly decreased its debt by 18.35 Cr. Company has a healthy Interest coverage ratio of 15.09. Company’s PEG ratio is 0.74. The company has an efficient Cash Conversion Cycle of 24.35 days. The company has a good cash flow management; CFO/PAT stands at 1.39. The company has a high promoter holding of 73.53%. The company has a strong degree of Operating leverage, Average Operating leverage stands at 18.70.
NSE:KOTARISUGLong
by TheGoldenRatio-6
No to 30% Tax on F&O Trading!Recently, there have been reports that the government is considering imposing a 30% tax on trading in Futures and Options (F&O). This move will be devastating for many retail traders who earn a living from trading. F&O trading is not gambling! Traders invest time, effort, and money to make informed decisions based on market trends and analysis. It's not a game of chance like lottery or cryptocurrency. F&O trading requires skill, strategy, and dedication. Taxing F&O will crush small traders If this tax is implemented, it will be a significant burden on small traders who are already struggling to make ends meet. This will lead to: Reduced participation in the market Increased risk-taking (traders may take unnecessary risks to recover losses) Flight of talent (traders may leave India for countries with more favorable tax regimes) Don't punish responsible trading We urge the government to reconsider this proposal and instead focus on creating a more favorable environment for responsible trading. This includes: Simplifying tax regulations Providing education and awareness programs Encouraging innovation and growth in the trading ecosystem Join us in opposing this proposal! Let's protect the interests of responsible traders and ensure that India remains a hub for trading and financial growth. #SaveTradingInIndia #NoTo30PercentTaxOnFandO #ResponsibleTrading
NSE:NIFTY
by ard-komercisto
BANKNIFTY Budget Special predication for tomorrow 1 FEB 24As we discussed, Banknifty's bullish nature today broke from a minor consolidation region. It gave a good breakout and moved to 200 EMA, which we discussed will be resisting the market. Now Looking at the chart: The market is trading at 200 EMA. The market is already in the breakout phase. Also, today afternoon, it has consolidated so that it can make a move for tomorrow's budget day. OI data: looking at the PCR = 1.04 shows a clearly bullish signal for the market. Also, 46000 shows lots of CE and PE writing, which makes it MAXPAIN. Once either side is clear, the market is going to shoot, probably the upper side. PROs and FIIs have shorted the market with heavy quantity which might force it to open downside. I am expecting the market to go bullish tomorrow Reasons The market is in the Breakout phase. Price > EMAs trading near 200 EMA already consolated today. Now, it seems ready to shoot to the upside. OI data PCR = 1.04 shows Bullish sentiments for the market direction. As it's budget day and elections are nearby, the budget has to be good to turn election sentiments to this government side, which might impact some sectors negatively and also some in a positive way. The market can go really wild. So, Play carefully and protect your capital. PRO and FII have been showing negative signals as they have been shorted the market heavily, which might force the market to open downside. And then go bullish. Verdict: Bullish Plan of action: Wait for 15 min candle. Let the trend be confirmed, then make a position. Protect your profits. The market can turn anytime and will be driven by budget sentiments .
NSE:BANKNIFTYLong
by finnova_
2
Nifty weekly expiry on BUDGET day (01/02/24).Tomorrow is nifty weekly expiry and financial budget. There will be much volatility in the market as both the events are on the same day. Nifty has given a nice move in the first half and consolidated in the second half. If the market opens flat or slightly lower, after the break out bullish trade can be initiated and heavy quantities should be enter only once it starts trading above 21800. Major resistance levels :- 21750-810, 21970 Gap filling trade can be made on the break out. Support for bearish targets :- 21660, 21480, 21250 Watch for the option premiums flactuations as there will be decay and movement at the same time. Price action near the levels for setup must be watch before entering. Straddle or strangle may give some profits. Keep a strict loss and target fixed.
NSE:NIFTY
by Mambotrade
25 Jan ’24 — Unusual last 30mts of price action, could be a NEWSNifty Analysis - Stance Neutral ➡️ Recap from yesterday: ”The issue for the bears from the 63mts chart is the W formation (double bottom). To prove they are still in the game, the Bears must create a big fall and ensure an M pattern supersedes the W. Due to the momentum the bulls got today, we are changing the stance from bearish to neutral. The first target would be to take out the 214991 resistance and nullify the 5 RED candles formed on 23rd. If we were to move downwards, the swing low of 21372 has to be taken out tomorrow itself.” 4mts chart The main objective of the morning session was spent undoing the bullish surge yesterday. The selling pressure got arrested by 11.00, by then we had already fallen 214pts ~ 1.00%. We then had a quick surge till 11.39 followed by a gradual coo off. The LOD remained at 21247 proving that the BEARS are still in the game. What surprised all of us is the price action in the last 30mts. It did not look like a technical action, most likely it could be a news/event that broke out to a select group of people or insiders. Hope we get some clarity on that by Monday when we reopen. 63mts chart Yesterday’s W pattern is no longer valid as today’s action has nullified it. Our stance continues to be neutral with a slight inclination to the bearish side. Seems like FIIs are not done unwinding their positions - the run-up to the Budget 2024 looks interesting.
NSE:NIFTY
by viswaram