SHANTIGEAR - Bullish Swing Reversal with VolumesNSE: SHANTIGEAR is closing with a bullish swing reversal candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 11% to 17% gain on deployed capital in this swing trade.
The view is to be discarded in the event of the stock breaking previous swing low.
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Candlestick Analysis
NIFTY might take another dip before finally emerging strong.As we can see NIFTY slowly but surely moving strong from our demand zone thought not of movement can be witnessed in chart but the strength is quite evident in bigger time frame. Now we may see NIFTY take another dip towards our demand zones before finally breaking out strong as we can see signs of indecisions so plan your trades accordingly.
Nifty weekly analysis for 18/03/24.
Nifty has given a 2% fall in a week and closed above 22k levels after testing 21900 levels.
It consolidated around the higher level and gave a fall, there is a probability of it continuing the fall.
If there is a gap down opening and a retest of the current support level of 21900, a bearish trade can be initiated after a negative price action around it.
In case of a gap up, wait for a W pattern formation and enter only when the neck line is crossed and sustained.
For last 2 trading session, nifty is forming an inside candle and is consolidating. The break out/down can give good movement.
Major support levels :- 21900, 21780, 21580
Nifty is trading below the 20 ema (daily) and is sustaing below it. The consolidation range is between the horizontal support and 20 ema as a resistance.
There is a break down of a trendline and the retest is also done in nifty which adds on for a confirmation on the bearish side.
Resistance levels :- 22100, 22190
Wait for the price action near the levels before entering the market.
Banknifty weekly analysis for 18/038/24.
A big red candle on the weekly charts after 4 consecutive green candle is either profit booking or a double top formation confirmation.
Banknifty has come for selling but the downside movement is slow which shows there are still buying happening in the market. There is doji formation on the daily charts and a significant selling is not there in the index as compare to nifty.
It is respecting a trendline and has continously tested it. If markets breaches the levels and starts trading below the levels, a bearish move can be seen in the market upto the lower support levels.
Major support levels :- 46300, 45940, 45750
The chances are high of market giving another red candle on the weekly charts. Wait for banknifty to start trading below the trendline.
If there is a gap up opening and a higher high formation, let market confirm the bullish trend on hourly charts. For confirmation look for a price action.
Major resistance levels :- 46680, 46950
Though, markets are unpredictable and is in a bearish trend, watch for it to cross and sustain 47200 levls to turn bullish. Else a day or two can be avoided for trading.
Wait for the price action near the level before entering the markets.
False BREAKDOWN done! Now ready for rally!? As we can see NIFTY followed exactly what we expected! It tried breaking it psychological level but failed to sustain below and showing a false breakout, it railed above. Based on the global scenarios, we may expect a strong opening hence if NIFTY manages to hold its strength then we may again see NIFTY rallying strong upside but can lead to sideways to negative if couldn’t hold itself so plan your trades accordingly.
DELHIVERY - Bullish Consolidation with VolumesNSE: DELHIVERY is closing with a bullish consolidation candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 12% to 20% gain on deployed capital in this swing trade.
The view is to be discarded in the event of the stock breaking previous swing low.
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Will NIFTY able to hold 21800 level..?As we can see NIFTY has finally achieved the strong demand zone and a psychological level of 21800 level. We may expected a strong opening and signs of REVERSAL from here but in case if NIFTY fails to hold and sustains below 21800 level then we may see another weakness from here and a rise of new trend which is downtrend. We may also expect NIFTY to do false breakdown and show strong REVERSAL so plan your trades accordingly.
NIFTY is preparing itself for a directional move. As we can see NIFTY had been consolidating in the same range as of now but it has recently broken a rising channel pattern and looking it in bigger tf, we can see it forming more like an inverted flag-pole pattern which is a bearish continuation pattern. We cannot confirm the weakness unless it breaches and sustains below our level else acting as a strong SUPPORT. We may expect a strong REVERSAL from our given levels so plan your trade accordingly based on the breach of levels either side.
Wipro showing bullish strength.Wipro for the intraday trade is looking bullish and has closed around the resistance zone.
The stock after the fall has given a bullish engulfing candle on the daily charts.
It has been respecting the resistance trend line. Even the RSI indicator is showing a bullish divergence in the stock.
If the stock starts trading above 520 levels and sustain above it, a bullish trade can be entered with a target of 525 for intraday.
Target levels :- 525, 533
Entry:- Above 520
If there is a gap up opening in the stock and it comes to retest the break out levels. A bullish trade can be entered after confirming the price action.
Double break out will be there in the stock. Positional/swing trade can also be created, if the stock closed above the levels on the daily front.
Wait for the price action near the levels before entering the market.
FinNifty intraday levels for weekly expiry 19/03/24.Today the markets where volatile in the first half and has consolidating in the second.
Finnifty remained in a small range between 20610-680 after a good bullish candle aand closed almost flat on the daily charts.
For last three trading sessions, market has been forming doji and are highly volatile. It is hitting the Stop losses and moving the direction afterwards.
If there is a gap up opening above 20700, there will be a break out of the rejection levels and both the moving averages will also be cleared.
It has not giving any good trending move in last expiries and chance of a trend move in this expiry can be seen.
Major support levels :- 20600, 20470
The market is giving target or SL in a single candle and reversing after it.
On the upside it can face rejection as there is a downtrend formation on the hourly charts.
Resistance levels :- 20700, 20785, 20850
In case of a gap down opening, there will be confusion and trading in a volatile market will fetch losses.
Wait for the price action near the levels before entering the market.
BLUEJET - Bullish Swing ReversalNSE: BLUEJET is closing with a bullish swing reversal candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 12% to 19% gain on deployed capital in this swing trade.
The view is to be discarded in the event of the stock breaking previous swing low.
#NSEindia #Trading #StockMarketindia #Tradingview #SwingTrade
NIFTY looks weak below this level !!As we can see Nifty finally broke below the rising channel pattern and had been weak ever since. We can see Nifty getting continuous rejection at higher levels showing its weakness. Now the only important SUPPORT we can see is 21800 wherein any signs of rejection could be a good buy but if it fails to take support at given level then we may see another panic in the market leading to bigger correction so plan your trades accordingly. As of now our view is sideways to negative .
ETC: Look for Confirmation Near Previous Resistance💎 ETC is currently exhibiting a bullish market structure and is undergoing a retest of the support zone, which was previously a resistance level. This zone may now act as support since it has been broken.
💎Analyzing past chart data reveals that there is potential for a bounce from the bullish interest zone, especially if ETCUSDT forms bullish engulfing candlesticks. Confirmation of this bounce would require seeing bullish engulfing patterns from our support zone and smaller support levels. In such a scenario, we can anticipate targets until the next resistant levels.
💎However, if ETC breaks down below our support levels without showing any bullish confirmation, it would be advisable to refrain from trading ETC in that scenario and wait for better price action to form before making any decisions.
Will previous SUPPORT act as a RESISTANCE now!?As we can see NIFTY showed a strong reversal despite touching our reversal levels but we did expect a strong movement from our demand zone. Now we can see it has closed below the channel which could potentially act as a RESISTANCE hence unless NIFTY closes inside the channel until then we cannot confirm this as a false breakdown and can expect further downfall so plan your trades accordingly.
Getting Started with Technical AnalysisInvesting in the stock market can be both exciting and overwhelming. There are so many stocks and strategies are there that make it hard to decide where to invest. That’s where technical analysis comes in. It’s the study of market data to find patterns, trends, and potential opportunities.
To get started with technical analysis, you need to first understand what exactly technical analysis is.
Technical Analysis:
Technical analysis may sound complex, but it’s actually quite easy. In simple terms, it’s a method of assessing stock or any tradeable asset by studying statistics based on market activity, like past prices and volume.
Technical analysts believe that by analysing charts and other indicators, they can identify and predict market trends for any security. Essentially, they study a stock’s trading history to measure its potential for future price changes.
Let’s understand this with an example:
Let’s make a comparison to weather forecasting.
Can we predict the weather for the future? Yes.
Is the weather forecast always 100% accurate? No.
Weather forecasts are applicable over a period of time rather than being precise second by second.
Similarly, just like meteorologists use past weather data and atmospheric patterns to forecast future weather conditions, technical analysts utilize past price and volume data to predict future stock prices.
How You Can Start Technical Analysis of Stocks?
To begin with technical analysis, the first step is selecting a security for analysis. This can include stocks, commodities, currency pairs, or any other tradable financial instrument available on an exchange. Once you have decided on the security, the next step involves studying its price and volume data.
A widely used tool in technical analysis is the price chart. It provides a visual display of a security’s price changes over time. Price charts come in various types, with the candlestick chart being the most popular and commonly used option.
Candlestick charts offer wide information in a single platform. Each candlestick represents a specific time period, like a day or an hour. The body of the candlestick indicates the security’s opening and closing prices within that timeframe, while the wicks or shadows represent the highest and lowest prices recorded during that period.
By studying these candlesticks, traders can identify patterns and trends in the price movements of the stock.
Along with price charts, traders use various technical indicators to analyse securities. These indicators are mathematical calculations derived from the price and volume data of a security. They give signals that confirm trends, identify potential buy or sell signals , and provide additional information to traders.
Some popular and commonly used technical indicators are moving averages , relative strength index (RSI) , and Bollinger Bands , among others. These indicators help traders to judge market conditions, identify potential price reversals or trends, and help to take trading decisions.
Dos and Don’ts to follow when starting Technical Analysis:
Do’s:
A Volume is an important tool for technical analysis. High trading volume suggests a strong trend, while low volume can indicate a lack of buyers and sellers in security.
Traders mostly confirm trends and signals by using multiple indicators. With one or more than one indicators, a trader can become more confident in a potential trade. This approach allows for a thorough analysis of different aspects of the market, increasing the chances of making informed trading decisions.
One of the most important tips to remember is that while technical analysis can assist in identifying potential trades, practising effective risk management is essential.
Risk Management involves implementing stop-loss orders and ensuring that you don’t risk more than a certain percentage of your portfolio on any single trade. With the help of these risk management techniques, you can protect your investments and maintain a disciplined approach to trading.
As the price of stocks is changing every time, you need to stay updated with news and investments that can impact your investment.
Don’ts:
While technical analysis can look complex, it’s important to avoid difficult things. Stick to the fundamental principles and strategies, and you should be on the right track. Sometimes, simplicity is the key to effective analysis and decision-making in the stock market.
While technical analysis is important, it shouldn’t be the only way to evaluate securities. It’s also important to consider fundamental analysis , which involves looking at a company’s financial statements and economic factors. By using both technical and fundamental analysis, investors can get a better overall understanding of the securities they are analysing.
Trading can involve emotional decisions, but it’s important to let no emotions cloud your judgment. Stick to your trading strategy and avoid making impulsive trades driven by fear or greed. By maintaining discipline and adhering to your predetermined plan, you can make more rational and informed trading decisions.
When you’re taking potential trades, it’s important to think about the risk-reward ratio . This means comparing the potential profit with the potential loss.
With a good risk-to-reward ratio, you can make smarter decisions and aim for a good balance between R:R in your trading strategy.
Conclusion:
Technical analysis is a great tool for traders and aspiring investors in the Indian stock market. It helps identify potential opportunities by analysing price and volume data, allowing traders to recognize patterns and trends. However, it’s important to follow certain guidelines when using this approach. With the help of candlestick patterns , indicators, risk management tools, and fundamental analysis traders can achieve their financial goals.
Banknifty weekly analysis for 11/03/24.After 3 days holiday markets will open tomorrow.
Banknifty has been halting around the higher levels and constantly facing rejection around 48k levels.
On the weekly charts, there is a bullish move in the market and seems to continue as nifty is around the highs but banknifty is still lagging behind it.
An inside candle has been formed on the daily charts and near the high. If there is a break out new highs can be tested this week for banknifty.
Else it may come to test the lower levels.
Major support levels :- 47520, 47260
Resistance :- 48150, 48260, 48400
Buying there on every dip and resistances above are weak.
Bullish move is expected as the charts indicate. If there is a gap down opening, it would be wise to avoid trading for intraday as there will confusion in the markets.
Wait for the price action near the levels before entering the market.
Nifty intraday levels for weekly expiry 14/03/24.
Nifty has given a break down of the parallel channel and has closed below the 22k levels after a gap up opening.
Even 20 ema, on the daily chart, is breached and closing is much below it.
Today, not the index even the stock has given bearish move. There were chance of a retest but from the morning nifty was in a bearish mood.
It can given another red candle as there is a bearish divergence in RSI and volume are high.
Either it will retest the break down channel or consolidate after a gap up or flat opening.
Major support levels :- 21920, 21770, 21580
If there is a gap down opening, there can be another selling leg from the morning.
Resistance levels :- 22110, 22250
Tomorrow is weekly expiry for nifty and can be another trending day for it.
Wait for the price action near the levels before entering the market.
An important SUPPORT for NIFTY is coming up.As we can see NIFTY fell unidirectionally exactly as analysed in our previous post and we also mentioned about the supposed panic that could occur with the break of lower trendline and we did see that. now nifty can be seen heading towards very important support or demand zone of 21800 which given NIFTY more room to move hence if NIFTY weakens and reaches 21800 and shows any signs of rejection then strong reversal can be expect to plan your trades accordingly.