EURUSD Short Stack [Daily Swing]Idea to stack on a position to the previous EURUSD position I pointed out. Wait for a retest below the next AOI and repeat the same confluences to enter the trade.
Candlestick Analysis
NIFTY to remain sideways till either of the zone is brokenAs we can see NIFTY showed unidirectional fall after getting rejected from the neckline of the head and shoulders pattern. Now we can say that NIFTY is yet to remain sideways to negative in common trading sessions despite its short term up move as space is left for NIFTY to fill hence till either if the zone is broken and sustained, we can expect NIFTY to remain sideways in coming trading sessions so plan your trades accordingly.
Zee Ltd Cmp 249 Morning Star CandleZee Ltd Cmp 249 dated 27-10-2023
1. Morning Star Candle @ support
2. RSI Divergence
Buy above 252 target 260-270-280 SL 240
It is just a view, please trade at your own risk.
Exact REVERSAL from our zoneAs we can see despite strong opening of NIFTY, it failed to sustain itself above the zone and fell unidirectionally as it was the neckline of the head and shoulders pattern which we analysed in our previous post. We also expected it to break if tested but it fell without taking any time, hence in coming trading sessions if NIFTY regains 19200 levels and consolidates around that levels, we may expect a strong up move in coming trading sessions so plan your trades accordingly.
NIFTY positional - 1000 pts move NIFTY index on a weekly timeframe, a notable diamond top formation seems to be developing. Historically, diamond patterns have often signaled significant price reversals. Based on this observation, a potential 1000 pts move could be on the horizon.
Analysis:
Diamond Top Formation : The diamond pattern, often considered a reversal formation, has manifested after NIFTY's bullish run. This pattern encapsulates a period of market indecision, with the price oscillating within converging trendlines. A decisive breach of these trendlines can indicate the future price direction.
Bearish Scenario: If NIFTY breaks below the lower trendline of the diamond formation, a swift downward move can be expected. The depth of the diamond provides a hint at the potential move, which, in this case, suggests a 1000 pts drop.
Supporting Indicators : The recent retest of the wedge and subsequent rally shows a strong bullish momentum. However, with the emergence of the diamond top, this momentum may be waning. A confirmation of the bearish view would be a decisive breakdown below the diamond's lower trendline, preferably with a spike in trading volume.
Conclusion : While the diamond top formation suggests a potential bearish reversal, it's crucial to await a clear breakdown for confirmation. A 1000 pts move is significant, so traders are advised to be vigilant, employ risk management techniques, and consider other technical and fundamental factors influencing the market.
Disclaimer: Technical analysis is based on historical price action and patterns. While patterns can give insights into potential future movements, they don't guarantee outcomes. Always trade with caution and employ proper risk management strategies.
Finnifty monthly expiry analysis for 31/10/23.A bullish engulfing daily candle is showing some positivity in the market. Finnifty has closed above the 20 ema and 110 point higher.
It is about to test 38.2% fibonacci level around 19300 level after the fall of last week.
Global markets at this time are trading in green. Look for close of global market in the morning as indian market will act accordingly.
On the hourly charts, there was a bearishness in the morning and after that it recover giving 300 point move from the day low.
Support :- 19200, 19000
Resistance :-19290, 19420
Tomorrow is the monthly expiry of the index and there are high chances of a good moment in the index. Watch option premiums and trade according to the setup.
Wait for the price action near the levels before entering the market.
More of unidirectional move expected in NIFTYAs we can see NIFTY has recovered almost 200++ points from our demand zone as analysed. Now we can expect NIFTY to recover more of 100 points till its next prominent RESISTANCE lying around 19200 which is set to be broken after a trap as it can be seen as a very obvious RESISTANCE so plan your trades accordingly.
Nifty trading levels for 31/10/23.Nifty levels
Support :- 19070, 19900
Resistance :- 19250, 19400
Market move in a lower low lower high formation in the bearish trend.
First leg was formed after creating a ATH and after that it consolidated and now it has formed lower low. This leg is for a retest and another bearish move can be seen.
Keep in mind the festive buying will also be there.
Look for a perfect setup as there will be nice move as the consolidation was in the good range.
ABB Cmp 3958 Reversed from SupportABB Cmp 3958 dated 26-10-2023
1. Price reversed from support line
2. RSI divergence
Buy above 3970 target 4000-4025-4050-4090
SL 3895
It is just a view, please trade at your own risk.
Long Term Opportunity in HDFC LifeGo Long above 505.1 for Targets of 552.4, 599.7 and 647 with SL 457.8
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around the 0.618 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock is taking support and moving up.
Positional or Longterm Opportunity in GranulesGo Long above 291.9 for Targets of 316.05, 340.2 and 364.35 with SL 267.75
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Double Bottom (W) pattern is formed around the 0.618 Fibonacci level & a Bullish Hammer (marked with orange color) is formed around the 0.5 Fibonacci level.
3. Also there is a strong Trendline (marked with green color), from which the stock is taking support and moving up.
4. Our final target is just placed below the resistance trendline (marked with red color)
Positional or Longterm Opportunity in MFSLGo Long above 642.8 for Targets of 686.5, 730.2, 773.9, and 817.6 with SL 599.1
Reasons to go Long:
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the all-time swing low (point A) to the all-time swing high (point B) then we see stock took support from the 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 Fibonacci level.
3. In addition to this there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
4. Lastly our final target is just below the resistance zone (marked with red color).
Positional or Longterm Opportunity in RelaxoGo Long above 858.1 for Targets of 925.35, 992.6, and 1059.85 with SL 790.85
Reasons to go Long :
1. On a Monthly timeframe if we draw the Fibonacci retracement tool from the all-time swing low (point A) to the all-time swing high (point B) then we see stock took support from the 0.5 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Engulfing (marked with orange color) is formed around 0.5 Fibonacci level.
3. In addition to this there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
Exact REVERSAL from our given level... where is it heading next?As we can see NIFTY has REVERSED exactly from our given levels of 18870, now that NIFTY has shown more than a percent move in a single day, we can expect NIFTY to continue the further RECOVERY till 19200 which acted as a NECKLINE for HEAD and SHOULDERS pattern and fill the gap. On the other hand, we can expect NIFTY to further fall keeping note of weakening of GLOBAL INDICIES and ONGOING tensions affecting INDIAN INDEX and we can see NIFTY further reaching 18600 levels so plan your trades accordingly.
A bullish candle after doji suggests some upside momentumBounced from the support region, can go long with the above levels.
Morning star at its perfection.Eye catching morning star after a significant fall (rsi oversold) in daily chart.can park some cash above the levels as mentioned with high risk reward ratio
#IGARASHI (Weekly)⚡️Almost Zero Debt
⚡️FIIs DIIs increased stake
⚡️5Y Long Base Breakout & Retest
⚡️ Morning Stat Doji on Daily chart
🔴 SL 570
🟡 CMP 597
🟢 TGT 657/746/896
Mazagaon Dock Cmp 1899 Hammer Candle @ SupportMazagaon Dock Cmp 1899 dated 26-10-2023
1. Hammer Candle @ Support
2. RSI Divergence
Buy above 1930 target 1980-2080-2125-2235
SL 1825
It is just a view, please trade at your own risk.
NIFTY heading towards final SUPPORT now..?As we can see NIFTY has continued showing bearishness since last 5 days now without taking SUPPORT at demand zones we mentioned but we can expect next few upcoming couple to trading day as last fall till 18600 levels from where the bull run actually started which can potentially act as a SUPPORT so plan your trades accordingly everyone
Nifty daily analysis for 27/10/23.Nifty has given a nice fall in the first hour of the session and consolidated in 50 points range in the second half.
It has closed around the 200 ema on the daily charts forming another bearish candle of 265 points.
On the hourly chart, the market has after the 10:15 candle it remained in a range and has been trading below the moving averages.
There is a 3.5% fall in just 3 trading session and there are chances of taking a halt as it is trading around the crucial moving average.
Support :- 18850, 18650
Resistance :- 18900, 19000
Wait for the price action near the levels before entering the market.
NIFTY broke its important SUPPORT! More fall incoming..?As we can see NIFTY has finally broken down its important SUPPORT of 19200 levels and as analysed, it fell unidirectionally as of now. Now that NIFTY has finally broken down its important SUPPORT we cannot see any eminent SUPPORT till 18870 but we have always seen that market always does opposite of what its shows so plan your trades accordingly.
Banknifty monthly expiry trading levels (26/10/23).Banknifty has given a nice fall of 2% in just 2 trading session and closed below the round fingure of 43k.
Today, it recover for the imbalance in the markets and gave a fall of 200 points in two candle followed by a 300 coming from a single candle that took out the support levels.
On the hourly chart, market has given a good fall and consolidated in the second half which is good for the monthly expiry tomorrow.
Now the market trend for a short term is bearish and sell on rise cycle is in. Option buyers can make positions with a setup confirmation.
Support :- 42600, 42350
Resistance :- 43090, 42380
Banknifty has respected the levels giving the target of 42800 and taking support from the same.
Wait for the price action near the levels before entering the market.
Nifty50 monthly expiry trading levels (26/10/23).Nifty has continued the fall closing 160 points lower and breaking the major support level of 19250.
It has formed another red candle which shows the sellers participation.
On the hourly charts, the market consolidated in the initail hour following a 150 point fall instantly below the support levels.
Now the market trend is good for a bearish traders and option buyer. There are chance of market being in a short term bear trend.
Sell on rise market is there. Option buyers are now going to go green as there will be 50-70 points move in the market for few day.
Support :- 19000, 18880
Resistance :- 19250, 19330
Break down of the major support level gave good movement and almost hit our targets.
Wait for the price action near the levels before entering the market.
