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Double Top or Bottom

FinniftyPrice had a good bearish momentum today and now it is at double bottom support. Support should hold and price have to break the trend line to change from bearish to bullish. Important support zone is 20280 - 20340. Buy above 20340 with the stop loss of 20280 for the targets 20400, 20460, 20520 and 20560. Sell below 20240 with the stop loss of 20300 for the targets 20200, 20160 and 20080. Analysis is based on the assumption that price will decide the trend direction at the zone 20280 - 20340. Check the live market updates. Hit the like button to Rock !! Show some energy !! Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. You are responsible for whatever you do.
NSE:FINNIFTY1!
by vanathi
3
01 Feb & 31 Jan ’24 — Nifty Not in a Hurry to Go Anywhere YETI was not able to post the report yesterday as got a severe headache and fever. After closing my screen at 15.30 yesterday, got enough strength to open it today morning at 07.46. Seems like the analysis of Tuesday was more or less true even for today as Nifty and BankNifty went nowhere. The Budget 2024 was a 1hr speech, but it had no major changes - it looked like more of a reforms package. India being a developed country by 2047, I seriously cannot understand the relevance it had in the next year’s budget. The sad part is most of us may not be alive 23 years from now. I thought budget was to outline what is going to happen in the next 12 to 15 months. Nifty Analysis - Stance Neutral ➡️ Nifty has made a double top like pattern of which the bottom 2 points were right at the support line of 21491. That means - we cannot say with confidence if the next move will be bullish or bearish. We were all expecting Nifty to pick up a direction today after the budget announcement and since that did not happen - we may have to wait for further triggers. We would prefer to stay neutral till then. 16mts chart Due to the Budget event, the premiums on both Nifty and BankNifty were crazy today morning and only cooled off 90mts post the start. We are quite sure most of the traders would have minted a fair share of money today as whichever OTM strike you chose today, it had 2x to 10x unusual juice today. So even if you did not hold till 0, you would have ended up in GREEN. The only issue was for option buyers who would have expected a directional trend today - they would have gone home seeing their strike decaying value for no reason. 63mts chart Between the last expiry and today, Nifty has gained 317pts ~ 1.48%. Most importantly it has crossed 1 support level of 21491. Another interesting part is the open on Jan 01 was 21732 and the close today is 21697 which means for an entire month Nifty has moved less than 35pts. This also means the kind of amount non-directional traders would have minted this month and the plight of directional and trend followers. Staying in a non directional path also means consolidation. Bulls and Bears are reevaluating their army strength and will soon fight it out - we will get a trending move soon as soon as the balance is tipped. For tomorrow - we wish to start the day with a neutral stance and then re-evaluate based on Nifty’s plans. If we pick a direction, we will definitely update in the TV minds section.
NSE:NIFTY
by viswaram
29 Jan ’24 — All 6 Green Candles, Nifty Stance UpgradedNifty Analysis - Stance Bullish ⬆️ Recap from yesterday: “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. It seems like FIIs are not done unwinding their positions — the run-up to the Budget 2024 looks interesting.” 4mts chart Two major things stand out today Nifty gets a small gap-up, but most gains came via trading - which shows how the control went to the Bulls. Zero pullback - one-way trip. Gifty was contradicting with a value of 21650+ and Nifty50 pre open was suggesting only an open around 21450 levels. The 200pts variance seemed pretty odd earlier in the day, but once N50 started steaming ahead - it made perfect sense. From the previous close, Nifty went up 394pts ~ 1.85% today - most importantly it took out the 21491 resistance with so much ease. The only thing that did not make sense today was India VIX rising 13% to 15.6 levels. 63mts chart We are changing our stance from neutral to bullish as we had all 6 green candles today. Ideally, the stance change should come only after the 21913 resistance breach - but we are taking a bit of risk here. The pattern played out to be a W (double bottom). We would now look for bullish opportunities and the first target would be 21913. The global macros are not looking good with the war in the Middle East, news from Taiwan, and news from N Korea. Hope our markets will give a strong clue in case the situations escalate.
NSE:NIFTYLong
by viswaram
Accelya Solutions: Multiple bullish pattenIn the Daily timeframe, this less known mid-cap Technology stock NSE:ACCELYA is showing confluence of multiple bullish chart pattens. A beautiful rounding bottom formation happened over last 4 months. Followed by a breakout with very high volume on 15th Jan. Followed by consolidation and re-test of 1750 level. During this consolidation between 15th Jan and now it's creating a bullish pole&flag patten. An excellent price to enter is around 1700 (or even 1730 is ok). It can reach upto 2xxxx on next few months (1 year horizon).
NSE:ACCELYALong
by pradipandsuvra