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Nifty Analysis: May2023Let’s quickly start this analysis from June 22 lows. Weekly Chart There is a clear A-B-C type corrective pattern which tested into previous highs of Oct 2021. I was expecting some support build up near 18000 levels (for the trend to resume on the upside) in Dec 2022 but that did not happen, and the market just drifted lower and lower to previous support area around B. Currently it is again bouncing hard towards the prior swing high A. From this structure it seems market is in a mood to trap more buyers on the upside before losing strength for new lows below B (continuing a potential H&S). But is that really true? Let’s get down to the daily time frame (left chart) and find out. Daily Chart We can see a corrective LH-LL structure which is still intact as per my understanding. I won’t consider Feb 2023 lows as a lower low (because of poor thrust below Jan 2023 lows). This is why the Feb swing high (18135 or so) would remain a LH in the trend channel. Also visible in the chart is a sharp rally from Mar 2023 lows, an Inverted Head & Shoulder pattern and a break of its neckline above 17800 zone, good omen for the buyers. But remember that lower high is still intact. Looking at the price behavior of this rally, it is totally agreeable that there is a potential for shift in structure (for uptrend) with a close above 18135 this week. Now the question is that whether the higher timeframe weakness with an ABC corrective and a potential Head & Shoulder pattern would prevail over the strength on the lower timeframe chart? The answer is that its difficult to predict with 100% accuracy. But one thing that can be done confidently is to manage your trades properly. For short-term trading I would say that booking some profit (if bought near the lows) is definitely an option. Reaction from previous resistance areas is a time-tested behavior, so one can always trail and lock profits in case of doubt. For this trend to continue on the upside, any test of 17800 has to hold. A failure of this level may put this trend in jeopardy. Similar lines can be seen in Oct2021 to June2022 correction. So the conclusion is to book a little if you want and lock the rest with trail below 17800. Any new buying at this point would remain a question mark. Thanks for reading. Do hit the boost button for more ideas in future. Disclaimer: All the views above are personal only and not an investment or trading advice. So you will have to apply your due diligence.
Editors' picks
NSE:NIFTY
by Bravetotrade
20
#banknifty view for the coming week:-#banknifty view for the coming week:- Support Area:- 41,791 - 42,537 Immediate Resistance Area:- 42,856 - 43,025 If we assume wave 3 of the current upmove is over and we are currently in wave 4 on the move, then things are not clear we are in 12345 or ABC movement within wave 4. The structure will only weaken below 41,791 and bears will be active below that level. Better to avoid long until 42,025 holds or around 42K area based on reversal signals. The view is based on the current market scenario, and if the structure changes, it will update accordingly. Regards, SG
Editors' picks
NSE:BANKNIFTY
by subhagghosh
7
NIFTY possible Elliot wave countsHere we had shared possible Elliott wave counts on hourly time frame of Nifty chart. Whereas if we are unfolding part of correction phase then currently we are in A-B-C of ((2)) or ((B)) heading towards north directions, which we can see or say in bullish way, where we can fail this rally near 18567 levels which is nothing but equality level of A and C inside wave ((2)) or ((B)), we can resume correction downwards again post this rally, which can be a subdivision part of wave ((3)) or ((C)) towards south directions. Well, sometimes C may be truncated too. What if scenario We are in Bull market at current stage or we can say what if we are in impulse right now ? Then also we have to unfold current rally not as a A-B-C but as a 1-2-3-4-5, so up to C or 3 levels should not violated because road map is same for both scenarios. Buy on dips with strict stop loss is only mantra, always try to trade at lowest risk with good enough reward probabilities. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Disclaimer. I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
Editors' picks
NSE:NIFTYLong
by RK_Chaarts
31
"METRO BRANDS: Get in on the Action Now!METRO BRANDS has recently completed wave 4 with a triangle formation, indicating a potential move towards wave 5. Traders may consider entering a position in the range of 815-830, with target levels at 976 and 1107. It is important to note that trading carries a risk of loss, and a stop loss at 765 is recommended to limit potential losses if the trade moves against expectations. As always, it is important to conduct thorough research and analysis before making any trades. This post is not financial advice and should not be considered as such.
Editors' picks
NSE:METROBRANDLong
by karuneshBajpai2
23
DELHIVERY : OPPORTUNITY TO ENTER INTO 3rd WAVE OF TREND REVERSALDelhivery Ltd , India's Popular Supply Chain and logistic company , with a Market Capitalization of More than 24,000 Cr seems to be ready for a reversal trend. Since , Jan 2023 , it is making support for the second time now. Going with the Elliott Wave theory , as shown in the chart , the stock is entering into the 3rd Wave of the uptrend , which is supposed to be the longest of any wave . The stock seems to be moving in channel also as shown in the chart. As the stock has shown some improvement from its lowest ever price, and RSI is crossing 50 from below , therefore the probability of trend reversal is high. For swing traders, it is the best time to enter the trade and making the latest support as base. We can see stock moving to at least three targets as shown in figure of 355.90 , 375.20 and 390.50. The second swing that is 321.30 would be our STOP LOSS , CMP is 337.10. Hence we have a risk reward ratio of 1: 3.5 . Please remember , this research is only for educational purpose and one must do their own research too before making any trade. Trade at your own risk. Best of Luck !!!
Editors' picks
NSE:DELHIVERYLong
by chakraveer1104
9
Infosys in Trouble along with All Tech stocksInfosys is in Zig zag correction after making top near 1955. The Rally from covid low ends in 5 waves near 1955. Currently in Wave C which can head up to 1073 and worst case 700 which is 1.618 extension. Analysis invalidation level will be 1620. The LAST Time we analyzed it, moved as per chart DISCLAIMER: There is no guarantee of profits or no exceptions from losses. The stock and its levels discussed are solely the personal views of my research. You are advised to rely on your judgement while investing/Trading decisions. Seek help of your financial advisor before investing/trading. Investment Warnings: We would like to draw your attention to the following important investment warnings. -Investment is subject to market risks. -The value of shares and investments and the income derived from them can go down as well as up. -Investors may not get back the amount they invested - losing one's shirt is a real risk. -Past performance is not a guide to future performance. -I may or may not trade this analysis --------------------------(((((LIKE)))))-------------------------------
Editors' picks
NSE:INFYShort
by Niftydirection
9
NIFTY Intraday Trade Setup For 17 Apr 2023NIFTY Intraday Trade Setup For 17 Apr 2023 Buy-Above 17845 Sl-17795 T- 17930 18035 Sell-Below 17729 Sl-17780 T- 17639 17550 NIFTY has closed on a flat note last day and formed a hanging man in daily TF. If the next immediate candle closes below its low then below that red candle's low it will initiate the pullback move of the sharp up move. Also we we have been trailing our longs with TSL as PDL (CB) which is also intact now. Also we have initiated a mid term bullish momentum just after we got a morning star in weekly TF which was near 0.58 FIB ration also. We have breached previous month's high also. So after a pullback we will start the next round of up move. As 'pullback is the fuel for the impulse'. Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 17845 then we will long for the target of 17930 and 18035. For selling we need a 15 Min candle close below 17729. T- 17639 and 17550. In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
Editors' picks
NSE:NIFTY
by Omahto
4
#Banknifty"Trading day, April 13th: The global market is indicating a neutral to slightly negative start, with a moderately bullish market nature. It may begin with a neutral sentiment similar to yesterday's structure. If the initial market experiences a sharp pullback, we can expect a continuation of the rally. However, if the pullback occurs slowly and consolidates, it could indicate distribution and a correction may be expected when it rejects the major resistance zone. Conversely, if the initial market declines sharply, a correctional wave is likely, and the market should 38% fib level. If the market breaks 38%, we can expect a minimum of 78% to the extension level of 1.27. On the other hand, if the decline doesn't break 38%, it could be a sign of a range market and a continuation of the rally."
Editors' picks
NSE:BANKNIFTY
by Manickamtraders
8
KSOLVES near ATH breakoutNSE:KSOLVES BSE:KSOLVES Time Frame – Weekly Observations : - * Near All Time High Breakout of 519 * Trading in rising channel * Symmetrical Triangle BO done Resistance – 635 / 755 / 865 Support – 400-420 DISCLAIMER : NCFM Certified Technical Analyst. I am not SEBI registered analyst. All posts are for educational purposes only. I am not responsible for your any loss or profit. Consult your adviser before taking any trade. I help people to learn technical analysis & charts reading.
Editors' picks
NSE:KSOLVESLong
by Chart_World
5
Comex Gold - Are we Ready for Boom (Triangular Pattern)Educational Video : Triangle Pattern Unfolding Realtime Triangle is an Elliott wave pattern seen during sideways market consolidations, it is composed of 5 corrective sequences. Triangle presents a balance of forces between buyers and sellers, causing a sideways movement that is usually associated with decreasing volume and volatility. What Next? Thrust Possible beyond 2015$ & Comex Gold can attempt previous highs of 2075-2078 zone. Thanks for watching
Editors' picks
COMEX:GC1!
by WaveTalks
6
Gold has smoother road towards the northGold teased bears earlier in the week by defying the bullish channel but the follow-on bounce off the $1,934-36 zone renewed buying interest in the yellow metal. However, a clear upside break of $2,000 becomes necessary for the XAUUSD buyers for conviction. Also acting as an upside filter is the aforementioned channel’s lower line, close to $2,011 at the latest. Following that, a run-up toward the previous yearly high of around $2,070 can’t be ruled out. Meanwhile, a one-week-old horizontal support zone near $1,934-36 puts a floor under the Gold price, a break of which could quickly recall the $1,900 threshold on the chart. However, a convergence of the 200-EMA and six-week-old horizontal region surrounding $1,890-85 appears a tough nut to crack for the bears. Should the bears keep the reins past $1,895, the early-month swing high of near $1,854 can flash on their radars. Overall, the Gold price may keep grinding higher as promising oscillators join the metal’s hesitance in declining.
Editors' picks
OANDA:XAUUSD
by MTradingGlobal
2