Nifty & Bank Nifty Analysis 07 June 2024 + Trading PsychologyIn this video, we'll discuss about Today's Analysis in Nifty, Banknifty and other segments too.
Whether you're a seasoned trader or just starting in the stock market, this analysis will help you in Learning about Market. Let's get right into it!
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Election2024
31 May 2024 - BankNifty stance is neutral, slightly bullish toneBankNifty was unable to break the 48947 resistance today, except for the 10.18 candle, rest 5 candles touched the 48947 resistance level. In 3 instances we went above, but could not sustain. If any of the candles closed above this level, I would have changed the stance to bullish. As of now maintaining the neutral stance with a slightly bullish tone.
All eyes are on the election exit polls today and then the actual results on June 4th. Banks and financial sectors will be the first to react to any news, rumors, or press releases. Unlike other developed markets, finances are the most important sector in our listed space.
Copy pasting my expectations for markets next week, post election results
1. 400+ seats - up 5%+
2. 270 to 399 seats - down 5 to 10%
3. less than 270 seats - down 25%
SONACOMS Bullish breakout predictionSona BLW Precision Forgings, an India-based automotive technology company, designs, manufactures, and supplies engineered automotive systems and components, including differential assemblies, gears, and EV Traction motors.
If we look at the chart:
The market has broken to the upside with very good volume. The market has broken the trendline to the upside. Also, the market is receiving support at 200 EMA. After the support, it has consolidated and then given a bullish hammer.
We can make an entry with Risk:Reward: 1:2.6.
Plan of Action:
Buy: 651-655
Stop loss: 614
Final Target: 747
Nifty50: We are at The Cusp of a mega PRE-ELECTION Rally !!NSE:NIFTY as per EW on hourly charts is suggesting that terminal 5th pattern is ongoing.
Short term correction is going on downside in form of wave 4 of Terminal pattern and then wave 5 can start which can be the final rally, you can also call it as a pre election rally before a major top is in place for 2024.
A meaningful top can be form after summer solstice which is due in June 2024.
The summer solstice marks an important change of season, when scientists describe the sun to stand still at a point in the horizon where it appears to rise and set, before moving off in the reverse direction.
This cosmic two-step stealth pattern, of a momentary rise, followed by a sharp reversal, is in-line with our bearish projected roadmap for the equity market, here and now.
We had also shared the diametric pattern outlook in our earlier forecast seems it will play out in late June.
So rally possible till election outcome followed by a meaningful top in late June.