Breaking 6400 levels could be crucial - LTIMLTIM is poised for a good impulse move if breaks above the 6400 resistance level. With good financials in place we can expect it to break in the coming weeks.
Elliott Wave
#Nifty levels for July 23rd.Good morning, friends. Today, the Honorable Finance Minister, Nirmala Sitharaman, is presenting the first Union Budget of the Modi 3.0 government. The market may move based on this event, and technical factors might not be as effective. I am simply sharing my Fibonacci levels. I expect directional movement to start from tomorrow onwards. Have a nice day🙏.
#banknifty levels for July 23rd.
Good morning, friends. Today, the Honorable Finance Minister, Nirmala Sitharaman, is presenting the first Union Budget of the Modi 3.0 government. The market may move based on this event, and technical factors might not be as effective. I am simply sharing my Fibonacci levels. I expect directional movement to start from tomorrow onwards. Have a nice day🙏.
HDFC BANK - Wave 5 CandidatePotential Wave 5 Candidate.
Please note: I am not a SEBI registered analyst and this should not be considered as an advice to buy or sell.
Before taking any financial decision , please consult your advisor.
Poised for an impulse move in INDIAMARTWith a growing PAT and strong Fundamentals , INDIAMART is set for an Impulsive 3rd Wave in its Monthly TF , Has the potential to reach its Previous ATH in the coming months.
#Banknifty directions and levels for July 19th.Banknifty:
Bank Nifty is still maintaining its range, so it might continue today as well. However, if it breaks the range, we can expect a move of a minimum of 50% to 78% to the upside. On the downside, if the market breaks the 50% Fibonacci level, we can expect a downside move to 78% to the swing low.
#Nifty directions and levels for July 19th.Good morning, friends! 🌺🍬 Here are the directions for July 19th:
In the last session, the Dow Jones fell drastically, indicating a negative bias. Our local market has a mixed bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, as indicated by the Gift Nifty, which shows a +10 points.
Nifty and Bank Nifty are showing different structures. Nifty has a solid bullish structure, while Bank Nifty is in consolidation. Let's look at this one by one.
Nifty:
In the previous session, Nifty had a huge movement at the end of the day, making a new high with a solid handle. What’s next? I will explain step by step to help you easily understand.
Point 1: If you roughly look at the chart, it shows a solid bullish structure. You can expect the rally to continue if it breaks the previous high. This is the basic structure.
Point 2: But even if made a new high with solid candle The RSI did not break the previous high in 4H, 1H, or even 15min. At the same time, the Dow Jones also fell drastically.
Point 3: And if u look at the Bank Nifty it did not participate in this rally. but it has a consolidation. If it breaks the consolidation, it may help continue the rally. The probability is uncertain.
Considering these three points, it’s complicated to conclude the direction. Here’s my opinion: if the market breaks the previous high and Bank Nifty supports it, we can enter a long position, which may yield better results. Alternatively, if there is a solid breakout candle, you can enter, but the decision is yours. This is our bullish variation.
Bearish view:
Alternatively, if the market declines initially, we could wait for the 38% Fibonacci level breakout. If it breaks, we can expect a correction of a minimum of 50% to 78%. On the other hand, if it doesn’t break 38%, then it will maintain the bullish bias.
A long term correction could be due in the American MarketsThrough the Fibonacci Projections , it seems like their upcoming US elections could have the ability to trigger a year-long correction if anything unexpected were to happen.
If NDX were to break its ATH we can expect the up move continuing.
#Nifty directions and level for July 18th.Good morning, friends! 🌺🍬 Here are the directions for July 18th:
The global market has a bullish sentiment (based on Dow Jones). Our local market has a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-down start because the Gift Nifty indicates a 20-point decrease.
Nifty:
In the previous trading session, Nifty opened with a gap-up but did not rise much higher. Structurally, it is showing consolidation, which is likely to continue in the same direction. However, this will only happen if it breaks the previous high.
Given that Gift Nifty suggests a gap-down opening today, the scenario changes slightly.
So, If the market declines initially, we can expect a 23% to 38% level of correction. After that, if it finds support at these levels, the consolidation may continue. For a continuation, it must break the 38% Fibonacci level solidly.
Alternatively, if the gap-down doesn't sustain and the market pulls back, we can expect consolidation until it breaks the previous high. If it breaks the previous high with a solid candlestick structure, a rally continuation is expected, with some consolidations around the resistance levels. On the other hand, if it doesn't break with a solid candlestick structure, the market may continue in a diagonal pattern, meaning it won't generate much premium today. (I have plotted a bow and tie pattern).
Note: You can follow the same sentiment if it opens with a gap-up movement.
#Banknifty directions and level for July 18th.Bank Nifty:
For the second consecutive trading day, Bank Nifty has consolidated. This pattern may continue today, meaning even if the market opens with a gap-down or gap-up, it may consolidate between the levels of 52722 to 52263.
A rally may occur only if it breaks the level of 52722, and the downside correction will continue only if it breaks the level of 52263.
#Banknifty directions and levels for July 16th.Bank Nifty:
Bank Nifty maintained a range market in the previous session and may continue that today. We can try a range breakout trade: that's if the market breaks the previous day's high, we can expect a swing high to 52,878. On the other hand, if it declines, we should wait for a breakout below 52,263. If that happens, it may fall further to a swing low of 52,088.
Even if it breaks either upside or downside, the premium might not increase much. So please take your positions based on your knowledge.
#Nifty directions and levels for July 16th.Good morning, friends! 🌺🍬 Here are the directions for July 16th:
Global markets are maintaining their range (based on the Dow Jones). Our local market has a moderately bullish trend. Today, the market may open neutral to slightly gap-down, as indicated by GiftNifty, which shows a decrease of 13 points at 8:00 am.
Nifty and Bank Nifty have different structures: Nifty indicates a moderately bullish bias, while Bank Nifty indicates a range-bound market. Let's look at each one.
Nifty:
In the previous session, Nifty maintained a gap-up sentiment, but there was no big movement. Based on the wave structure, it could be a 5th wave, meaning a distribution wave. So, today we might see an initial correction. This is our first variation.
Alternatively, if the market pulls back and consolidates or breaks the supply zone, we can expect the rally to continue. in this case, If the market doesn't break the supply zone, it may consolidate between the supply zone and the 38% Fibonacci level in the minor swing.
> Without breaking this 38% level, it may maintain a bullish bias. A correction is expected only if it breaks the 38% level in the minor swing.
> that means, If it sharply rejects around the supply zone and breaks the 38% Fibonacci level in the minor swing, it may turn into a correction.
#Nifty directions and levels for July 15th.Good morning, friends! 🌺🍬 Here are the directions for July 15th:
The global markets are showing a slightly bearish sentiment (based on the Dow Jones). Our local market is maintaining a moderately bullish trend. Today, the market may open neutral or with a gap-up start, as indicated by GiftNifty, which shows an increase of 50 points at 8:00 am.
Nifty and Bank Nifty have different structures: Nifty indicates a two-way move, while Bank Nifty indicates a range-bound market. Let's look at each one.
Nifty has closed above the all-time high after seven consecutive consolidation sessions. This suggests a solid rally ahead on a normal trading day. However, with the upcoming budget event, even if the market breaks the all-time high again, it is unlikely to go much higher due to current sentiment rather than technical factors.
> Based on this sentiment, if the gap-up sustains, we can expect a minimum of 24608 to 24644. After that, if the market rejects around the supply zone, we can expect a reversal of 38 to 78% in the Fibonacci sequence. This is our first variation. On the other hand, if the market doesn't reject there and consolidates, the rally will likely continue further.
> Alternatively, if the gap-up doesn't sustain, it may range between the previous day's high and the 4th wave demand zone. In this sentiment, there is no big correction. The correction will continue only if it breaks 24420.
#Banknifty directions and levels for July 15th.> Bank Nifty has a range-bound sentiment. If the initial market takes a pullback, we can expect a range between the previous day's low and 52666. In this case, the rally will continue only if it breaks the level of 52666.
> Alternatively, if the gap-up doesn't sustain, the same range-bound market may occur. If the initial market declines, it may continue the range between the previous day's high and 52090 or 78%. Here, the correction will continue only if it breaks the 78% Fibonacci level.
ULTRACEMCO - ELLIOT WAVE 5 IN MAKINGHi All,
This idea is about Ultratech Cement
Mkt Cap - 3L Cr
ROE - 12%
ROCE 15.3%
P/BV - 5.56
MktCap/Sales - 4.7
FCF - 2k Cr
Technicals
Price action being published is on a 1 hour TF. As can be seen by the pattern, Elliot waves are in motion. Wave 1 was an impulsive wave followed by Correction wave (Wave 2).
Ideally Wave 2 should correct to 50-60% as per Elliot theory & that is what happened during Wave 2 formation.
Wave 4 corrected again by 30% and point 4 above point 1 which all points to the validation of Elliot theory.
Wave 5 is about to commence which is as per the theory strongest impulse wave.
Cement Sector as a whole is doing well due to boost in infra sector.
Happy Trading,
Thanks,
Stock-n-Shine
Nifty Reaches 24,500 Target: Elliott Wave Analysis Disclaimer:
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Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.
WaveTalks - Market Whispers: Can you hear them?
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General Election 2024: Impact on Nifty
The 2024 General Election resulted in a clear victory for the existing NDA government, with Prime Minister Narendra Modi securing a third term. This political stability had a positive impact on the Indian market index, Nifty.
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Pre-Exit Poll Movement
Before the election results were declared, we proposed an outlook for Nifty to reach 24,500 as a pre-exit poll objective. This prediction was published on TradingView as "Pre-Exit Poll Outlook - Bulls above 22,400 " on 31st May 2024.
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Achievement of Target
Following the election results, Nifty saw a significant rise from the lows of 21,281 on June 4, 2024, and successfully reached our proposed target of 24,500 on July 12, 2024. However, there was a knee-jerk reaction as the index failed to surpass the 400-seat mark announced during the election campaigns, leading to some volatility when the actual results were declared on June 4, 2024.
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Unfolding Structure: The Leading Diagonal
Since early March 2024, we have been discussing the potential for an explosive upside based on a leading diagonal pattern, also known as a Rising Wedge in traditional analysis. This Elliott wave pattern typically indicates a bullish trend, especially in the context of the 2024 General Election. We believed in the bullish scenario and termed it the "Leading Diagonal," expecting significant market movement.
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Why I Believe in Wave Analysis
As a Wave Analyst, my journey began with a curiosity about the market's patterns and behaviors. Eight years ago, in 2016, I started writing for TradingView and was given an opportunity to look into India Business for the brand during its early expansion years in India. On a personal front, I progressed to learn the nuances of wave analysis and started applying them to publicly traded liquid financial instruments. The results were astounding, providing 90-100% accuracy in the analysis. The science behind wave analysis is robust, but it does come with the limitation of alternate views if the price breaches the cardinal rules. More details on this will be discussed in my upcoming book on wave analysis (no ETA available at the moment).
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Pattern Analysis
Rising Wedge:
Often seen as bearish or bullish from a traditional technical analysis point of view, Elliott Wave analysis goes one step further by identifying the pattern's nature as bullish or bearish and can complement the unfolding events.
General Election 2024:
The election acted as a catalyst for the bullish trend.
Patience Rewarded:
Participants who held their positions since October 2023 are now reaping the benefits.
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Future Outlook
Key Psychological Level: 24,500
Nifty holding above the 24,500 level is crucial. If the index continues to bounce above this level, we anticipate the bull run to persist.
Target: 27,620
Our next target is 27,620, where the current rising wedge in Wave-1 should travel 162% of the minimum distance if this is to be Wave-3.
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Additional Insights
Reliance Long Term:
Nifty Explosive Series Episodes Starting Comex Copper:
These episodes as published on TradingView earlier, hinted at an explosive Nifty to unfold and how Dr. Copper’s move supported the outlook. This should be discussed as a different branch of technical analysis called Intermarket relations in my book, suggesting a strong bullish sentiment.
In conclusion, the political stability from the 2024 General Election has propelled Nifty into a strong bullish trend, with a key psychological level at 24,500 and a future target of 27,620.
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Regards From WaveTalks
Abhishek
#Banknifty directions and levels for July 12th.Yesterday, there was significant movement in Banknifty. What about next? As per the pullback, the market may go further up with minor consolidation. GiftNifty also indicates that. If the market opens with a gap-up, we can expect minor rejection around the immediate resistance level. If this happens, it may retrace up to 23 to 38%. After that, if the market finds support at the 38% level, it may continue the rally with minor consolidation. This is our basic structure.
In this case, we have to discuss something simple and not too complicated:
> 1st one, There is no need to reject around the immediate resistance level. If it happens, we can expect a minor retracement.
that menas If the market consolidates or breaks it with a solid candle structure, the rally will likely continue further(around the immediate resistance).
> 2nd one, Is there any correction possible? Yes, correction is also possible. If the retracement breaks the 38% Fib level, it may continue to range.
> This sentiment is also applicable for an initial market decline. This means that if the gap-up doesn't sustain or if the market declines sharply initially, we can follow the same sentiment.
#Nifty directions and levels for July 12th.Good morning, friends! 🌺🍬 Here are the directions for July 12th:
There are no significant changes in the global markets, which are still showing a moderately bullish trend. Our local market is also showing a moderately bullish trend. Today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 60 points.
Yesterday, there was significant movement in Nifty. What about next? As per the pullback, the market may go further up with minor consolidation. GiftNifty also indicates that. If the market opens with a gap-up, we can expect minor rejection around the immediate resistance level. If this happens, it may retrace up to 23 to 38%. After that, if the market finds support at the 38% level, it may continue the rally with minor consolidation. This is our basic structure.
In this case, we have to discuss something simple and not too complicated:
> 1st one, There is no need to reject around the immediate resistance level. If it happens, we can expect a minor retracement.
that menas If the market consolidates or breaks it with a solid candle structure, the rally will likely continue further(around the immediate resistance).
> 2nd one, Is there any correction possible? Yes, correction is also possible. If the retracement breaks the 38% Fib level, it may continue to range.
> This sentiment is also applicable for an initial market decline. This means that if the gap-up doesn't sustain or if the market declines sharply initially, we can follow the same sentiment.
#Banknifty directions and levels for July 11th.BankNifty had a solid correction in the previous session with not much of a pullback compared to Nifty. The structure indicates that if the market breaks the previous day low, then the correction will likely continue because the previous day's minor consolidation indicates that. This is our first variation, meaning if the gap-up doesn't sustain or the market takes a decline initially, then we can expect the correction to continue if it breaks the previous day's low.
The alternate variation is similar to Nifty: if the gap-up sustains and consolidates around the 23% or 38% fib level or breaks the 23% or 38% fib level with a solid candle, then the rally will likely continue.
#Nifty directions and levels for July 11th.Good morning, friends! 🌺🍬 Here are the directions for July 11th:
There are no significant changes in the global markets, which are still showing a moderately bullish trend. However, our local market is showing a moderately bearish trend. Today, the market may open with a neutral to slightly gap-up start, as indicated by GiftNifty, which shows an increase of 40 points (as of 8:00 AM).
Nifty and BankNifty structures differ from one another. Let's look at them one by one.
Nifty had a huge swing in the previous session. However, the structure is obviously a range market. Today, GiftNifty indicates a slightly positive start. If it rejects around the immediate resistance, then we can expect a correction, meaning the range market will likely continue. For this correction to happen, it should break the 38% fib level in the current swing. If it doesn't break the 38% fib level, it may go a little bit further up.
This sentiment also applies to the initial market decline.that means If the gap-up doesn't sustain or the initial market takes a decline, then use the same sentiment.
The alternate variation suggests that if the gap-up sustains and consolidates around the 78% fib level or breaks the 78% fib level with a solid candle, then the rally will likely continue.
#Banknifty directions and levels for July 10th.BankNifty has a different structure. There hasn't been as much of a pullback compared to Nifty, so we can follow the same sentiment as the previous day. If the market pulls back and breaks the previous high, we can expect further continuation. Here also, structure is important. If the pullback has a solid structure, we can expect pullback continuation with minor consolidations around the supply zone. If it has less volume, then the supply zone will act as a solid resistance, and if it rejects there, it may fall by a minimum of 38 to 61%.
The alternate variation suggests that if the initial market declines, we can expect the level of swing low to be 52146. After that, if it finds support there, we can expect a range market. On the other hand, if it breaks the demand zone, then the correction may continue further.
#Nifty directions and levels for July 10th.Good morning, friends! 🌺🍬 Here are the directions for July 10th:
There are no significant changes in the global and local markets, both of which are showing a moderately bullish trend. However, today the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 10 points (as of 8:00 AM).
Nifty has broken its all-time high once again in the previous session. Structurally, if the market breaks the previous high, then the rally will likely continue. However, breakout structures are important. In the last session, the market moved in a grinding manner, so if the market continues with that same grinding momentum, we can't expect much of a rally. If the market rejects at either 24464 or 24495, it may fall by a minimum of 38 to 61%. On the other hand, if it breaks the previous high with a solid candle structure or consolidates around the immediate resistance level, we can expect a solid rally further. This is our first variation.
The alternate variation suggests that if the initial market declines, we can expect a 38 to 61% minor retracement. After that, if it finds support there, we can expect a range market. If it breaks the 61% Fibonacci level, then the correction may continue further.
Nifty Short Swing Trade 1:3.5 Risk-Reward RatioIchimoku TS KS broke in 15 mins and once it breaks the cloud and price structure, we will get the confirmation.
We have shared our higher time frame view earlier today - please check:
Entry : 24280 (in case of gap down opening below this level, wait for a small pullback near TS in 5 mins)
Stop Loss : 24417
Target : 23770
Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Please conduct your own research and consult with a qualified financial advisor before making any investment decisions.
