Black Friday saleUp to 70% OFF

Elliott Wave

#Nifty directions and levels for June 13th.Good morning, friends! 🌺🍬 Here are the directions for June 13th: There are still no significant changes in the global and our markets. They are maintaining a moderately bullish sentiment. Today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 83 points. Both Nifty and Bank Nifty still have the same range-bound sentiment. As per the wave structure, the consolidation might be the 4th correction and a 5th ending diagonal pattern. So today, if the pullback rejects around the immediate resistance level(23468 for nifty), we can expect a trend reversal. If you want confirmation of the reversal, you can apply EMA20 or a 38% Fibonacci level breakout in the minor swing. If you feel this signal shows slow movement, you can use structure analysis. If the pullback moves with grinding, it might reverse there. However, everything is a possibility for reversal. We can also see a continuation variation: if the pullback sustains there or if it has a sharp and solid structure, then the pullback will likely continue further. This is the first variation, meaning if the market sustains the gap-up, we can expect these sentiments. On the other hand, if the gap-up doesn't sustain or if it declines initially, then the range-bound market might continue further.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for June 12th.Good morning, friends! 🌺🍬 Here are the directions for June 12th: There are no significant changes in the global and our market. It is still maintaining a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 40 points. We are going to follow yesterday's sentiments. Nifty and BankNifty both consolidated in the previous session as well. It's a range-bound market, so the market may consolidate within the range of the past two trading sessions. However The proper statement is: if the market opens neutral, or if it takes support around the immediate support level, then we can expect a minimum of a 78% bounce back in the minor swing. the rally will continue only If it breaks the previous high. otherwise the range only will continue. Alternatively, if the market takes a sharp decline initially, we can expect the correction to continue with minor consolidations around 23,029 for Nifty and 49,268 for BankNifty. Here, the structure is important. If it has a solid reddish candle, we can expect a correction; otherwise, the range may continue further.
NSE:BANKNIFTY
by Manickamtraders
3
#Nifty directions and levels for June 12th.Good morning, friends! 🌺🍬 Here are the directions for June 12th: There are no significant changes in the global and our market. It is still maintaining a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 40 points. We are going to follow yesterday's sentiments. Nifty and BankNifty both consolidated in the previous session as well. It's a range-bound market, so the market may consolidate within the range of the past two trading sessions. However The proper statement is: if the market opens neutral, or if it takes support around the immediate support level, then we can expect a minimum of a 78% bounce back in the minor swing. the rally will continue only If it breaks the previous high. otherwise the range only will continue. Alternatively, if the market takes a sharp decline initially, we can expect the correction to continue with minor consolidations around 23,029 for Nifty. Here, the structure is important. If it has a solid reddish candle, we can expect a correction; otherwise, the range may continue further.
NSE:NIFTY
by Manickamtraders
1
#Nifty directions and levels for June11th.Good morning, friends! 🌺🍬 Here are the directions for June 11th: There are no significant changes in the global market. It is still maintaining a moderately bullish sentiment based on the Dow Jones, while our local market also maintains a bullish trend. Today, the market may open with a neutral start, as indicated by GiftNifty, which shows an increase of 30 points. Nifty and BankNifty both have the same sentiment; both consolidated in the previous session. So, as usual, structurally it’s a bullish trend, but we should wait for the range breakout. If it breaks, we can expect the rally to continue. If you want precise directions, here is a step-by-step guide: > In the short term, the market is moving within a minor range. If the market opens neutrally, we can initially expect range continuation. That means if the market takes a pullback initially or if it takes support around the immediate support level, the market may bounce back a minimum of 78% in the minor swing. > The rally will continue only if it breaks the previous high. > The correction may be expected only if the market takes a sharp decline initially. If the decline sustains, we can expect the correction to continue with minor consolidations around 23,029 for Nifty.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for June11th.Good morning, friends! 🌺🍬 Here are the directions for June 11th: There are no significant changes in the global market. It is still maintaining a moderately bullish sentiment based on the Dow Jones, while our local market also maintains a bullish trend. Today, the market may open with a neutral start, as indicated by GiftNifty, which shows an increase of 30 points. Nifty and BankNifty both have the same sentiment; both consolidated in the previous session. So, as usual, structurally it’s a bullish trend, but we should wait for the range breakout. If it breaks, we can expect the rally to continue. If you want precise directions, here is a step-by-step guide: > In the short term, the market is moving within a minor range. If the market opens neutrally, we can initially expect range continuation. That means if the market takes a pullback initially or if it takes support around the immediate support level, the market may bounce back a minimum of 78% in the minor swing. > The rally will continue only if it breaks the previous high. > The correction may be expected only if the market takes a sharp decline initially. If the decline sustains, we can expect the correction to continue with minor consolidations around 49,268 for BankNifty.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for June 10th.Good morning, friends! 🌺🍬 Here are the directions for June 10th: There are no significant changes in the global market. It is still maintaining a moderately bullish sentiment based on the Dow Jones, while our local market also maintains a bullish trend. Today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 40 points. Nifty and BankNifty both have the same sentiment, with no significant changes in direction. Nifty has closed near its all-time high. Psychologically, this is a major resistance level. The current picture suggests a range-bound movement rather than a clear direction because the immediate resistance levels and wave structures are somewhat uncertain, like a cat on the wall. Let me describe the possible directions one by one. Let's look at the directions: > If the market breaks the level of 23,401, either with consolidation or a solid breakout, we can expect a move to a minimum of 23,503, reaching the supply zone. > On the other hand, if the market sustains the gap-down or if it rejects around 23,401 (if an initial pullback occurs), then we can expect a minimum correction of 38%. >According to the structure, the 38% level could act as strong resistance in a trending market, so if the market finds support around 38%, we can expect the rally to continue with some consolidation. My personal opinion is that if the market takes a correction, we can expect a minimum move to the 78% Fibonacci level. It may consolidate around either the 38% or 50% level, but it won't sustain for long.
Editors' picks
NSE:NIFTY
by Manickamtraders
2
#Banknifty directions and levels for June 10th.BankNifty also has the same sentiment, but the levels are slightly different: > If the market breaks the 78% Fibonacci level on the upside, we can expect a minimum move to 50,557. This is a supply zone, so if the market rejects there, we can expect a minimum correction of 38% in the minor swing. or If it consolidates there(around supply zone), then the rally will likely continue. > On the other hand, if the market takes a correction, it may consolidate between the level of the minor demand zone at 49,547. However, if it breaks the minor demand zone, then the correction will likely continue. We can expect a minimum move to 49,129 to 48,772.
NSE:BANKNIFTY
by Manickamtraders
Nifty X-Wave Volatility: Potential Wipeout of Recent RallyDisclaimer: 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? --------------------------------------------------------------------------------------------- Overview: The Nifty Index is currently forming a complex WXY wave pattern on a higher degree wave. With Wave W and X completed, we are now anticipating a decline towards the psychological support levels. Key Levels and Targets: Initial Support Zone: 21950 - 22000 This zone is expected to provide psychological support. If the index holds below 22900 in opening session on 7th June 2024 and begins to fall, we anticipate an initial drop to this support zone 21950-22000, marking a fall of approximately 900-1000 points. Further Downside: Below 21900 If the index breaks below 21900, we could see a continuation of the fall towards the previous lows around 21281, observed on 4th June. Recent Rally: Rally Overview: The index recently rallied 1629 points from the low of 21281 on 4th June 2024 to higher levels of 22910 within the last 2-3 days. Correction Expectation: This rally may be wiped out as part of the corrective sequence, leading to a possible retest of lower levels before any further upside movement. Upside Potential: New Highs Target: Above 23338 After the corrective phase, we expect the index to resume its upward trajectory, potentially reaching new highs above 23338 as discussed in the last idea Last Idea - Nifty - Pre Exit Poll Outlook: Bulls Above 22,400 Trading Plan: Monitor Resistance: Keep a close watch on the 22900 level. As long as the index remains below this level, a bearish outlook is maintained. Initial Short Position: Consider initiating short positions if the index holds below 22900, targeting the 21950 - 22000 support zone. Break Below 21900: If the index breaks below 21900, further short positions can be considered, aiming for a retest of the 21281 level and even new lows are possible Reversal Signs: Look for reversal signs and bullish setups near the 21281 level to position for the next potential rally towards new highs above 23338. Conclusion: The Nifty Index is poised for a significant correction before resuming its upward trend. Traders should be prepared for volatility and closely monitor key levels for optimal entry and exit points. ----------------------------------------------------------------------------------------------- From WaveTalks Abhishek
NSE:NIFTYShort
by WaveTalks
24
#Banknifty directions and levels for June 7th.ankNifty also exhibits the same sentiment. There is a sub-wave five, which is a distribution wave, potentially with lower volume. If this happens, the 78% Fibonacci level might act as strong resistance. On the other hand, if the pullback has a solid structure, we can expect the rally to continue with some consolidation. The alternative variation is also the same: if the initial market takes a correction, then we can expect a range market. On the other hand, if the correction consolidates or breaks the 78% Fibonacci level, then it may fall further.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for June 7th.Good morning, friends! 🌺🍬 Here are the directions for June 7th: The global market maintains a moderately bullish sentiment based on the Dow Jones, and our local market also follows a moderately bullish trend. Today, the market may open neutrally, as indicated by GiftNifty, which shows a decrease of 8 points. Both Nifty and BankNifty share the same sentiment today. Let's first look at the Nifty chart. Nifty has consolidated around the 78% Fibonacci level. Structurally, we can expect the rally to continue if it breaks the previous high. For more clarity, there is a sub-wave five, which is a distribution wave and might have lower volume. If this occurs, the supply zone will act as strong resistance. However, if the initial breakout at 78% has a solid structure, the rally will continue with minor consolidation around the supply zone. This is our first scenario. The alternative scenario suggests that if the market initially takes a correction, the range market may continue. Typically, the range market corrects only to the 38% level, so if it finds support there, we can expect a pullback wave. Conversely, if the correction reaches the 38% Fibonacci level with a solid structure, the correction may continue further with some consolidation.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for June 6th.Good morning, friends! 🌺🍬 Here are the directions for June 6th: The global market has a moderately bullish sentiment based on the Dow Jones, while our local market also shows a moderately bullish trend. Today, the market may open with a gap-up, as indicated by GiftNifty, which shows an increase of 180 points. Nifty and Bank Nifty both have had a solid pullback. Still, the market is moving based on events, so technical participation is less. However, let's look at the wave structure. According to the wave structure, the market is moving in a five-three-five pattern, which means a zig-zag pattern. Currently, the first five waves are completed, and we are progressing through the three-wave pullback. Its maximum pullback level is the Fibonacci level of 78%. If the market rejects around the immediate resistance or the Fibonacci level of 78%, we can expect a trend reversal (bearish trend). The important thing is we should take reversal confirmation by using the EMA20 or the Fibonacci level of 38% breakout in the minor swing. If these conditions are met, then we can assume the trend has turned into a correction phase. This is our wave structure. Now we can look at the basic price action structure. Despite the market's recent drastic fall, the pullback follows the same structure. Whenever the market takes a sharp movement, it could retrace only 23 to 38%. So today, we expect that if the market rejects either one of the resistances, we can expect a 23 to 38% correction. Note: The market does not necessarily take a correction. If it rejects sharply, then we can expect this. Otherwise, if it consolidates or breaks around the resistance, then the rally will likely continue
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for June 6th.Good morning, friends! 🌺🍬 Here are the directions for June 6th: The global market has a moderately bullish sentiment based on the Dow Jones, while our local market also shows a moderately bullish trend. Today, the market may open with a gap-up, as indicated by GiftNifty, which shows an increase of 180 points. Nifty and Bank Nifty both have had a solid pullback. Still, the market is moving based on events, so technical participation is less. However, let's look at the wave structure. According to the wave structure, the market is moving in a five-three-five pattern, which means a zig-zag pattern. Currently, the first five waves are completed, and we are progressing through the three-wave pullback. Its maximum pullback level is the Fibonacci level of 78%. If the market rejects around the immediate resistance or the Fibonacci level of 78%, we can expect a trend reversal (bearish trend). The important thing is we should take reversal confirmation by using the EMA20 or the Fibonacci level of 38% breakout in the minor swing. If these conditions are met, then we can assume the trend has turned into a correction phase. This is our wave structure. Now we can look at the basic price action structure. Despite the market's recent drastic fall, the pullback follows the same structure. Whenever the market takes a sharp movement, it could retrace only 23 to 38%. So today, we expect that if the market rejects either one of the resistances, we can expect a 23 to 38% correction. Note: The market does not necessarily take a correction. If it rejects sharply, then we can expect this. Otherwise, if it consolidates or breaks around the resistance, then the rally will likely continue
NSE:NIFTY
by Manickamtraders
#Nifty Good morning, friends! 🌺🍬 Today is a big day for the market, so I am sharing my Fibonacci levels. I have provided two pictures: one shows the extension levels for the upside. If the market takes a bullish bias, these levels might be useful. On the other hand, if the market takes a bearish bias, use the Fibonacci retracement tool for your downside targets. Usually, we use the Fibonacci minor swings, so you can follow that for better results. The swing should only be changed if it breaks the 78% Fibonacci level in that minor swing. If this happens, you should step down to your swing low, which I have indicated using the oval tool. Have a nice day!🤝
NSE:NIFTY
by Manickamtraders
#BankniftyGood morning, friends! 🌺🍬 Today is a big day for the market, so I am sharing my Fibonacci levels. I have provided two pictures: one shows the extension levels for the upside. If the market takes a bullish bias, these levels might be useful. On the other hand, if the market takes a bearish bias, use the Fibonacci retracement tool for your downside targets. Usually, we use the Fibonacci minor swings, so you can follow that for better results. The swing should only be changed if it breaks the 78% Fibonacci level in that minor swing. If this happens, you should step down to your swing low, which I have indicated using the oval tool. Have a nice day!🤝
NSE:BANKNIFTY
by Manickamtraders
1
#Nifty directions and levels for June 3rd.Good morning, friends! 🌺🍬 The global market shows a moderately bullish sentiment based on the Dow Jones, while our local market also indicates a moderately bullish sentiment (as per the structure). Today, the market may open with a long gap-up, as indicated by GiftNifty, which shows an increase of 820 points. Sorry for saying this, but the upcoming two to three sessions might be unpredictable due to the election results. So don't mistake me; I'm just sharing my Fibonacci numbers, which might support your trade setup. Have a nice day🤝.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for June 3rd.Good morning, friends! 🌺🍬 The global market shows a moderately bullish sentiment based on the Dow Jones, while our local market also indicates a moderately bullish sentiment (as per the structure). Today, the market may open with a long gap-up, as indicated by GiftNifty, which shows an increase of 820 points. Sorry for saying this, but the upcoming two to three sessions might be unpredictable due to the election results. So don't mistake me; I'm just sharing my Fibonacci numbers, which might support your trade setup. Have a nice day🤝.
NSE:BANKNIFTY
by Manickamtraders
2