Get started

Elliott Wave

#Banknifty directions and levels for June28th.BankNifty's structure is a little different. The 5 waves are finished, and it's progressing into a correction. Corrections have many variations. I explained two variations: 1- If the initial market declines, we can expect a 38% correction. After that, if it finds support, we can expect a range market to rally continuation. In this scenario, the correction will continue only if it breaks the 38% Fibonacci level effectively. If it breaks, then we can expect 50% to 78% as the next targets. 2- The alternate variation is a flat correctional variation. If the market sustains the gap-up and pulls back, the level of 53247 to 53320 will act as a strong resistance. If the market is rejected there, we can expect a correction. If you want confirmation of the correction, use the EMA20 and the 38% Fibonacci level breakout sentiment.
NSE:BANKNIFTY
by Manickamtraders
1:5 RR Trade: Sell Nifty below 23877 with SL 24120, Tgt 22670Based on Wave Analysis and the Ichimoku 1-Hour Time Frame, we have a good short opportunity with a very small stop loss. Time: 12:52 PM, June 27th, 2024 Current Market Price: 24,024 Why Short Entry at 23,877? Wave Analysis: Nifty has completed waves 1, 2, 3, 4, and 5. Wave 5 hit 127% today at 23,899 and touched the 24,000 psychological mark. We will have the first sign of confirmation if Nifty drops below 23,898 and sustains this level for 1 hour. It has to go for a correction. We will be wrong if Nifty crosses our stop loss after the entry is triggered. Trendline Breakout: When Nifty breaks 23,877, we will have a trendline breakout, which will be our second confirmation for short positions. Selling call options or selling Nifty futures with a monthly OTM CE hedge is a good option. We will keep updating more in the update section. Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:NIFTYShort
by WaveMoku
Intraday Trade Setup - Nifty Wave Analysis: Today's ExpiryNifty Analysis (15-Minute TF): June Monthly Expiry - 27-06-2024 Nifty is in the final leg of Wave 5. The third wave of Wave 5 was completed yesterday, and we are likely to see the 4th and 5th waves today. Nifty might take the morning session for Wave 4 and the second half for Wave 5. We have mentioned entry and exit points in the chart; please refer to it. Buy Entry: 23,740-23,770 Average Place: 23,700-23,720 Stop Loss: 23,680 (very small stop loss) Options Strategy: Option Selling: 1. Strangle and straddle will work in the morning session. 2. Go for directional PE selling near our buy zone and sell more lots near the average place with the stop loss mentioned above. Options Buying: We don't recommend option buying. However, if you try option buying, take the next week's expiry near our buy zone and keep a strict stop loss at 23,680. Futures Buying: We can consider buying Nifty July Future with next week PE hedge too. Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions
NSE:NIFTYLong
by WaveMoku
The Big Correction in Bank Nifty? Short at 52575 with 53100 SLTime: 10:22 AM, 26th June 2024 Bank Nifty Current Market Price: 52,585 Stop Loss 53100 Targets: 47843, 44,897, 44,444 and 40135 We shared our view on Bank Nifty (BN) in yesterday's post. A few people asked us to share the complete wave count in BN in detail with trendlines. Bank Nifty has completed its degree (2020-2024 wave). It has to go down for Degree 2, which can be a time-wise correction or a price-wise correction. There is a high chance of a time-wise correction, which might take a lot of time. Therefore, option selling with an edge is the safest option, or shorting futures with a call option hedge. 1. It has hit the Fibonacci levels we predicted a few days ago at 52,500 and made a high of 52,734. 2. The price has hit trendlines and given a fake breakout of a few previous trendlines. 3. Proper Selling Angle with few breakouts in weekly and monthly time frame. Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions
NSE:BANKNIFTYShort
by WaveMoku
#Nifty directions and levels for the June 27th.Good morning, friends! 🌺🍬 Here are the directions for June 27th: There is no significant difference compared to the previous session. The global market is showing a slightly negative sentiment, based on the Dow Jones. Our local markets are showing bullish sentiment. However, today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 55 points (as of 8:00 AM). Yesterday, Nifty continued the rally. Both structures have the same extension variation, so there are no changes in the market sentiment. Today, GiftNifty is indicating a slightly negative start. If it opens like this, let's look at what might happen in Nifty. >Structurally, it's a bullish market and both have an extension. According to the extension, if the market opens with a gap-down, it could retrace a maximum of 23 to 38%. After that, if it finds support there, the rally will continue with minor consolidation. >However, the probability of a rally today is less compared to yesterday, as the sub-waves driving yesterday’s rally are now over. If the market finds support at either 23% or 38%, then it may close within the range. >As per the wave structure, it could be in the 4th wave. Alternatively, if the correction becomes aggressive, we should wait for confirmation. If the market declines sharply, it may consolidate around 38% or 50%. After that consolidation, if it breaks the previous low, we can expect the correction to continue. Otherwise, it may maintain the bullish sentiment. (Note: If the market initially takes a pullback and breaks the previous high, then the rally may continue further.)
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for the June 27th.Yesterday, Bank Nifty continued the rally. Both structures have the same extension variation, so there are no changes in the market sentiment. Today, GiftNifty is indicating a slightly negative start. If it opens like this, let's look at what might happen in Bank Nifty. >Structurally, it's a bullish market and both have an extension. According to the extension, if the market opens with a gap-down, it could retrace a maximum of 23 to 38%. After that, if it finds support there, the rally will continue with minor consolidation. >However, the probability of a rally today is less compared to yesterday, as the sub-waves driving yesterday’s rally are now over. If the market finds support at either 23% or 38%, then it may close within the range. >As per the wave structure, it could be in the 4th wave. Alternatively, if the correction becomes aggressive, we should wait for confirmation. If the market declines sharply, it may consolidate around 38% or 50%. After that consolidation, if it breaks the previous low, we can expect the correction to continue. Otherwise, it may maintain the bullish sentiment. (Note: If the market initially takes a pullback and breaks the previous high, then the rally may continue further.)
NSE:BANKNIFTY
by Manickamtraders
"Bank Nifty has broken all hurdles. Real breakout or fake?" Bank Nifty Monthly Chart Wave Analysis: June Candle: 2 more days left for the candle to close. Current Market Price: ₹51,575 We drew all possible resistance trendlines and channels, and Bank Nifty has clearly broken out above everything(just 3 days left for June candle to close), with the wave extending. Elliot Wave Analysis : Initially, we counted the October 2021 high as wave 3 in our past charts. However, the current momentum and breakouts suggest it could be wave 1, and we are possibly in wave 3 not wave 5th. REAL Breakout : BN will retrace slightly and then move up again with strong candles in the coming months and it shouldn't enter the big purple color channel and close below 50,100(July Candle closing). Buy on Dip: A good dip near 50,600-800 is a place to go long with a small stop loss below a 49900 day candle close. If entering at the current market price, the SL is the same. Possible Upside Targets : 53,700, 57,000 FAKE Breakout : The July candle will break the purple color fib channel, retest, and come down with huge red candles. The candle shouldn't close above the purple channel again. Sell on Rise: Sell only if the price breaks below the channel, around 49,900. In this case, short with a small SL. Possible Targets : 44,444, 40,000 Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions
NSE:BANKNIFTY
by WaveMoku
#Nifty directions and levels for June 26th.Good morning, friends! 🌺🍬 Here are the directions for June 26th: The global market is showing a slightly negative sentiment, based on the Dow Jones. Our local markets are showing bullish sentiment. 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 and Bank Nifty had a solid rally in the previous session. However, the structures are a little bit different. Let's look at each one individually. Nifty had a solid pullback in the previous session, so if the market opens neutral to slightly gap-down, then structurally, we can expect a maximum 23 to 38% correction. If it finds support there, we can expect minor consolidation for the rally continuation. This is the basic structure. On the other hand, if it breaks the 38% Fibonacci level on the downside, it may continue the correction further. Structurally, it could be in a flat correction. (Note: If the initial market takes a pullback and breaks the previous high, then the rally may continue further. However, the momentum could be less, so we can't expect a big rally. If we want a big rally, it would require a solid candle breakout or a minor consolidation around the immediate resistance level.)
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for June 26th.Bank Nifty had a long rally, so if the market opens neutral to slightly gap-down, then structurally, it could also take a maximum 23 to 38% correction. After that, if it finds support around 38%, we can expect minor consolidation for the rally continuation. The alternative scenario differs a bit from Nifty. Bank Nifty has extended more compared to Nifty, so structurally, there is no possibility of a big correction, meaning the flat correction might not occur here. Conversely, if it breaks the 38% Fibonacci level, the zigzag variation may extend here, and that correction may reach a maximum of 61%. (Note: If the initial market takes a pullback and breaks the previous high, then the rally may continue further. However, the momentum could be less, so we can't expect a big rally. If we want a big rally, it would require a solid candle breakout or a minor consolidation around the immediate resistance level.)
NSE:BANKNIFTY
by Manickamtraders
2
#Banknifty directions and levels for June25th.Good morning, friends! 🌺🍬 Here are the directions for June 25th: There is no significant difference. The global market is showing a moderately bullish sentiment, based on the Dow Jones. Our local markets are also maintaining this moderately bullish sentiment. However, today, the market may open with a neutral to slightly gap-up start, as indicated by GiftNifty, which shows an increase of 35 points (as of 8:00 AM). Nifty and BankNifty are still maintaining the range-bound structure, so structurally, today might continue in this manner. If we search for a range breakout, we can see a flag pattern (chart pattern) in both Nifty and BankNifty. This means yesterday's pullback has the flag pattern structure. But what is the probability here? I will explain it in detail. 1. The first thing is it's a range-bound market. 2. The second thing is there is a flag pattern formed within the range. 3. If we look at the nature of the flag pattern, it is a trend continuation pattern in a trending market. 4. But what's here? This is a range market, so the pattern's success probability is less. 5. So, if the market takes a bullish bias initially, we can expect 78% of the pole length in the flag pattern. After that, if it consolidates, then the rally will likely continue. Alternatively, if the gap-up doesn't sustain, then the range market will likely continue. Trading in a range market is a bit difficult. However, we could enter only if it breaks the downside 38% Fibonacci level.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for June25th. BankNifty has still maintaining the range-bound structure, so structurally, today might continue in this manner. If we search for a range breakout, we can see a flag pattern (chart pattern) in BankNifty. This means yesterday's pullback has the flag pattern structure. But what is the probability here? I will explain it in detail. 1. The first thing is it's a range-bound market. 2. The second thing is there is a flag pattern formed within the range. 3. If we look at the nature of the flag pattern, it is a trend continuation pattern in a trending market. 4. But what's here? This is a range market, so the pattern's success probability is less. 5. So, if the market takes a bullish bias initially, we can expect 78% of the pole length in the flag pattern. After that, if it consolidates, then the rally will likely continue. Alternatively, if the gap-up doesn't sustain, then the range market will likely continue. Trading in a range market is a bit difficult. However, we could enter only if it breaks the downside 38% Fibonacci level.
NSE:BANKNIFTY
by Manickamtraders
CholaFin Wave Analysis - Wave 3 is Running! Use Ichimoku to RideCHOLAMANDALAM (CholaFin) Chart Analysis As per Elliott Wave analysis, CholaFin is still bullish. The price reversed after a strong bullish divergence in the MACD and has completed the subwaves of Wave 2 of Wave 3. Currently, it is moving up in Wave 3 of Wave 3. Use Ichimoku for entry & exits (Daily time frame): Entry Point: Look for a good dip to enter and avg(for long-term) when the price is near the Ichimoku Cloud's support. Enter when the Price breaks TS/KS with momentum candle. Exit Point: Consider exiting the position when the price starts to show weakness near TS and KS in daily chart. Another exit signal could be when the candle close below the cloud. By using the Ichimoku indicator in conjunction with Elliott Wave analysis, you can identify more precise entry and exit points to maximize your trading strategy. Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions
NSE:CHOLAFINLong
by WaveMoku
MARKSANS PHARMA is in Wave 3 after Multi-Year Breakout!!Analysis Date: June 24, 2024 Marksans Pharma Stock Analysis: General Trend: The stock was in range for years, the previous monthly high for Marksans Pharma was Rs. 115 in August 2015. According to Elliott Wave theory, this marked the completion of Wave 1, followed by a correction and completion of Wave 2 on March 2020 and entered Wave 3. A breakout above the previous monthly high of Rs. 115.10 was recorded in July 2023. In August, September, and October 2023, the price retested the previous high and broke out again in November, accompanied by good volume. Entry and Exit Points: As per ichimoku the stock still in bull mode in monthly time frame and good accumulation last few months between 140-180. Long-term Perspective: The accumulation price range is a good area to buy the stock, with a stop loss set at Rs. 110 (monthly candle close not spike). Short-term Perspective: Fresh buyers can enter at CMP 162 and keep averaging till near the bottom of the accumulation zone and exit near the high of the range or hold or for two supply zones till 270. The stop loss will be1 hour candle close below RS. 135. Expected Target: Marksans Pharma is expected to hit supply zone 1 and 2 marked in the chart, once it breaks out of the accumulation zone. This target is derived based on the application of Fibonacci extension. Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:MARKSANSLong
by WaveMoku
#Nifty Directions and levels for june24th.Good morning, friends! 🌺🍬 Here are the directions for June 24th: The global market is showing a moderately bullish sentiment, based on the Dow Jones. Our local markets are also maintaining this moderately bullish sentiment. However, today, the market may open with a gap-down start, as indicated by GiftNifty, which shows a decrease of 75 points (as of 8:00 AM). Nifty and BankNifty have both been maintaining a range-bound structure, with no significant changes. However, GiftNifty is indicating a negative start today. If the market breaks below the current range, a correction may be expected. Conversely, if it finds support at the immediate support level, it will likely return to its range. This is the basic structure we are observing. Additionally, I will share one thing: it has been a long consolidation period, so if it breaks, it could lead to a sharp correction. To determine if the correction will continue, we should check the volume and open interest (OI). If both increase, we can assume the correction may continue further. If they do not, we can't expect a significant correction.
NSE:NIFTY
by Manickamtraders
#Banknifty Directions and levels for june24th.Good morning, friends! 🌺🍬 Here are the directions for June 24th: The global market is showing a moderately bullish sentiment, based on the Dow Jones. Our local markets are also maintaining this moderately bullish sentiment. However, today, the market may open with a gap-down start, as indicated by GiftNifty, which shows a decrease of 75 points (as of 8:00 AM). Nifty and BankNifty have both been maintaining a range-bound structure, with no significant changes. However, GiftNifty is indicating a negative start today. If the market breaks below the current range, a correction may be expected. Conversely, if it finds support at the immediate support level, it will likely return to its range. This is the basic structure we are observing. Additionally, I will share one thing: it has been a long consolidation period, so if it breaks, it could lead to a sharp correction. To determine if the correction will continue, we should check the volume and open interest (OI). If both increase, we can assume the correction may continue further. If they do not, we can't expect a significant correction.
NSE:BANKNIFTY
by Manickamtraders
2
We are Going to Honolulu I wonder weather the people call them self as Analyst or research person have any kind of knowledge with them at all They only try to put information in random manner with out even having an complete sense of how things work in Stock market and Mass people ( so call retail traders as sheep ) follow them without even knowing what is the performance The scrip is in well position of moving up one more impulse leg The price from inception have made an 1st impulse leg up and then it entered in correction ( Function of time ) and completed its all three corrective moves which are labeled as A B C , where as Wave A & C represents 5 wave move and Wave B represents 3 wave move Wave C of last move down fell short by price move but met the time factor correction by days / week , and lastly Momentum have given the confirmation of its end of wave C One can look for position them self as long term position and look to book near the forecast Patience is key for better earnings Good luck
NSE:GAILLong
by ShreeKrishna_F
11
What ITC has done so far ? do you know ?Well I have met many Jokers in this platform , who claims so much of victory but have no idea what is happening in the stocks / Indices They still continue to claim their indicators , Telegram Channels ( Message in Private Box ) , and etc etc and retail usually follow them only to end up getting loss I had to make this above statement particularly one individual is very irritating me with various methods , i am letting it go ignoring so far Regarding Scrip , ITC so far have made its move up as 3 wave impulse and have corrected in the pattern of ABC as sharp corrective pattern Wave 4 by which it meets the Guidelines set or advised by R N Elliott as alternative moves of sharp and side ways ( wave 2 is side ways so the wave 4 will be sharp ) Now i am looking for a strong reversal basically on daily then followed by weekly , apparently its still not showing a sign of strong reversal daily for safe entry and long term prospective one can wait for weekly strong close , because the room to down side is still at large it can come down or it might reverse at any given condition it must not brake the low of its last impulse leg So people please wait for strong close on weekly and take a safe entry for next move up Good luck
NSE:ITCLong
by ShreeKrishna_F
23