Get started

Elliott Wave

A Breakout in HDFC can take Bank Nifty to one more High? July 243rd July, 2024: Bank Nifty Elliott Wave Analysis The impulse that started on June 4th after the election day crash is still ongoing and progressing through waves 1, 2, 3, 4, and 5. Bank Nifty has completed waves 1, 2, and 3, and currently, we are in wave 4 (at present, we're not considering further extension scenarios of wave 3). HDFC Bank & Bank Nifty: HDFC Bank has a 28.38% weightage in the Bank Nifty index, and currently, HDFC is standing at a multi-year breakout level. We shared the HDFC Bank analysis a few weeks ago; please check the link below. Buy Entry Points: Wait for a good dip near the 51600-51800 range and check if the price forms a W pattern and gives a breakout above the TS, KS & Cloud in Ichimoku. Exit Points: We have to wait for the wave 4 low point to determine the wave 5 target. We will update the status here. Stop Loss: 100-150 points below the wave 4 low point. We will update once we get confirmation. The risk-to-reward ratio will be great because wave 5 is expected to cross 53K. Note: This trade is not active yet. Confirmation is always good for entry and exit. Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:BANKNIFTYLong
by WaveMoku
#Nifty directions and levels for July 3rd.Good morning, friends! 🌺🍬 Here are the directions for July 3rd: The global market continues to range based on the Dow Jones. Our local markets are showing moderately bullish sentiment. However, today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 80 points (as of 8:00 AM). Yesterday also, Nifty performed slightly better than Banknifty, and their structures also differ slightly. Let's look at each one individually. > Nifty was rejected around its all-time high in yesterday's session. Today, GiftNifty is showing a gap-up start, so the market might break the all-time high once again today. > But if you ask if we can expect a sharp rally if the market breaks the all-time high, structurally the probability is less. > The wave suggests that if the gap-up sustains, we can expect a diagonal pattern. This means if the market rejects around the immediate resistance level, it could retrace a maximum of 38% to 61%, but it won't break the previous day's low. This is our first variation. > In this variation, the rally continuation will occur only if it breaks the supply zone with minor consolidation. Alternatively, if the gap-up doesn't sustain or if the initial market takes a sharp decline, we can expect a range-bound market between the past two trading session ranges.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for July 3rd.> BankNifty is totally different from Nifty. Today, the market also indicates a range-bound movement. We can expect the next movement only if it breaks the current range. > If the market breaks the level of 52340 on the upside, we can expect a rally. On the other hand, if it breaks the demand zone on the downside, we can expect a continuation of the correction. This is the basic structure. Alternatively, if it doesn't break either the upside resistance or the downside demand zone, it will remain in a range-bound market.
NSE:BANKNIFTY
by Manickamtraders
A Breakout in HDFC can take Bank Nifty to one more High? July 243rd July, 2024: Bank Nifty Elliott Wave Analysis The impulse that started on June 4th after the election day crash is still ongoing and progressing through waves 1, 2, 3, 4, and 5. Bank Nifty has completed waves 1, 2, and 3, and currently, we are in wave 4 (at present, we're not considering further extension scenarios of wave 3). HDFC Bank & Bank Nifty: HDFC Bank has a 28.38% weightage in the Bank Nifty index, and currently, HDFC is standing at a multi-year breakout level. We shared the HDFC Bank analysis a few weeks ago; please check the link below. [ Link to HDFC Bank Analysis ] Buy Entry Points: Wait for a good dip near the 51600-51800 range and check if the price forms a W pattern and gives a breakout above the TS, KS & Cloud in Ichimoku. Exit Points: We have to wait for the wave 4 low point to determine the wave 5 target. We will update the status here and in our Telegram group: t.me Stop Loss: 100-150 points below the wave 4 low point. We will update once we get confirmation. The risk-to-reward ratio will be great because wave 5 is expected to cross 53K. Note: This trade is not active yet. Confirmation is always good for entry and exit. Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:BANKNIFTYLong
by WaveMoku
1
Bank Nifty 15 Mins Analysis - We're short again but why? Hello traders, Hope you all captured the down move we shared a couple of days ago. We are short again after a pullback today(please refer our today's post), and we have explained the corrective wave count (WXYXZ) in this chart, so please have a look. The price is rejecting 61.8% of previous swing highs, and we expect it to continue the downtrend tomorrow(could be a good trending day) Expected Targets: 52,032 51,933 51,863 Stop Loss: 52850 (If the stop loss is too big for you, then please set a smaller stop above 52,720 (based on a 15-minute candle close, not a spike). Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:BANKNIFTYShort
by WaveMoku
10
Intraday Trade Setup For Nifty 1st JulyTime 7:56 AM 1st July 2024 Reasons for Shorting Nifty today: 1. Wave Analysis - Shorting based on wave counting 2. Ichimoku - Given a sell signal in 15min TF 3. Broke Support Trendlines 4. Risk to Reward in great 5. MACD bearish divergence in 1hr TF Options Selling: ATM CE selling with OTM CE edge is best for this trade. (or future sell with edge) We wait for the entry if it doesn't trigger then we avoid the trade. 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
#Nifty Directions and level for July 2nd.Good morning, friends! 🌺🍬 Here are the directions for July 2nd: The global market is still showing a slightly negative sentiment based on the Dow Jones. Our local markets are also showing moderately bullish sentiment. However, today, the market may open with a neutral to slightly gap-up start, as indicated by GiftNifty, which shows a increase of 50 points (as of 8:00 AM). Nifty has performed slightly better than Banknifty, and their structures also differ slightly. Let's look at each one by one. Nifty has reached near its all-time high, so it might face rejection there. However, if the market sustains the gap-up, it may go further. Here’s our first scenario: that if the market opens with a gap-up and breaks the previous high, the minor supply zone will act as resistance. If the market consolidates or breaks it, we can expect the rally to continue. Alternatively, if the market rejects at the supply zone or if the gap-up doesn't sustain, we can expect an initial 38% correction. after that If it breaks this level, the correction may continue further. On the other hand, if it doesn't break the 38% Fibonacci level, the market may maintain a bullish bias.
NSE:NIFTY
by Manickamtraders
Axis Bank Wave Analysis: SIP, Levels, 1800+ in coming years! July 2, 2024: AXIS Bank Market Analysis Current Market Price: 1261.90 General Trend: After the COVID crash of 2020, Axis Bank hit a high of 865 on October 21st , 2021, completing Wave 1 and entered Wave 3 after completion of wave 2 on June 16th 2022. The stock is currently in a bullish mode and it's in extension, having completed subwaves 1 and 2 of Wave 3 and it has broken out of a consolidation zone and is looking to surge ahead with subwave 3 of Wave 3. Ichimoku Cloud: Applying the Ichimoku cloud to the chart shows that prices are trading above the Monthly, Weekly, and Daily clouds. Hence, there is a high possibility of the stock entering Wave 3.3.3 after small dip near 1150-1170 that will be our 3.3.2 subwave. Entry and Exit Points: Long-Term Perspective: The demand zone was a good area to buy the stock; however, we expect a retest of this zone, which can be a good opportunity for those who missed buying Axis Bank earlier. > SIP Mode is best for long term. Expected Target: Once Axis Bank gives a breakout above the recent high, it is expected to hit the first target of Rs. 1529 . The next target could be Rs.1859 and even 2000+ possible in couple of years. These targets are derived based on the application of the Fibonacci extension and channels. Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:AXISBANKLong
by WaveMoku
#Nifty directions and levels for July 1st.Good morning, friends! 🌺🍬 Here are the directions for July 1st: The global market is showing a slightly negative sentiment based on the Dow Jones. Our local markets are also showing moderately bearish sentiment. However, today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 20 points (as of 8:00 AM). Nifty had fallen nearly 200 points from the high in the previous session. If you look at the structure, it is showing a slightly range-bound market. At the same time, the GiftNifty is showing a neutral to slightly negative start. So, if the initial market takes a pullback or finds support around the immediate support level (61%), the range-bound market might continue further. Alternatively, if there is a solid decline initially, the correction could continue. If that happens, structurally, the 78% level might act as minor support, meaning the market may consolidate there before further correction.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for July 1st.BankNifty experienced a solid correction in the previous session. If you count the sub-waves, it is in the 5th sub-wave. Here, if the initial market takes a pullback or finds support around the immediate support level (50%), we can expect a 38 to 61% pullback wave. Alternatively, if there is a solid decline initially, the correction could continue, meaning the 3rd wave extension may continue. If that happens, we can expect the correction to continue with some minor pullbacks.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for June28th.Good morning, friends! 🌺🍬 Here are the directions for June 28th: 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-up start, as indicated by GiftNifty, which shows an increase of 10 points (as of 8:00 AM). Nifty experienced huge volatility in the previous session. Structurally, it has formed an ending diagonal pattern. It's in the 5th wave, so today, if the initial market declines, we can expect a minimum of 78% to swing low correction. However, it must break the minimum 38% Fibonacci level for us to consider it a correction. On the other hand, if it doesn't break the 38% Fibonacci level, it may consolidate a little and break the previous high, extending the diagonal further. This is the basic structure. I used the line chart because the wave patterns are easier to see with it; that's all, nothing apart from that. The alternative scenario suggests that if the gap-up sustains and has a solid structure, the rally could continue further.
NSE:NIFTY
by Manickamtraders
#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