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Elliott Wave

#Banknifty directions and levels for DEC 19th"Good morning, friends. Directions for December 19th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a neutral start based on Giftnifty, which shows +3. The previous sentiment has not changed. Structurally, the market is moving in consolidation (range market), so we should wait for the breakout. If it breaks the immediate resistance, then we can expect a rally continuation. On the other hand, if it breaks the immediate support, we can expect the 3rd minor wave, which might entail some long correction. However, the important thing is the structure; if it forms a solid structure, we can expect continuation; otherwise, the range will persist."
NSE:BANKNIFTY
by Manickamtraders
#nifty directions and levels for DEC 18th"Good morning, friends. Directions for December 18th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a neutral to slightly gap-down start based on Giftnifty, which shows -60. After that, if the gap-down sustains, we can expect a minimum of 23 to 38% fib correction. After that, if the market takes support there (38%), then it might turn into a range market. However, if it breaks the fib level of 38%, then the correction is likely to continue with minor pullbacks. On the other hand, if the gap-down doesn't sustain and takes a pullback initially, then we can expect pullback continuation when it breaks the immediate resistance."
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for DEC 18th"Good morning, friends. Directions for December 18th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a neutral to slightly gap-down start based on Giftnifty, which shows -60. After that, if the gap-down sustains, we can expect a minimum of 23 to 38% fib correction. After that, if the market takes support there (38%), then it might turn into a range market. However, if it breaks the fib level of 38%, then the correction is likely to continue with minor pullbacks. On the other hand, if the gap-down doesn't sustain and takes a pullback initially, then we can expect pullback continuation when it breaks the immediate resistance."
NSE:BANKNIFTY
by Manickamtraders
AFFLE INDIA: Bullish TriangleUsually this wave structure forms in an impulsive sequence as wave 4 . It consists of 5 sub waves as wave-a , wave-b , wave-c, wave-d and a final setback wave-e . Each of these waves consists of three wave internal structure. Each of the waves should not break their extreme points. The final confirmation to enter the position comes when the price gets close above the level of wave-d. The minimum target of the pattern is just a poke above the level of wave-b and just above the level of wave-3 of the impulsive count. There is also a guideline to predict the target of this pattern which is known as triangular thrust. The triangular thrust is the measurement of the distance from the level of wave-a to the level of wave-b . This measured length should be kept at the point of completion of wave-e (conservative approach) or to the breakout level of wave-d to get the target of this pattern (aggressive approach). Trading strategy: Buy on CMP 909 and keeping the SL 760 look for the target of 1600/2100
NSE:AFFLELong
by TradingSutra
7
#Banknifty directions and levels for DEC 15th."Good morning, friends. Directions for December 15th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a gap-up start based on Giftnifty, which shows 70+. The market is making a new high every day, so whether it opens with a gap-up start or a neutral start is not important; the structure is what matters. If the gap-up has a solid structure (followed by consolidation or a solid candle structure), we can expect a rally continuation. On the other hand, if the gap-up doesn't sustain or if it rejects around the immediate resistance, we can expect a range market initially. If it breaks the Fib level 38%, then we can consider it a correction."
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for DEC 15th."Good morning, friends. Directions for December 15th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a gap-up start based on Giftnifty, which shows 70+. The market is making a new high every day, so whether it opens with a gap-up start or a neutral start is not important; the structure is what matters. If the gap-up has a solid structure (followed by consolidation or a solid candle structure), we can expect a rally continuation. On the other hand, if the gap-up doesn't sustain or if it rejects around the immediate resistance, we can expect a range market initially. If it breaks the Fib level 38%, then we can consider it a correction."
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for DEC 14th"Good morning, friends. Directions for December 14th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a moderately bullish trend. It might open with a significant gap-up start, creating uncertainty about its exact opening position. Here's the basic structure: if the market breaks the immediate resistance with solid momentum or experiences minor consolidation, then we can expect a rally continuation. On the other hand, if it rejects around the immediate resistance, we can anticipate a correction, but it should break the 38% Fibonacci level."
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for DEC 14th "Good morning, friends. Directions for December 14th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a moderately bullish trend. It might open with a significant gap-up start, creating uncertainty about its exact opening position. Here's the basic structure: if the market breaks the immediate resistance with solid momentum or experiences minor consolidation, then we can expect a rally continuation. On the other hand, if it rejects around the immediate resistance, we can anticipate a correction, but it should break the 38% Fibonacci level. I will provide updates if there are any changes in this chart during the mid-market session."
NSE:BANKNIFTY
by Manickamtraders
#nifty directions and levels for DEC 13thGood morning, friends. Directions for December 13th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a moderately bullish trend. It might open with a neutral to slightly gap-up start. Structurally, it's a range market. However, if the market breaks the immediate resistance with a solid structure, then we can expect a pullback continuation. On the other hand, if it rejects that level, then the previous range will likely continue. The same applies to a downtrend. If the market finds support around the immediate support level, then the range will continue. However, if it breaks this level, we can expect correction continuation."
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for DEC 13thGood morning, friends. Directions for December 13th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a moderately bullish trend. It might open with a neutral to slightly gap-up start. Structurally, it's a range market. However, if the market breaks the immediate resistance with a solid structure, then we can expect a pullback continuation. On the other hand, if it rejects that level, then the previous range will likely continue. The same applies to a downtrend. If the market finds support around the immediate support level, then the range will continue. However, if it breaks this level, we can expect correction continuation."
NSE:BANKNIFTY
by Manickamtraders
HDFC Life 75 Mins Elliott Wave Set UpIn the realm of technical analysis, the 75-minute timeframe chart of HDFC Life has unveiled a compelling Elliott Wave setup. A closer inspection of the recent retracement indicates a potential Wave 4 correction in progress. Let's delve into the Fibonacci relationships inherent in this labeling. Wave 2 retracement was contained within the vicinity of 50%, while the extended nature of Wave 3 surpassed 162% of Wave 1. Notably, the current Wave 4 retracement appears shallow, confined between 24-38% of Wave 3. Even if it retraces around 38%, the target would be approximately 663. The overall setup suggests a promising probability of Wave 5 materializing. As such, one might consider capitalizing on the recent decline, setting a stop loss at 655 for targets in the range of 705-710 within the short to medium term.
NSE:HDFCLIFELong
by Dev9939
#nifty directions and levels for DEC 8th"Good evening, friends. Directions for December 8th: there is no significant difference from the last session. The global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a neutral to slightly gap-up start. We have an RBI monetary policy announcement tomorrow; the structure is not important here. The market might move based on the event. However, if the market experiences a pullback, it will likely reach the immediate resistance, a crucial zone. After that, if the market breaks it with a solid structure, then we can expect a pullback continuation. On the other hand, if it rejects that level, then the previous range will likely continue. The same applies to a downtrend. If the market finds support around the immediate support level, then the range will continue. However, if it breaks this level, we can expect correction continuation."
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for DEC 8th"Good evening, friends. Directions for December 8th: there is no significant difference from the last session. The global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a neutral to slightly gap-up start. We have an RBI monetary policy announcement tomorrow; the structure is not important here. The market might move based on the event. However, if the market experiences a pullback, it will likely reach the immediate resistance, a crucial zone. After that, if the market breaks it with a solid structure, then we can expect a pullback continuation. On the other hand, if it rejects that level, then the previous range will likely continue. The same applies to a downtrend. If the market finds support around the immediate support level, then the range will continue. However, if it breaks this level, we can expect correction continuation."
NSE:BANKNIFTY
by Manickamtraders
#Finnifty directions and levels for DEC 8th"Good evening, friends. Directions for December 8th: there is no significant difference from the last session. The global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a neutral to slightly gap-up start. We have an RBI monetary policy announcement tomorrow; the structure is not important here. The market might move based on the event. However, if the market experiences a pullback, it will likely reach the immediate resistance, a crucial zone. After that, if the market breaks it with a solid structure, then we can expect a pullback continuation. On the other hand, if it rejects that level, then the previous range will likely continue. The same applies to a downtrend. If the market finds support around the immediate support level, then the range will continue. However, if it breaks this level, we can expect correction continuation."
NSE:CNXFINANCE
by Manickamtraders
#Nifty Directions and levels for DEC 7th."Good morning, friends🌺! As of December 7th, the global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a gap-down start, considering the GiftNifty value at -50. Afterward, if it breaks the immediate support level, then we can expect a continuation of the correction. However, if it finds support around the immediate support level, it might turn into a range market for a pullback continuation. The rally will occur only if it breaks the previous high with a solid structure. Otherwise, it will form a consolidation structure."
NSE:NIFTY
by Manickamtraders
#Banknifty Directions and levels for DEC 7th."Good morning, friends🌺! As of December 7th, the global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a gap-down start, considering the GiftNifty value at -50. Afterward, if it breaks the immediate support level, then we can expect a continuation of the correction. However, if it finds support around the immediate support level, it might turn into a range market for a pullback continuation. The rally will occur only if it breaks the previous high with a solid structure. Otherwise, it will form a consolidation structure."
NSE:BANKNIFTY
by Manickamtraders