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Fibonacci Retracement

NIFTY OUTLOOKIn the previous NIFTY OUTLOOK Nifty was expected to be range bound within the zone 17442-17561 for continuously 3 days Nifty was range bound with closing in the mentioned range. And on Thursday evening I expected a breakout and I thank NIFTY for respecting the expectation on Friday market opening. Currently NIFTY is expected to open gap up on the occasion of Muhurat trading . And this gap up is expected to be a Break away Gap as well. It may trade sideways and then come down towards the previous close to form a Pivot Point. Once the pivot point is identified I would update the same in this post .The upcoming resistance level would be 17850-900 level as it is an important Support and Resistance level and it is the 78.6 % retracement level of the entire downside trend from NIFTY's all time high. A long term view for NIFTY could be seen in this way ,As majority of the global market indices haven't even retraced 50% of the entire downtrend, any bullishness in them could push the indian markets even higher towards 18900. CHART & ANALYSIS BY - ADARSH DEY Link to my Previous Idea:
NSE:NIFTY
by AdarshDey
NIFTY OUTLOOKIn the Previous Nifty Outlook, I mentioned on 13th or 14th Oct, the low will be formed before a good bounce that is expected to be made. Nifty made a low on 13th and gave a huge Gap up on 14th.. And previously the support level were 17081 incase of the gap down of 10th Oct and once if it breaks gradually the next support was 16900. Nifty made huge gap down on 10th Oct and a low at 17064.70, Just 15 points from the mentioned level and rallied perfectly on Intraday Basis. And during the entire week a low of 16950 was punched on charts. In the coming week, I expect nifty to be range bound from 16947 to 17442 , unless the zone of 17442-17561 is not broken, a good up-move can't be seen. In case a major breakdown is seen it will be for 16637 below 16947 on closing basis. The reason I am bullish despite of the bad news in the streets is because of the chart of Dow Jones. Dow is at 250 weeks MA and has respected it beautifully in these weeks.And this helps me to be optimistic about global markets. Until and unless this support is not broken I don't see a major correction in future but a support retest won't be a impossible scenario. If you find the post useful, please do like because that's what keep me motivating. CHART & ANALYSIS ADARSH DEY LINK TO THE PREVIOUS WEEK NIFTY OUTLOOK:
NSE:NIFTY
by AdarshDey
SBI Card SHORT - So Wave E high did not get taken out all this while even though, hence Setup still valid - A 5 wave Fall (Wave i) on Hourly Charts can be Counted from Wave E high - A 3 Wave Corrective Rise (Wave ii) in the form of an Expanded Flat retraced 0.618% of the Fall from Wave E high - Price did Wave i and then ii, and now iii on Downside has Started📉 Wave i= Wave iii equality comes at ~ 845🎯 Trade Plan as follows: Short at CMP= 915.5 Downside Target Zone= 850 - 840 Stop Loss= above 940
NSE:SBICARDShort
by T_Harth
NIFTY OUTLOOKThis is a 180 Min TF NIFTY chart. By the end of this post we would try to understand the short term trend and the trade setup for the next week. An update on daily basis will be given in the update idea section. - TIME CYCLE: If we study the time cycle starting at 17 June 2022. I have adjusted the cycles at certain TF for better adjustment. We can observe the low made at point 1 and the breakout lead to a good up move. And vice a versa was seen at point 2 and 3. Accordingly the low before a good bounce is expected to be made at Point 4 which is nearly around 13 or 14 th Oct. TRENDLINES: Even the trendline starting at 13th Sep 2022 (just before point 3 ) is currently acting as a resistance. FIBONACCI RETRACEMENT: 17081 will act as the first support incase of any gap down as currently indicated by SGX. The next support level would be 16900 if 17801 is taken out. Any buying signal if generated at these level near the time cycle(13 or 14 th Oct) should not be ignored given that they are confirmed by price action. And if such thing happen, I will update the same in this post. It's been a while I have updated my page with regular NIFTY OUTLOOK posts due to some reasons. However in the last NIFTY OUTLOOK, I mentioned the target of 18342. And even after initiating a bear rally , NIFTY bounced and achieved the target dot to dot before falling heavily. CHART & ANALYSIS ADARSH DEY
NSE:NIFTY
by AdarshDey
NIFTY: OCTOBER ANALYSISHi all 👋 this is my current take on Nifty. ✅Nifty failed to break out of the resistance line, which I have stretched from October 2021 highs, at two occasions, that is in August and September 2022. There was a breakout of the 18000 level but this break failed near April 2022 swing highs. Thereafter, Nifty had a vertical reaction in September. ✅This reaction has been holding near a prior key resistance area of 16800. As we always say that a prior strong resistance area once taken out may act as a support in future, it happened in this case. ✅For Fibonacci traders, 16800 is somewhere between 38% and 50% retracement of the sharp rally from June lows to September highs. So, 16800 is surely a key level to watch out for. It Nifty breaks and sustains below this level, it will be more bearish and I will be looking for 16000 or lower levels once again. As long as market is above 16800, an opportunistic approach might work. ✅The opportunistic approach would be to look for buying opportunities near support areas and sell opportunities near resistance areas. Let us see where are those levels. ✅If you look at the chart there are two other important levels (might be more visible on lower timeframes), that are 17160 and 17500. Nifty broke both the levels with massive force but it has managed to hold above 17160 once again. ✅As long as it is above 17160, I will be looking for 17500 or so. In between there is a gap area at 17327 which may also act as resistance. ✅If Nifty manages to get back to 17500, there might be a reaction because there are multiple resistances near that level. So, a move back to 17200 cannot be rules out. ✅The price action of the last two months is hinting that market could remain sideways in near future. As long as Nifty is above 16800, I expect Nifty to remain choppy and look for opportunities on lower timeframes. I would leave this analysis here and wait for further price action to make or mend my views. Thanks for reading.
NSE:NIFTY
by Bravetotrade
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