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Fibonacci Retracement

NIFTY OUTLOOKIn the previous post of NIFTY OUTLOOK the weekly target and support was given and alarm for cautiousness was updated. The target was missed by a small margin and as expected NIFTY came rolling down. But the weekly support was not broken and respected Dot to Dot . In-fact a Bullish Wolfe Wave was formed at support which was even updated when nifty was at its bottom. ( The link is mentioned below ) The target was mentioned as 18310 which was even achieved and a downside reversal was seen. So managed to achieve 300 Points return in NIFTY The reversal was because of a Bearish Wolfe Wave formed and the target of it remains to be 18100 Levels.The level is important because it is a cluster of P4 of Bearish wave formed and the Golden Ratio of the entire recent uptrend.Once it is broken the targets will be updated or if nifty takes support the next move will be updated as well. If you regularly go through my ideas and find it useful, please like and Follow. It keeps me motivated. Chart & Analysis By- ADARSH DEY
NSE:NIFTY
by AdarshDey
1
NIFTY OUTLOOKThe previous week targets and supports were respected dot to dot. The upcoming week is expected to be good but cautiously. The expected target for the upcoming week is 18800 levels once it crosses the black TL drawn. Why the level is so important because it is a cluster point of the COVID downtrend and FEB –APR 2021 downtrend. The weekly support level is 17947.65. I am really sorry,unable to explain properly this time due to busy weekend. Rest all detailed explanation will be updated daily in update idea section. So please follow and like to stay updated with daily support and target levels . CHART & ANALYSIS- ADARSH DEY
NSE:NIFTY
by AdarshDey
2
Maruti Readying for a big moveThere is a strong resistance at 7800-8000. Maruti has has struggled since a year 2018 to cross it. From all time high resistance is just 20% down. on the lower end 6500 is the support year. Twice it broke down on lower time frames but failed to do so on monthly chart. In first breakdown price returned in 7800-6500 band in next candle & in march owing to severity of fall it took more candles return in the mentioned band, there was no follow up selling. This 1300 Rs band on monthly time frame shows the stock is just taking a breather after continuous up-move since multiyear breakout around 1850 in year 2014. stock almost became 5x hence a breather is expected Now after spending 3 years in consolidation, it looks attractive to accumulate for short term trading & long-term investment. Vven the stop loss is at 6000, just 1000 rs down from CMP 7300. not even 20%, which makes maruti a good pick for long-term. As per Fibonacci retracements stock is consolidating in 78.6% to 61.8% . 78.6% & 61.8% are most nearest to the top Shallower the retracement healthier is the uptrend.
NSE:MARUTILong
by varadtambolkar
2
IRCTC Next Move projections with Elliott waves and FibonacciIRCTC witnessed massive drop hitting 2 circuits. The drop took it to 0.236 fibonacci retracement levels. Assuming todays drop as Wave A next consolidation as wave B and see some pullback it could be till 5800. Wave C should drop towards 0.382 fibonacci levels. This ABC correction move should suck and digest all the rally it made so far then next Upmove as wave 5 should be slow up. DISCLAIMER:There is no guarantee of profits nor exceptions from losses. Technical analysis provided on the chart is solely the personal views of my research. You are advised to rely on your own judgments while taking any investing/Trading decisions. Past performance is not an indicator of future returns. Investment/trading is subject to market risks. Seek help of your financial advisors before investing/trading. Not recommended to take FnO positions based on this analysis I may or may not trade this analysis. Details in description.
NSE:IRCTC
by Niftydirection
NIfty Pharma on Bigger TimeframeNifty Pharma index started it's rally after the 2008 crash and top out in 2015. Then it went for a long consolidation till 2020. After analyzing retracement with fibonacci levels I saw that it had took support on 0.618 level and again showed a bullish up move. It crossed it's all time high recently in 2021. Before crossing, sellers tried to change trend but failed and buyers took control lead to forming a bullish hammer and engulfing candle which confirmed a strong rejection. After breakout, for last few months it is in consolidation. These candles in consolidation had formed long lower wicks showing the strong rejections. It's important to see how this month's candle gives closing. In this month one attempt have been failed as wee can see a wick above consolidation zone. And it will confirm the bullish trend. This post is for information purpose only. This is my own analysis should not be consider as calls. Doing analysis in simplistic manner without indicators. Keeping it less complicated. Hope you all like it. Thank You
NSE:CNXPHARMA
by AkshayAdak
Bandhan Bank ready to explode? Perfect Fib Setup 0.5 and 0.618 in Fibonacci is a golden zone from where price retraces so here Bandhan bank was following a trendline so to predict that pullback we used fib! We plotted Fibonacci from 165 to 423 (uptrend) and if we observe the reaction to our golden zone we can see it is a very important key zone. It broke out of Falling wedge with a nice breakout with good volumes. Since it gave a nice move after breakout so we need a minor pullback and that can happen if the price retests but 295 fib level is way too far and so I plotted Volume profile . Now it's clear, enter at POC (highest traded line) and that will be our entry point. A logical SL below 265 because what if it retests deep? We need to think like this. Targets are 350, 425 for as long we don't see a reversal in future! Get set go! HAPPY TRADING 💹 SUMMARY:- Entry only if it retests depending upon the depth i.e. best entry 309 (at POC) SL below golden fib level i.e. around 250 T1 350 T2 425
NSE:BANDHANBNKLong
by UnknownUnicorn21160479
25