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Ichimokuwave

INDUSIND BANKHello and welcome to this analysis Among all large private banks, this one has been an underperformer since October 2021. In the weekly time frame, Indusind Bank is completing the counter-trend leg of an Ichimoku Y wave. Ichimoku Y Wave formations are formed in triangle/diagonal formations. For further upside, it needs to start closing above 1100 on daily basis. Else below 1050, it could resume the downtrend that it started in October 2021. For the short term, it has support at 1025/975/900 On the other hand, if it manages to sustain above 1100 it would head towards 1150 (minor resistance) and above that 1250
NSE:INDUSINDBKShort
by Dinesh_C_Nagpal
1
NIFTYYesterday's Hourly Bearish Alt Shark did its min expected retracement of 38% till 8700 approx. Currently the set up suggests 9600 approx where three Bearish Harmonic Patterns are emerging. It also happens to be the 50% retracement of the Monthly Alt Shark reversal. Even as per Ichimoku the same zone 9600-9800 will act like a tough resistance. Markets seldom give an opportunity for trapped ones to exit particularly in a downtrend. It appears to be in a philanthropic mood this time!
NSE:NIFTYEducation
by Dinesh_C_Nagpal
4
Bank NiftyBank Nifty has attempted a bounce today after testing 62% retracement of its move from FEB 2016 low. For it start a meaningful rally it 1st needs a consolidation which could happen between 26000-22500. Failure to hold today's low opens the passage for 19000. A downtrend halts & changes 1st with swings then an uptrend starts, whichever time frame you look at it. If its V shape then be prepared that its a trap. RBI's move yesterday (Dollar Swap) to provide liquidity is a +ve indicator
NSE:BANKNIFTYEducation
by Dinesh_C_Nagpal