The downtrend (if I may use this term) which started last week from almost 23K levels, seems to be playing out with lower highs and lower lows. The gap down of 17th May was been closed. The retracement was precisely from 0.786 Fibonacci levels. Here we have a rising channel which if taken out on the downside, will continue the downfall below 22700-22650...
We are looking at a 8 year Nifty IT chart Lets see what the chart is trying to tell us... - Between 2009 to 2015 the price has risen from 1933 levels to 12908 levels - Since Jan 2009 till March 2015 the index has been making higher top higher bottom - It is only after March 2015 that the index is seen making lower top lower bottom on a regular basis Hence...
pSAR, MACD and Stoch indicating reversal and this can be a better opportunity to enter longs in Nifty. SL would be 9150 (spot rate).
Nifty Channel structure for Long Term Generally, channel are respected when you see long term
Will buy-on-dips strategy work this time? This is the best setups for bulls - buying on dips and a jhat-pat trade. The resistance turns support at 8,970 (pink line) will be crucial for bears to break. The recent rally in the range of 9,000-9,200 seems to be disheartened for bulls. The rangebound session with index being firm above 9K express positive yearly...
BankNifty is reversing after giving an ABC correction... It could very well turn out to be a Wave W of larger correction but for now BankNifty is reversing and is giving a Buy Setup for a Target of around 18750 and 19100 with Stoploss just below the recent low around 17575.
Expecting a short term down-trend on Nifty given the dark cloud cover on the daily charts, and a move below the 20 day moving average on the hourly. I do not expect this to be a massive move towards the downside, but I expect to see the market probe some of the levels below 8200.
economic condition and next quarter results are not looking great. its good level to short at 8230-8370. SL 8300 Target 7900
Nifty may form a triangle on 120 mins chart. RSI as well as price are near supports suggesting a bounce. If it forms a triangle, risk-reward is very attractive here! As long as above 8050, view remains bullish targeting 8200+
Nifty has corrected around 50 to 61.8% Fib Levels for previous upmove. Once the Price Breaks out above 8110 Nifty gives a Buying Opportunity for the C wave up move towards 8400. I will be buying Nifty @ breakout above 8110 with stoploss below 7980 for Target of 8370/8400. If the price continues to go lower below 7920 and make new lows then the above analysis would...
Last week was a hectic schedule for the official presentation -so could not answer most the guys. Let us solve the puzzle. Excited to see the way it is developing- going above 8210- larger wave-(2) will continue & shall give us y-wave to finish this larger corrective sequence- wave-(2). The depth of the wave cannot be determined in current state & its shape but...
Nifty is making a Flag Pattern which is coming near the lower trendline with MACD Divergence.. I would expect the price to go higher from there which gives a potential buying opportunity.. If it break the Flag upper trendline line then My Markets are at the all time highs around 9120. However, if it continues to go lower then I would wait to see what pattern is...
Nifty would go higher from current levels with first targets around 8775 and second targets around 8900.
CNX PSUBANK near a tough resistance which has given plenty of trouble in past. can it break this time ? above 3365 a convincing close may lead TGT 3393/3601 only above this psu bank may fire up.
Waves are fractal. That means the trade can only be taken by judging the waves in live market.