NIFTY BANKNIFTY ANALYSIS FOR 12-01-2023Market can head toward any direction.
We are ready for both side with strict stop loss
We should trade tomorrow with maximum confirmations and will be in good profit for sure
Best luck for tomorrow
Multiple Time Frame Analysis
Another sideways to negative day coming up..?As we analysed BANKNIFTY again made it very obvious of its inverted head and shoulders pattern in smaller time frame and finally fell but it did closed on a good note which is above 42000 mark which is also a psychological level hence we can expect a sideways market tomorrow id sustained above 42000 mark else if faliled to sustain then we can see sharp fall till its next psychological level of 41500-41600 levels
BANKNIFTY in inverted head and shoulders pattern, big move..?As we analysed BANKNIFTY had been sideways to volatile throughout the day now we can see BANKNIFTY being in more like inverted head and shoulders pattern which shows signs of strong uptrend hence we should wait for neckline to break, neckline to witness here is 42650-42700 levels on the break of which we can see 300-400++ poimts upmove if opens flat but if opens gap up then we can see another sidwaays to volatile market so keep watching everyone
BANKNIFTY might remain sideways for upcoming trading sessionsAs we can see BANKNIFTY has been falling one sided since last week, but looking at global cues we can expect a gap up opening but we can’t expect one sided upmove rally if opens gap up hence important levels to watch as of now is 42000 and 42650, expecting a sideways market tomorrow moving between the range and no rally can be seen if either of the levels is broken below or above so keep tracking these important level for making any new position
PFC Monthly TF BreakoutLook like very good monthly candle and good for long term opportunity and if closes above 159 make good move towards its all time high and looks like good accumulation up to 140 and maintain stoploss of it.
SHORT TERM TRADE good stock for short term and mid term if stock sustain above 92
long term target is 158
stoploss is is 55
risk reward is 2.8
BANKNIFTY might show 42000 before finally reversingAs we can see after much of consolidation BANKNIFTY finally broke down and fell over 1000++ points in just 2 days! Now watching the global cues we can expect a gap down opening tomorrow and hence opening near 42000 mark which is a supposed strong support and also a psychological level we can see a strong upmove hence we should wait for signs of reversal before finally taking a trade so keep watching everyone
CNXMETAL Index special analysisNormally I don't do sectoral analysis but this one demands our attention, fundamentals & price action are both looking good for the metal index. As mentioned in my detailed analysis of tata steel, even the metal index did a possible bear trap. Fundamental wise this sector is the most hottest for the coming weeks/months as China opens up & the COVID wave peaks over there the demand for metals will start increasing, also with the upcoming budget focus will again be on Infra therefore metals will be in high demand. Price action wise this sector has shown the most upside momentum with prices rising ferociously(even i got stopped out in my tata steel short). It looks like prices are headed towards the support of the range(1H chart) that was formed before the severe fall in the broader markets. There is a confluence over there the range support & the 2nd BOS which is required to establish an uptrend, what the prices do there is anbody's guess but it is one sector to keep a watch on as it will give fierce moves wither side.
LT detailed analysisLT on the daily formed a possible bear trap by closing below the trend line & then showing a v shaped recovery from there. On the hourly it has closed above the downward sloping trend line resistance but it was not a convincing break. There are 2 major supply zones sitting on top of it, the first one is a very small zone which has a less probability of holding whereas the second one is a more important zone. The second zone is important for 2 reasons, 1st reason is that it has the POC of the downfall as per volume profile & also a break of the zone will cause a second break of structure which will shift the bias to bullish. Once that happens we will start looking for demand zones to enter buys & scale in for a good up move.
Titan a bullish scenarioTitan seems to be forming a bullish scenario & can be bought on dips. On daily it formed equal lows & broke the downward trend line with high volumes. Near the equal lows it also did a classic wyckoff accumulation on a lower timeframe. After breaking out of the daily trend line it also formed a very big volume imbalance.
Strategy 1 - wait for price to come to the hourly demand zone then take a buy entry.
Strategy 2 - wait for it to tap in the volume imbalance & buy from there.
Note - Strategy 2 should only be used if the stock is showing bullish momentum from the volume imbalance. For a detailed explanation of what a volume imbalance is you can check out the maruti analysis linked to this post.
RETAILERS TRAPPED!! Gap up opening coming tomorrow..?As we analysed BANKNIFTY made very obvious with its inverted head and shoulders pattern showing hope for strong uptrend but trapped all retailers around our given levels of 43570 levels and fell over 500++ points but we can see BANKNIFTY closing around 42900 which also shows BANKNIFTY is still in uptrend hence we might see a good GAP up opening tomorrow as retailers are already trapped, we might see BANKNIFTY whirling around the range for tomorrow so keep watching everyone
BAC Long Swing OpportunityBAC looks very bullish from weekly and needs a pullback to head higher.
Not financial advice
Not responsible for other actions
Just my personal journal
USDINR signals Nifty has legsinter-market analysis can be tricky but even as the USDINR hit a new high yesterday, the last two days bounce on hourly charts is a-b-c, what that means is that it is not a new move but the end of something. If USDINR closes down today after that it would add weight to a positive near-term outlook for the Nifty given the historical inverse correlation between Nifty and USDINR.
TCS Long Term Bullish Cycle TCS is finished with monthly and is getting ready for another bullish cycle. Just for structure break on daily.
Not financial advice. Just my journal
Maruti possible bottom formed!!Maruti is showing bounce from the trend line active from it's Apr 2020 low, it also has covered a "volume imbalance" zone on the daily chart. While on the hourly it has given a break out from the downward trend line. Any further bullish momentum could lead to a good rally in the stock, I will prefer waiting for sometime as the break on the hourly is still not convincing enough(momentum & volume wise).
What are volume imbalances?
Volume imbalances are formed when aggressive buyers or sellers enter the market, thereby increasing price with high momentum that orders don't get filled due to slippage. These imbalances always get filled sooner or later & are very good entry points. They are very similar to gaps in nature.
Lemontree AnalysisStock observed to be in down trend
Negative reversal observed
next support @71
Bearish for next week
CMP 84.05
BANKNIFTY in range before deciding the trend..As we can see BANKNIFTY despite being in uptrend we can see BANKNIFTY trapped in a range, as we analysed yesterday BANKNIFTY was taking support at the neckline of the inverted head and shoulders pattern and after a successful gap up opening, we saw BANKNIFTY taking support at the neckline but went sideways throughout the way! we can expect banknifty to remain in the range from 42900 to 43500 before finally deciding the upcoming trend
GRANULES SHORT OPPERTUNITY THROUGH MULTITIME FRAME ANALYSISThis is Weekly Income Trade(WIT) .In multi time frame analysis weekly time frame trend is down and daily trend is down
So take short at-326.65
SL-331.45
TGT-313.20
BANKNIFTY still in uptrend…?As we can see BANKNIFTY after facing strong rejection from 41500 levels had been in uptrend ever since, now we can see BANKNIFTY took support at the neckline of the inverted head and shoulders pattern hence we can expect more of upmove if sustained above the neckline but if sustained below the neckline then we might see sideways to negative market
Tomorrow’s opening will decide the upcoming trendAs we can see BANKNIFTY showed strong upmove in the closing hour but we can see an very eminent resistance and a psychological level of 43500 which could potentially act as BOTH a resistance and a support hence any strong opening above the given level could act as a support but if opens weak than it could act as a stromg resistance so we must take trades based on the price if it sustains above or below the given level
USDCAD Long Bias AnalysisHey traders, here is the analysis for the USDCAD. If you guys like my analysis please hit like👍 and follow. Thanks. DISCLAIMER:- This is not financial advice.
NIFTY might face rejection from if opens flatAs we can see NIFTY is now trading around its important resistance which previously acted as a strong support previously hence we can expect NIFTY to reject from here but if nifty sustains above the given level, this level might act as a support again giving rise to new highs so keep watching everyone and be ready for either side move
Nifty detailed analysisWith bank nifty bouncing exactly from the daily trend line, things are looking good there for bulls. Nifty is a different scenario altogether, just like I posted in my analysis of LT & Tata Steel. All 3(nifty, LT & Tata Steel) gave a possible false breakout of the trend line & started a V shaped recovery from there. LT & Tata Steel have already given 1 break of structure(2 are needed for a confirmation of bull trend), Nifty seems to be lacking even a single one. Currently nifty is testing the 1H supply zone break of which(on closing basis) will lead to the 1st BOS. Till then I am neutral on nifty & avoiding trading it as there are many other opportunities with higher probability available.
