Reason for Going Long in Nifty:
Wave Analysis:
Nifty is rising gradually in a 12345 wave pattern after a quick crash on June 4th. Wave 4th was a time-wise correction and spent one week in a small range.
Target:
The 127% Fibonacci level is our first target. If Wave 5 extends, we can aim for 24600 too.
Stop Loss:
We will exit the long position if a 1-hour...
No, I am not denying the credit to Nifty50 to have rallied 735pts ~ 3.36% to have a beautiful green today. I just drew the Fibonacci levels from the peak point of 3rd June and the bottom-most level of Jun 04 - the results are in front of you.
23.6% levels @ 21796 had some action
38.2% levels @ 22091 (quite near my 22051 SR level) had a stronger action
50% levels...
Support Levels :
23,200 is immediate support and
23,000 is storng level of support
22,800 next level support
Resistance Levels:
23,300 is immediate resistance
23,500 is next level of resistance
After we had a slightly red day, i am not changing my stance to bearish yet. I would prefer the 22781 critical support to be taken out before going short. I still believe N50 is catching its breath after the 1100+pts run from 16th May, but the moment we fall below 22871, we are going below the previous ATHs and that could prove quite tricky.
In the last 2...
Reliance and Infy were the major contributors to Nifty's GREEN show today. This happened at a time when the Banks were taking a huge beating. Finally, it came out good for the bulls as the 22519 resistance is now broken safely.
The next target is the ATH and then I am not quite sure how much more we can go from there. Lok Sabha election results are coming up in 2...
This analysis represents a modified view of the chart analysis initially published on TradingView on March 1, building upon the insights provided in my previous assessment labeled "NIFTY : The tentative stage of a market melt-up stage in PROB#2". The modifications take into account evolving market conditions and additional data, and it is important to recognize...
Nifty has taken support from 21821 and that's it. This is our low. Markets will not fall below this and now we are going for new all-time highs. Modi government will come back to power and this will fire up the markets. Good luck!
Base Zone : Uptrend
Brick Size = 110 (Based on the Average Range)
Entry Level = 4th Brick (22550)
Stop Loss = 3rd Brick Low (22330)
Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
There are a few changes to my daily postmortem report. After I started the MFD business, not getting enough time to write a detailed technical report daily.
Thought I would send the reports every day on Thursdays after the Nifty's expiry. The detailed analysis and the 4mts, 16mts, 63mts chart will be explained on my personal blog as well.
Here on Tradingview, I...
Weekly Marubozu bullish candle piercing the STMA band. 22800 could be tested, if broken then we have 23000+ levels and the potential target is 23800 on the projection scale. According to the volume profile the level of 22050 could act as a strong support and according to chart structure the support is 21800. For momentum reading the resistance is...
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: "The good thing for the bulls was the fall ended at 10.27, for the remainder of the day we went into a small range bound trade. The final close was flat at -0.08%."
We started today right at the resistance level of 22295 and then started falling. We went below yesterday's low and took interim support at...
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: "The recovery was more than fast and furious, it even took out the 22051 resistance level. This nudged me to change the stance from bearish to neutral just for tomorrow."
Nifty started the day inline and then started climbing almost steadily. There were no visible drops, pullbacks, or attempts by the Bears...
Nifty Analysis - Stance Bearish⬇️
Recap from yesterday: "On the higher timeframe, N50 has made a massive double top, see the black dotted line. If it materializes, it could even be a real shocker to the bulls out there. Just like we discussed this week, if 21913 is getting taken out, the inverse H&S pattern will get negated."
Nifty was unable to take out the...
Nifty Analysis - Stance Bearish⬇️
Recap from yesterday: "Also in the 63mts TF we did not really break it, if you are a conservative trader, it is a good idea to wait for one full candle to form below 22295."
Today the entire action was around the 22295 levels. The open was a gap down and N50 spent time till 11.47 underwater. The 22295 level was broken by 12.07 and...
This is a Weekly chart. Here are some observations:
1. Price has been in a downtrend since Oct 2021 forming a large cup potentially finishing around Jun 2025 with neckline at ₹650
2. The red trendline still has to be broken to officially get into the uptrend
3. The recent green trendline has been breached following the healthy Quarterly results posted...
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: "The stance has been revised to neutral as the support is broken. For Monday we wish to go neutral if 22295 is broken and go long if 22519. Nifty Algos ended the day with a loss of -2374 INR."
How do we explain the relevance of support and resistance more clearly than today? Just see the 3 encircled regions...
22484 -- 22504 ( No trade zone )
Hourly closing above 22504 then 📈 📈 to 22583
Closing below 22484 in any hourly 🕯 then 📉 📉 to 22389 -- 22342
marked on the chart .
Disclaimer:
Its a personal view not a financial advise and I assume no responsibility and liability whatever outcome arises.
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: "For tomorrow, we wish to maintain the bullish stance, but the first test would be the ATH which would otherwise act as a triple top. The moment we get past that, I could remove the M pattern drawn for the period 05 to 12th April."
Nifty hit a new ATH @ 22794.7, but it did not sustain and soon we gave up the...
