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Nifty Market Update: Symmetric Triangle Pattern in FormationOn September 12, 2024 (Today), NSE:NIFTY opened with a gap-up of more than 100 points, showing early bullish momentum. The index is now trading within a range and appears to be forming a symmetric triangle pattern, indicating potential breakout action. Key levels to watch are the day’s support at 24,978.20 and at 24884.85 and resistance at 25,141.15. A breakout above or below these levels could set the tone for the next trend. Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always consult a professional before making trading / investment decisions.
NSE:NIFTY
by Stable_Logic
1
#Nifty directions and levels for September 12th.Good morning, friends! 🌞 Here are the market directions and levels for September 12th. Market Overview: Global markets are still maintaining a moderately bearish trend, as indicated by the Dow Jones, and our local market reflects a similar sentiment. However, today, the market may open with a gap-up, as SGX Nifty is indicating a positive move of around +90 points at 8 AM. In the previous session, both Nifty and Bank Nifty had a huge up and down. Structurally, it’s maintaining the range market. What about today? Even though the market closed negative yesterday, SGX Nifty is indicating a positive start today. Simply, it says that the range will continue. Let’s look at the chart. Today, Nifty and Bank Nifty both have the same sentiment. Nifty: Current view: The current view is saying that the market is range-bound, but if the market breaks the level of 25078 solidly or with some consolidation, it will continue to the Fibonacci level of 78% to 25216. This is our first variation. Alternate view: On the other hand, if the gap-up doesn’t sustain or if the market rejects the level at 25078, then it will continue the range further between the previous day’s range. This is our alternate view.
NSE:NIFTY
by Manickamtraders
Nifty 50 correction – where will it end?Sep 11, 2024 In our last update on Nifty 50, we predicted that the upward move of B wave should end near 78.6% Fib level, which is the max it would go. The correction of B wave post Zig-zag A retraces anywhere between 38.2% to 78.6%. The B wave followed this rule and ended at 61.8%. After the completion of B wave, we saw the beginning of C wave. Wave C follows the following two rules: -- Wave C is often equal to wave A in length or a Fibonacci ratio of 61.8%, 100%, or 161.8%. Also, Wave C should not be shorter than wave A. As per the above rules and the main characteristics of a Zig-zag correction being that it fits within a channel, the downside target of C wave could be 61.8% Fib level comes to 24,772. If C wave has to touch the bottom of the channel, it would go down by a further 50 to 60 points, so the target could be around 24,725. Also, the C wave would be a 5-wave pattern like the A wave. Let’s see if Nifty 50 follows the rule or not. Share the name of the stock you're interested in, and we'll be more than happy to conduct a thorough analysis for you. Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:NIFTY
by WaveMoku
Nifty Intraday Levels | 11-SEP-2024#Optionbuyers #Niftyoptionscalping 1️⃣ Zones you always Like:- 👉Green zone- Institutional support 👉Red zone - Institutional resistance 👉Gap between institutional zones is always of 100 points 👉Zone is created with the help of pivot points and Fibonacci 👉Advance version of price action 👉Trades based on Nifty future chart 2️⃣ Trade Execution:- 👉Trade based on order flow data 👉Timeframe - 1 min and 5 min 👉Risk Reward Ratio always 1:2 👉Strike price always ATM & slightly ITM 👉Maintain Position sizing according to your own method 3️⃣ House Rules in trading:- 👉Sharp at 9:15 AM 👉Priority to risk management 👉Fast execution (morning breakfast) 👉Stop-loss 10 points (strictly) #ThankU For Checking Out Our IDEA , We Hope U Liked IT 📌 🙏FOLLOW for more ! 👍LIKE if useful ! ✍️COMMENT Below your view !
NSE:NIFTY1!
by ReviveTraders
Nifty 50 correction – is it over or still going on?Sep 10, 2024 After hitting a high of 25,333, Nifty began moving down. On the hourly chart, we can see that Nifty has formed a Zig-zag correction. The uptrend is most likely the formation of corrective B wave. The B wave should complete around Fib level 78.6%. After that, we should see the downtrend again in the form of C wave. One of the main characteristics of a Zig-zag correction is that it fits within a channel. Also, the end of wave C often coincides with significant support or resistance levels. You can also draw the channel on your own chart and mark significant support/resistance levels to understand the potential ending point for C wave. Share the name of the stock you're interested in, and we'll be more than happy to conduct a thorough analysis for you. Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:NIFTY
by WaveMoku
#Nifty directions and levels for September 10th.Good morning, friends! 🌞 Here are the market directions and levels for September 10th. Market Overview: Global markets are showing a moderately bearish trend, as indicated by the Dow Jones, and our local market reflects a similar sentiment. However, today, the market may open with a gap-up, as SGX Nifty is indicating a positive move of around +45 points at 8 AM. Nifty and Bank Nifty are showing slightly different. Bank Nifty had a strong pullback in the previous session, but Nifty did not. Typically, when the market breaks the 38% Fibonacci level after a sharp decline, it suggests a range-bound market. So, today might see some consolidation, which we can track on the charts. Nifty: Current View: > If the market sustains the gap-up, we can expect the next target to be the 61% Fibonacci level on the upside. After that, if it consolidates there or breaks it then the rally will likely continue. > On the other hand, if it rejects this level, the market might close near today’s opening level. Alternate View: > Alternatively, if the gap-up doesn’t sustain or if the market rejects around the 50% resistance level, it may retrace to a minimum of 38% in the minor swing. However, the correction will only continue if it breaks the 38% Fibonacci level. If that happens, we can expect the next corrective target to be 50% and 78% in the minor swing. > on the other hand, If the rejection doesn’t break the 38% Fibonacci level, the market may consolidate between the previous high and the 38% Fibonacci level. > In this case, if it breaks the previous high after consolidation, we can follow the pullback.
NSE:NIFTY
by Manickamtraders
Nifty 50 Weekly Analysis: Key Levels, Trends As we step into this trading week, the Nifty 50 index presents a mix of both bearish and bullish sentiments, driven by recent market movements and option chain data. Here’s a comprehensive look at the possible scenarios and the trading strategies to consider. 1. Market Overview and Current Sentiment **1-Hour Chart Analysis:** Looking at the 1-hour chart, Nifty 50 has seen a recent pullback after touching highs around 25,333.65. The index faced strong resistance at the 25,252.25 level and has since been in a correction phase, breaking below the 25,000 mark. This downward movement suggests bearish sentiment in the short term, especially after breaking the support level at 25,018.60. The key level to watch on the downside is 24,338.60, which has acted as significant support in the past. **15-Minute Chart Analysis:** The 15-minute chart further confirms the short-term bearish trend. After a sharp drop below 24,900, there is some consolidation seen around the 24,850-24,880 range. However, any inability to move above the 24,988.75 level may continue to attract selling pressure. 2. Key Levels to Watch for the Week Resistance Levels: 25,018.60: Immediate resistance level, where a breakout may indicate a reversal. 25,167.35 - 25,252.25:** Strong resistance zone; crossing above this could change the market sentiment to bullish. - **Support Levels:** - **24,868.50:** Short-term support; a breakdown below could accelerate selling. - **24,338.60:** Critical support zone; breaking below this may suggest a deeper correction. ### **3. Option Chain Analysis and Sentiment** Analyzing the option chain data, we see a higher concentration of Open Interest (OI) in the 25,000-25,200 call strikes, indicating significant resistance and bearish sentiment among the call writers. On the put side, strong support is visible at the 24,500 level with substantial put OI, suggesting that bulls may defend this level. - **Put-Call Ratio (PCR):** The current PCR is moderately bullish but with cautious optimism. Traders should watch for any changes in OI shifts for directional clues. ### **4. Predicted Market Trend for the Week:** - **Short-Term Bias:** Bearish, unless Nifty decisively moves above 25,018.60. - **Long-Term Bias:** Neutral to Bullish, provided key supports hold, especially at 24,338.60. ### **5. Trading Strategies for the Week** - **Intraday/MIS Trades:** - **Bullish Strategy:** Buy above 25,018.60 with a target of 25,167.35 and 25,252.25. Stop Loss at 24,900. - **Bearish Strategy:** Short below 24,850 with a target of 24,750 and 24,600. Stop Loss at 24,988.75. Carryforward Trades: - **Bullish Positional Trade:** Enter long positions if Nifty sustains above 25,252.25, with a target of 25,400 and 25,500. - **Bearish Positional Trade:** Consider shorting if Nifty breaks and sustains below 24,338.60, targeting 24,000. ### **6. Sector Analysis for the Week** - **Banks:** Showing mixed trends; Bank Nifty could remain volatile, so focus on shorting at resistance levels. - **IT Sector:** Seems relatively stable, with some signs of consolidation. Consider buying on dips. - **Auto and FMCG: Showing resilience; long trades are suggested if the market sentiment improves. Conclusion This week, Nifty 50 is at a critical juncture with the potential for both upward and downward movements. Keeping an eye on the key levels and adopting a flexible trading strategy will be essential. Stay cautious and watch for early signs of trend changes, especially in the context of global cues and market sentiment.
NSE:NIFTY
by theithachi
Nifty 50: Critical Support Zone at 24,460 The market is currently hovering near key Fibonacci retracement levels, with 24,460 acting as a strong support zone. This area aligns with the 0.618 Fibonacci retracement from the recent rally, providing a significant level for buyers to potentially step in. The market has already tested the 38.2% retracement level and held above it. Key Scenarios: Gap-Down Scenario: If the market opens with a gap down near the 24,500 level, we may witness a bounce-back, leading to a green candle that could move towards the current closing price. The 24,460 support level is expected to hold, making this a critical area for a potential reversal. Flat or Slight Gap-Down Opening: Should the market open flat or with a small gap-down, we could see a red candle that may extend to the 24,460 level. This would likely be the lowest point before buyers step in, supported by both the 0.618 retracement and the rising trendline visible on the chart. Gap-Up Scenario: If the market gaps up and holds the current closing price (24,857.50), there’s a possibility of testing the 25,000 level. A successful breakout above this could signal further momentum, potentially leading to a rally towards 25,600. Conclusion: The 24,460 zone remains a strong support level, while 25,000 acts as the next major resistance. A break above 25,000 could initiate a continuation toward 25,600, while a gap down will test the 24,460 support and it should most likely hold if nothing worse happens around the world. Disclaimer: This idea is presented solely for educational purposes and should not be considered financial or trading advice.
NSE:NIFTY
by strategystack
#Nifty Directions and levels for the 2nd Week of S Global Market Overview Last week, the global market had four red candles, which suggests that the negative trend might continue this week as well. But if you ask, "Will this correction go on for two or three more weeks?" my answer is no. The market structure shows that if it keeps correcting, it may find support near the previous low. If that happens, the market could start moving sideways. This is the current global market sentiment. Our Market Both Nifty and Bank Nifty followed the global sentiment last week. Structurally, we can expect further correction. Let’s look at the charts. However, both Nifty and Bank Nifty share the same overall structure. Nifty In Friday’s session, the Dow Jones closed with a solid red candle, so the first session of the week may open negatively. If this occurs, we can expect a correctional target of the 61% Fibonacci level on the downside. In the meantime, it may consolidate around the 50% level (24716). > In this case, the 61% Fibonacci level serves as a key support zone. After the market reaches this level, we could see a bounce back of about 23% to 28% in the current swing. This is our first scenario.
NSE:NIFTY
by Manickamtraders
Nifty weekly analysis for 09/09/2024.The index after a long time has given some momentum on intraday basis and closed below the psycological number of 25k. A bearish engulfing candle on the weekly time frames shows some weakness on the charts. If the market starts trading below the 24800 levels, there are chances of testing lower levels. Hourly 200 ema is also around the support zone, while the daily candle closed below the 20 ema. Major support levels :- 25800, 24600, 24230 Resistance levels :- 24960, 25100 The level and the pattern formed around it shows a significant bearish upcoming move in the market. There are chance of market testing the lower levels as the market cycle seems to chance. Wait for the price action near the levels before entering the market.
NSE:NIFTY
by Mambotrade
06 Sep 2024 - Nifty loses 380 pts, will Bear attack start now ?Nifty Stance Neutral ➡️ Nifty has only fallen 379.95pts ~ 1.5% this week and it is pretty early to go bearish, but the structure gives a lot of hope for a bear attack. You all might agree that we are in an overvalued territory, even if we fall 20%, we might still be overvalued. If you look at the daily candle, a strong double top is forming. For conclusive evidence, the markets have to trade below 24086, which is 3.2% lower than the current levels.  US markets fell last week and have a better-looking double top than ours. Again for conclusive evidence, we may need SPX to trade below 5137 which is like 5% below current levels. I am maintaining a neutral stance and would like to go short if 24537 is getting taken out next week. Personally, I do not see us dropping below 24200 this week (I have short positions @ 24200 PE and may have to run for cover if we test those levels by Tuesday).
NSE:NIFTY
by viswaram
Bearish RSI divergence in Nifty, indicating a potential decline! Since October 2023, Nifty has demonstrated a robust upward trend, reaching an impressive peak of 25,333, marked an all-time high. However, the index has recently faced a setback, pulled back from this peak and currently indicating a downward movement. A significant bearish RSI divergence is evident on the daily chart, signaling a further potential decline for the index. On the downside, important support levels are lies between 23,900 and 24,100. It is crucial to recognize that a break below this support could lead to a significant drop in the index.
NSE:NIFTYShort
by GoodluckCapital
1
Nifty 50 Bearish Outlook for the Month: High Caution AdvisedDescription: 1. Monthly Chart Insights: Nifty 50 remains in bearish territory for the current month, with a notable formation of a negative candle pattern. The open = high candle is a key indication of bearish sentiment. Additionally, the Relative Strength Index (RSI) is hovering above the 80 level, signifying an overbought condition. This suggests the market is trading at a premium, raising concerns for a potential downside correction. 2. Daily Chart Overview: On the daily timeframe, further bearish divergence is visible in the RSI, adding weight to the bearish outlook. The index is also trading below its Least Squares Moving Average (LSMA) of the 25-day close, reinforcing the likelihood of continued downward momentum. 3. Global Market Cues: Globally, the market sentiment remains weak, with major indices experiencing a drag of 3% to 4%. This provides additional bearish cues for Nifty 50, aligning with the negative outlook on a macro level. 4. All-Time High Considerations: The ATH (All-Time High) of 25,333 is expected to act as a formidable resistance, with little probability of being tested in the short term. A period of consolidation or further downside is anticipated over the coming months. Key Takeaway: Investors and traders are advised to exercise extreme caution and patience in their trading decisions, given the prevailing technical and global factors. Risk management should be a priority, as the market may experience increased volatility in the near term. Kudos to all traders for navigating these uncertain times. Trade cautiously, trade patiently.
NSE:NIFTYShort
by kunalsinghbalyan