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Niftytrendanalysis

#Nifty directions and levels for May 8th."Good morning, friends🤝🍬! Here are the directions for May 8th: There have been no changes in the global market; it's maintaining a moderate bullish sentiment, while our local market sentiment indicates a bearish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +20. Nifty fell solidly in the previous session; however, the RSI shows divergence, indicating that even if the market declines initially today, it won't be sustained. If it rejects around the immediate support level, then we can expect a sharp pullback. This is the reason behind the first variation. However, if it doesn't find support at the immediate support level or if it consolidates, then the correction will likely continue, and we can try a range breakout entry. The alternate variation suggests that if the market takes a pullback initially, then the Fibonacci level 38% (upside) may act as a strong resistance. If it rejects there, then we can expect a range market. After that, if it breaks the range either upside or downside, we can follow the direction. Here, we also have another variation: if the pullback solidly breaks the Fibonacci level 38% (upside), then it may reach the Fibonacci level 61% with minor consolidation. I explained this in the video; if you have free time, please check it.
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for May3rd."Good morning, friends! Here are the directions for May 3rd: The global market is still maintaining the range, while our local market sentiment also indicates a moderately bearish trend. It might open with a gap-up start, as suggested by GiftNifty, showing an increase of +80. Nifty has been moving in a diagonal pattern. So, if the gap-up sustains, we could expect 22842, which means a rally continuation with minor consolidation. After that, if it sharply rejects around 22842, the diagonal may complete there and start to correct. But we could look for some reversal confirmation, using EMA20 and the 38% fib level in the minor swing. Both sentiments need to align for a trend reversal, indicating a bearish trend. However, if the market sustains there (22842), then it will continue the rally further. The alternate variation suggests that if the gap-up doesn't sustain and declines sharply at the initial market, then we can expect a range market. The previous range may continue further.
NSE:NIFTY
by Manickamtraders
02 May 2024 - Nifty has to get past the ATH to negate M patternNifty Analysis - Stance Bullish⬆️ Recap from yesterday: "The 63mts TF paints another picture, a perfect triple top at the 22780 levels. A double top between 9th and 10th April and the third top today on 30th April." Nifty opened quite strongly, immediately recouping some of the lost ground in the last session. After cutting almost 50% of the losses, N50 found a stable level and then maintained its narrow range. Fearful of stop loss hunting, I squared off the Algo straddles at 13.16 and in hindsight, it proved to be a stupid decision. Although I made 18732 INR, another 23200 was forgone. I do not know about the Jane Street Algo strategies, but it has really elevated the premiums in near ATM strikes. In a way, it is good for option-selling as risk:reward is increasing especially on the expiry day. 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.
NSE:NIFTYLong
by viswaram
#Nifty Directions and levels for May 2nd.Good morning, friends! Here are the directions for May 2nd: The global market is still maintaining a moderately bearish trend, supported by the Dow Jones, while our local market sentiment also indicates a moderately bearish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +30. structurally there is a sub-wave 4th going on. It's a consolidation zone, so if the market opens with a gap-up and sustains it, then we can expect a range market. However, if the market sustains around the Fibonacci level of 78%, it could break out. Even though it breaks the Fibonacci level of 78%, structurally, it may not take that much of a rally because the upcoming wave is a 5th wave, and the 5th wave is typically a distribution wave. Alternatively, if the gap-up doesn't sustain and declines initially, we can expect a minor correction with a pullback structure. The aggressive correction will occur only if it breaks the immediate support level with some minor consolidation.
NSE:NIFTY
by Manickamtraders
NIFTY Prediction for tomorow 29 Apr 24As we discussed the market in the live session, it was bearish. After that, it gave a nice fall. If we look at the chart now: Price is Making continuous HH and is not able to make HL. Price is taking support at 200 EMA. This level is also fibbed at 0.23 level, which is considered with 200 EMA, making it a good support zone. 22374 is also a good price action level, and the market has received multiple-time support. RSI has also given a breakout to the upside. That means the market might take support here. If we look at the OI data: PCR = 0.76, there is a huge CE writing at higher levels that indicates 22500 is going to be MaxPain. There is not much PE writing today. This indicates that bulls are not very sure the market is going to take support. If we look at today's OI, it is heavy CE writing, which shows bears are making strong levels on the higher side. If we look at the FII and DII data: FII and DII is strong bearish while Client is strong bulllish, that means market is going to open gap-down. The market is at a crucial point right now. there can be 2 cases Case 1: If the market breaks 22360 to the downside (Bearish) Case 2: If takes support at 200 EMA (Sideways) Reasons: Price ~= EMAs, indicates the market can take support at 200 EMA. (Sideways) RSI < 50 shows weak bulls, indicating a sideways market. (Sideways) RSI trendline break might activate some bulls might lead to sideways market. ( Sideways) OI = 0.76 has a fall from 0.96, which means bears are increasing their positions. (Bearish) Price < VWAP indicates the bearish market structure. (Bearish) Verdict : Sideways or Bearish Plan of action: Case 1: If breaks to downside -> Sell 22400 CE (Hedge it with 15/- CE premium) Case 2: If it takes 200 EMA support -> Sell 22400 CE & PE (Hedge it with 15/- premium)
NSE:NIFTY
by finnova_
1
#Nifty directions and Levels for April 25th.Good morning, friends! Here are the directions for April 25th: The global market trend is moderately bearish, supported by the Dow Jones, while our local market sentiment indicates a moderately bullish trend. It might open with a gap-down start, as suggested by GiftNifty, showing a decrease of -70. Nifty had closed with consolidation in the last session. In this session, if it opens neutral to gap-up, then we can expect a range breakout, but GiftNifty indicates a slightly negative start. So, it might take a little correction, retracing to a minimum of 23% to 38% Fibonacci level. If this happens, don't take any advance long positions around the 38% level because the structure may not be clear here compared to BankNifty. so If it consolidates around the 38%, then the correction continues further, and you can fix the next target Fibonacci level at 50% The alternate variation suggests that if the gap-down doesn't sustain and takes an immediate pullback, then it might undergo further range market. After that consolidation, if it breaks the previous high, then we can expect a rally continuation. However, if the market opens against the sentiment, which means if the market opens neutral or gap-up, then we can expect a rally, potentially breaking the previous high.
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for April 23rd.Good morning, friends! Here are the directions for April 23rd: The global market trend is moderately bullish, supported by the Dow Jones, while our local market sentiment also indicates a moderately bullish trend. It might open with a gap-up start, as suggested by GiftNifty, showing a +30 point increase. Nifty experienced a minor pullback with some consolidation in the last session. There have been no changes in the previous sentiment. GiftNifty suggests a minor gap-up start, so the market may open positively; after that, if it sustains, we can expect a rally continuation with minor consolidation, targeting a minimum of 22476. If you're wondering whether it may reach the fib level of 78%, the answer is, if the rally has a solid structure, then it may reach the fib level of 78%; otherwise, it will be rejected above the level of 22476. Similarly, alternative variations also suggest the same bullish sentiment. Until the market breaks the previous minor swing low, it may take a range market to rally continuation. On the other hand, if it breaks structurally, we can expect a minimum of 38% fib correction.
NSE:NIFTY
by Manickamtraders
Island Top - Reversal Pattern, Rsi DivergenceIsland Reversal,  A significant gap up, or sharply higher price at the open, follows an upward price trend, then reverses to a bearish price trend.  Rsi divergence implies a change in relative strength as compared to price movement.  The price has come out of the regression channel. Probably we are in the 4th wave, which means we have completed the top of the 3rd impulse wave. This would be confirmed if it closed below 21550 in the coming weeks. 
NSE:NIFTY1!
by OK_Rane
#Nifty Directions and levels of April 19th."Good morning, friends! Here are the directions for April 19th: The global market trend is bearish, supported by the Dow Jones, while our local market sentiment also indicates a bearish trend. It might open with a gap-down start, as suggested by GiftNifty, showing a -350 point decrease. GiftNifty indicates a long gap-down, so I don't know where it will be open. Structurally, the fall may continue Unless the market breaks the fib level of 38% we can expect a decline. My expectation is correction. The market may undergo some consolidation around any one of the support levels, but there's a possibility of further downside breaks. We can anticipate a minor trend reversal only if it breaks the Fibonacci level of 38%, using the Fibonacci swing from yesterday's high to the upcoming low. If it breaks, we can assume that the minor trend has reversed."
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for April 15th."Good morning, friends! Here are the directions for April 15th: The global market trend is bearish, supported by the Dow Jones, while our local market sentiment indicates a moderately bullish trend. It might open with a gap-down start, as suggested by GiftNifty, showing a -120 point decrease. I'm really sorry, I can't say exactly how the market will react today because of the geopolitical issue. However, this is my view today: if the market finds support around the immediate support level, then structurally we can expect a 23 to 38% pullback wave. If it has a three-wave structure, it's a better confirmation for correction. Even though after that pullback, if it rejects there (at 38%), then we can expect a correction that may reach once again the previous bottom. And if it breaks, then the correction will likely continue. On the other hand, if the pullback sustains and breaks the fib level 38%, it could consolidate between the previous high and recent low. The alternate view suggests that if the gap-down breaks or consolidates around the immediate support level, it might continue the correction further."
NSE:NIFTY
by Manickamtraders