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Will BANK NIFTY Hit 37800 Today?Bank Nifty had stuck into the descending channel (DC) from 25 Oct to 07 Dec. The upper trendline of DC has broken and started moving forward. It has filled the 25 Nov gap yesterday and marching towards the supply zone. We have chances to see 37600 – 37800+ levels today. Intraday traders can take benefit of it. But you must note the second resistance of 36871 . It’s a barrier for buyers. If Bank Nifty remains under of it, then we may see an excess of this channel. And that will collapse the Bank Nifty prices from 36800 to 36300 – 35696 below. That’s why I have highlighted the supply zone in the above chart with a strict warning. I have used RSI and Stoch RSI together. The Stoch RSI is indicating a downtrend ahead. But, others (MA, DMI, & RSI) are throwing positive signs. Hence, you have to focus on the second resistance line only. Further any changes/details I will update during the market hours.
NSE:BANKNIFTY
by forextidings
3
Kotak Bank Has An Explosive Rally AheadNSE Kotak Mahindra Bank has started marching upside because it has completed wave ((4)). Its fifth wave will end nearby the retracement of wave ((4)) of 161.8% and sub-wave of (4) of 161.8%. So, long-term investors may hold for the targets of 2345 - 2446 - 2536 . At present, intraday & short-term investors can also jump on this stock. Kotak bank prices may move forward up to 1900 - 1960 - 2056 levels to hit the halfway of wave 5th. Consecutive closing above the level of 1832 is a direct buy signal. A short reversal is expected at the last target of 2056 . Further information I will update you soon. Stay connected!
NSE:KOTAKBANKLong
by forextidings
11
Nifty Outlook: The Case Of Initiative And Response Between Bulls Nifty has continued forming the descending channel. Price has made three excess areas on the lower band. It means that bear traders are continuously trying to break down the descending channel. Price is following the control line with nine spot confirmation. The trend will change after a breakout of the upper band, and it will drag the nifty price at my pivot point. And that pivot point will act as a hurdle. Hence, it has to climb up to that. And if that happens, then it will keep moving forward non-stop. Otherwise, there is a high chance that the price will create an excess. This pivot has provided three successful reversals on the upper band. Bearishness may drive nifty for one more leg down.
NSE:NIFTY
by forextidings
6
Part 2: Is zeel preparing for a bull run? Zeel Is Sitting On The Ticking Bomb! Did you read the previous report of MCX Gold? If not, click the below link to read it. - Is zeel preparing for a bull run? Zeel has concluded a corrective structure and started an impulsive wave. The price is about to cross the recent high of 362 , but there is resistance. Breakout traders can enter after breaking the high of 362 , and reversal traders can wait for a pullback, and they can enjoy the big move. Invalidation: please note that pullback can't be lower than wave C . Further, I will upload intraday (15 min and 1-hour chart) to make a setup on zeel.
NSE:ZEELLong
by forextidings
1
BANKNIFTY trend forecasting using Elliott Wave Principle Price has made extreme high, and impulse moves have started a correction. According to Elliott wave price confirmation, Safe traders can enter when the price breaks wave B at 40160 . Sub-wave C of wave 4 is about to complete. If price breaks wave B, It has the potential to make a new high. At present, the price has neither made higher-lows nor sub-waves of wave 5. If the trader wants an early entry with a small stop-loss, traders must wait for wave ((2)) sub-wave of wave 5. The common retracement of wave '2' is 61.8 %, and wave '2' never overlaps the starting point of wave ((1)). If the bank nifty starts to move downward, it will make a new leg then start marching upward. Stay in touch for regular updates. Show your support with likes and comments. Thank you. Quote of the day "If you can learn to create a state of mind that is not affected by the market's behavior, the struggle will cease to exist."- Mark Douglas
NSE:BANKNIFTY
by forextidings
7
Part IV: Nifty outlook: A steep recovery or a slow correction? Nifty has continued growing in the corrective channels. It has filled two gaps and is currently on the third gap level. The third gap is providing support. Nifty has made a double bottom pattern on the gap level. And according to the gap theory, price gaps cause reversal. But if selling pressure exceeds buying pressure during the gap area, Trader can expect another leg down. targets for buyers 18220-18334-18454-18500+ Don't take a trade without any confirmation. The market can go downward. A trader can wait for confirmations, like candlestick pattern, volume breakout, trendline breakout, and channel breakout. More clusters are there, more controlled your psychology will be.
NSE:NIFTY
by forextidings
1
Last Warning to NIFTY SellersNifty is forming corrective wave 4 of wave ((5)) Nifty has made a high at 18604 and started falling due to conclude of wave 3. It has broken the base channel due to high selling pressure on Nifty. The following terms confirm the nifty pullback. A. The common Fibonacci retracement of wave 4 is 38.2%. Nifty has entered the 38.2% retracement level. It seems like the reversal is ahead. B. Wave equality (A = C) Wave C is 100% of wave A and vice-versa. If nifty breaks the previous low, then it can reverse between 100% to 161.8% range. The corrective wave can complete if it sustains in the channel trendline. I will upload Intraday charts to take trading decisions.
NSE:NIFTY
by forextidings
5
Nifty Outlook: A fight Between Bulls and Bears Nifty was heaving correction in previous weeks. Now, It looks like it has completed corrective structure and marching upward. If you are following my daily outlooks, you can understand these charts easily. If the price is about to change the direction, It will make an initiative then confirm it. Nifty will confirm its bull trend by breaking wave B at 18350. In case, If you have missed my previous idea: Show your love by likes and comments. & Do follow for more Ideas.
NSE:NIFTY
by forextidings
3
Nifty can take two steps back before skyrocketing. This week nifty may break 18350, and this level will increase high buying pressure. The above chart shows that nifty seems price is forming a leading diagonal. Moreover, wave 5 is the ending point of the leading diagonal. And completion of wave 'i' the wave 'ii' will take place. The wave 'ii' is corrective. So the day traders can initiate buy position there. It's a golden opportunity because of moderated risk here. Safe intraday traders can enter at the breakout of wave i. This point is also initiating an opportunity. If the acceleration phase is sturdy, then It can hit 19200. Please note that wave '2' can never overlap the starting point of wave '1'.
NSE:NIFTY
by forextidings
3
Is Hindustan Petroleum Setting Up for A Rally Above 400?Wave 3 extended 161.8% of wave 1, and we can see a powerful rally in an extension of wave 5. Hind Petrol Futures can hit the following targets before Oct end. Target 1: 352 Target 2: 389 Target 3: 400 Where can we enter? The following rules can help you get the perfect entry. A. Upper band of the parallel channel at 290 . B. High of 3rd wave at 312 . If the price isn't breaking wave b, we are still on the corrective structure. Further information I will update you soon.
NSE:HINDPETRO1!Long
by forextidings
2
MCX Crude Oil Elliott Wave Cycles Point More Upside Price had made extreme low at 795 on 20 Apr '20. It had started a quick recovery after an inviolable bottom-out. Due to bearish sentiments and no evidence of the verified bottom, It had constructed 2nd wave correction. The second wave retraced 38.2% of wave 1, which indicates a sturdy bull trend is ahead! The acceleration phase lasted for 246 days and, the Fibonacci extension of wave 3 was 161.8% of the wave. The public participation increased when the price had broken up the high of the first wave. It has the signal for bulls that crude was likely to make a new high. After the acceleration phase, the price has corrected the bull phase with a double zigzag. It had retraced 38.2% of wave 3. This correction was sharp in comparison with 2nd wave. According to the above chart, Wave 2 has taken 89 trading sessions to correct wave 1. Wave 4 has taken 45 trading sessions to correct wave 3. Wave 4 was a surprising disappointment for the bull traders. Here, wave 3 is not a power extended because it hadn't moved across wave 1.618% of wave 1. According to the Elliott wave principle, commodities are more often extending at the 5th wave. Currently, the price has made a new high of 6428 . Price has entered the corrective phase. It is constructing the 4th sub-wave of the impulsive wave ((5)). There are two possibilities, 1. If the price breaks the parallel channel, we can expect 50% to 61.8% retracement for wave 4. Be aware of the fake breakout! Remember, entry is also not possible without an exact reversal signal. Caution: Wave 4 can never overlap the starting point of wave 1. 2. Price is on the control line of the base channel. The safe trader can enter the buying position when price breaks the wave B. Be connected with me to get intraday updates.
MCX:CRUDEOIL1!
by forextidings
5