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NIFTY: Wait and Grab the Perfect opportunityThe rise from the Mar'20 bottom was an impulsive move which should be considered as the Primary Degree Wave-1 concluded near the zone of 18600 in Oct'21. From that top Nifty50 fell down in a corrective way and made a low of 15183 in Jun'22. This fall was not even reached to Fibonacci 38.2% retracement level positioned at 14400 zone where the previous fourth of 1 lesser degree is also placed and we have seen a rise in the Nifty to test the all time high and made a new high of 18887 in Nov'22. The rise from the bottom of 15183 is more or like a corrective rise and can be treated as part of FLAT CORRECTION (expanded Flat) or a part of COMPLEX WXY correction. As per this view Nifty is likely to hold below 19000 and fall towards 16750 /14400 and 13000 level in the coming months. The nature of the fall will decide whether we are in a C-Wave of a FLAT or we are in a Y-Wave of a COMPLEX WXY correction. As soon we reach in the zone of 14400-13000 which is the Fibonacci 38.2%-50% retracement zone we can consider that area as the long term investment zone as our Primary Wave-2 is going to conclude in that area and we should be ready for a massive THIRD WAVE RALLY in the Indian Equity market. Remember Third Waves are the "WONDER TO BEHOLD".
NSE:NIFTYShort
by TradingSutra
6
A clear BULLISH view on BIRLASOFTHEY GUYS, BIRLASOFT stock was following a pattern i.e FALLING WEDGE PATTERN now , this stock has crossed that pattern and it is showing clear BULLISH SIGNS. as you can see, a 12% increase in a single week and volume is also very high, this shows that people are really interested in this stock. Therefore, you can also trade in this stock and earn high returns. you can clearly see the pattern in the chart i have marked that pattern with the trend lines. thanks and have a great trade.
NSE:BSOFTLong
by TRADERS_AREA
MINDACORP: Inverse H&S BreakoutInverse Head and Shoulders Continuation: This pattern forms in an extensive upside rally. It consists of a left shoulder, a head, and a right shoulder. At the end of the left shoulder, a minor correction takes place on the upside which happens on the low volumes comparatively the starting of the left shoulder. After this again a down move can be seen on large volumes forming a head having its bottom is below the left shoulder following an upmove correction on lower volumes & completing the head. The completion of the head must be above the top of the left shoulder. If the prices rise above the top of the left shoulder then too this pattern remains intact. In the end, the right shoulder is formed usually on smaller volumes comparatively the previous two rallies. Now if you connect the tops of the left shoulder, head & the right shoulder there will be a formation of the ‘Neckline‘. This line will act as a decision line. If the prices break this neckline & give closing above the line, this will be the confirmation of the breakout of the Inverse head and shoulders pattern. However, it has been noticed that after breaking of the neckline the prices again attracted towards this neckline. We say this phenomenon as a retest of the neckline which will add some more confidence while trading this pattern. After retesting if the prices again start rising, this will be the final confirmation of the up move as shown above. The bookish target of this pattern is taken as the vertical price range from the bottom of the head to the neckline & the bookish Stop loss should be the bottom of the right shoulder. However this stop loss can be big, so it is advised to keep a stop loss of 4-5% of the price range below the neckline. TRADING STRATEGY: Buy on cmp add on dips , keeping SL of 200 look for the measured target of 240-245 region.
NSE:MINDACORPLong
by TradingSutra
3
IGL: Inverse H&SInverse Head and Shoulders Continuation: This pattern forms in an extensive upside rally. It consists of a left shoulder, a head, and a right shoulder. At the end of the left shoulder, a minor correction takes place on the upside which happens on the low volumes comparatively the starting of the left shoulder. After this again a down move can be seen on large volumes forming a head having its bottom is below the left shoulder following an upmove correction on lower volumes & completing the head. The completion of the head must be above the top of the left shoulder. If the prices rise above the top of the left shoulder then too this pattern remains intact. In the end, the right shoulder is formed usually on smaller volumes comparatively the previous two rallies. Now if you connect the tops of the left shoulder, head & the right shoulder there will be a formation of the ‘Neckline‘. This line will act as a decision line. If the prices break this neckline & give closing above the line, this will be the confirmation of the breakout of the Inverse head and shoulders pattern. However, it has been noticed that after breaking of the neckline the prices again attracted towards this neckline. We say this phenomenon as a retest of the neckline which will add some more confidence while trading this pattern. After retesting if the prices again start rising, this will be the final confirmation of the up move as shown above. The bookish target of this pattern is taken as the vertical price range from the bottom of the head to the neckline & the bookish Stop loss should be the bottom of the right shoulder. However this stop loss can be big, so it is advised to keep a stop loss of 4-5% of the price range below the neckline. TRADING STRATEGY: Buy on cmp add on dips , keeping SL of 410 look for the measured target of 500-505 region
NSE:IGLLong
by TradingSutra
2