Banknifty Live Levels for 22-03-2023. We have Highest Open Interest At 400000 Level acting as Resistance as per Option Chain Data. Sentiment is Sideways to Upside. as premium are high writer taking advantage of premium eating to make market in the range of 39500-40000 level
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Gapup and Profit Booking Followed by Strong Support at 17000 level as per Open Interest Data... We will look for buying side on dip near to 17000 level with strict SL
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Gapup the Profit booking market is throwing out week buyer and strong support lies at 39000 level. We will look opportunity on buying side on breaking our resistance level.
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Stock is has formed a bullish flag pattern on 4H chart being the support region near 455 zone & resistance area at 474 zone. Any sustained move above the level of 475 will lead the stock towards 500/520/560 in a very sharp upside rally.
Trading strategy:
Buy on cmp 473-74 with SL of 455 and look for the immediate target of 500 and later 520/560. The measured...
After breaching the all time high of 2086 formed on Feb'2020, stock is correcting lower in a Complex-Corrective-Wave - WXY structure. Stock is already concluded its Wave-X at the high of 1925 and currently unfolding into Wave-Y of which wave-b is taking a formation of a Bearish Triangle . The measured target where Wave-W becomes equal to Wave-X is coming in...
From Jul'22 low of INR 877 prices have retraced to Fibonacci 61.8% retracment level positioned at 1150 zone and formed a potential double top structure. Prices have also formed a Rounding Top pattern whose neckline is in the region of 1101-1100. The measured target for the pattern is coming in the region of 1050-1045 where its 200-EMA is also positioned
As per...
Theory:
DIAGONAL:
Diagonal are the motive waves like an impulse wave, but diagonals are different from impulse wave in that they do follow the first two Sutras (rules of impulse wave) for wave analysis, but it does not follow the third one i.e. Wave 4 should not intervene the territory of the wave 1. In a diagonal wave 4 always enters into the price territory of...
What do you think? Let me know. Also, don't forget that it is a simple analysis only and not a recommendation. Please do trading / investing with your own respnsibility. This post is only for educational purpose.
Stock is rising in an impulsive manner on the lower degree time frame and is likely to form a five wave structure on the higher degree time frame which will be a base building for the next higher level. The current structure suggests that stock has already concluded its 3rd wave and currently retracing back in a wave-4 which is likely to conclude in the region of...
While NSE:NIFTY has made new low as compared to Dec 22.
NSE:CNXMETAL Index has not broken the Dec 22 lows.
This Inter Market Divergence again signalling strength in Broad Market stocks.
Historically it leads to Bullish trend reversal.
Fabulous Recover in Last Momentum due Short Covering, But Still index is in pressure....Level re given on chart..... for any long position we need to observe the Composition and heavy weightage stocks of Index.... Play for Small profit with proper risk management. :)
NEED TO KEEP IN MIND THIS MOVE WAS DUE TO SHORTCOVERING.....
PCR : 0.75
NSE:NIFTY
Completed Triple Zigzag Correction form High near 19000
Broader Market stocks are showing strength. Rupee strengthening.
All factors pointing out Budget Rally is on cards.
From the bottom of Mar'20 of 1473 stock has rallied to 3000 odd levels in an impulsive manner which can be counted as clean impulse pattern of five distinct waves. This impulsive rise can be designated as our primary wave-1. After placing a high of 3021 in Nov'21 stock has undergone into a complex correction WXY in the primary wave-2 which was concluded in Jun'22...
From the high of 2680 stock has given a correction in an Expanding Flat category. The post market price action of an Expanding flat is very powerful. Based on this observation HDFC stock is likely to extend the gains towards 2710-2715 in the coming days. Any weakness should remain above the level of 2632 however, nearest stop loss can be taken as 2649.
Buy:...
