Get started

Trading

Sensex Monthly expire AnalysisFor the Sensex monthly expiry on 28th March 2024, I anticipate a bullish trend driven by positive economic indicators and corporate earnings. Continued government stimulus measures and favorable global market conditions are likely to support investor sentiment. Key sectors such as technology, healthcare, and renewable energy could outperform, while stable inflation and interest rates may further bolster market confidence. However, cautiousness regarding geopolitical tensions and potential regulatory changes remains prudent. Overall, I expect the Sensex to exhibit resilience and potentially reach new highs during this expiry period, reflecting the underlying strength of the Indian economy.
BSE:SENSEX
by Anmolking
AUDJPY: Ending Diagonal Pattern; A Reversal on the Horizon.The advance from Mar 24, 2023 low of 86.06 subdivides into five waves. Notice that this price action contains overlapping waves that contract and form a wedge shape. That is the emblem of an ending diagonal which cues a swift and dramatic reversal on the horizon. According to Elliott Wave guideline, the expected reversal is projected to reach at least the point where the diagonal initiation occurred, and potentially extend beyond. In this instance, the relevant level is identified by the conclusion of wave ((b)) at 86.06. A salient attribute of ending diagonal is that all initial subwaves form either a single or multiple zigzag patterns. Waves (i), (iii), (iv) and (v) appear to be single zigzags, while wave (ii) is a double zigzag. Wave (v) often makes a throw-over (a brief break beyond the trendline connecting waves (i) and (iii) ). A throw-over suggests a diagonal has finished. Once price action pushes below the trendline connecting waves (ii) and (iv), we would have compelling proof that the diagonal has ended. The next event should be a swift move to at least 86.06 and probably beyond. The wave count is not the sole basis for considering a short position. Beyond what is illustrated, there has been a divergence in prices and MACD since June 16, 2023, suggesting a diminishing upward momentum and indicating a weakening uptrend. Despite new highs in prices on November 16, 2023 and February 21, 2024, MACD did not follow suit. This bearish divergence frequently foreshadows a potential downturn in prices. (Insert MACD on your chart and draw a trendline connecting the highs) Trading Plan Entry: Sell above wave (iii) high. Protective Stop: 100.95; the price level at which wave (v) would be longer than wave (iii), which would render our diagonal scenario invalid. As a rule, within a contracting ending diagonal, wave three is always shorter than wave one, and wave five is always shorter than wave three. Target: 86.06 and below Risk-Reward: 1:5
Short
by Aquanet_Market_Forecast
AUD/USD: A Third Wave "...Wonders to Behold..."Prices advanced in five waves from 0.6477 to 0.6667. This wave pattern is significant because impulse waves identify the direction of the larger trend. Thus, the five-wave advance in AUDUSD implies further buying to come that would push prices above 0.6667 as wave (iii). The subsequent decline that is developing in three waves supports this analysis. Counter trend price action typically consists of three waves, so we expect another move up. Moreover, the three-wave decline travels to 0.6550 to retrace 61.8% of the previous impulsive advance. 61.8% is a common retracement for corrective waves especially when they occur as wave 2 of an impulse or wave B of a zigzag correction. Also nearby is 0.6558, the price level at which wave c equaled wave a, which is a common Fibonacci relationship between wave C and A of zigzag correction. Also adjacent is 0.6560, the end of the fourth wave of one lesser degree. As a guideline, corrections tend to end upon reaching the end of the previous fourth wave of one lesser degree. Besides, the correction is unfolding as a Zigzag A-B-C with a triangle characteristic in the b wave position as is common. Also, the correction neatly adheres to the parallel channel with wave c hugging the lower boundary of the channel. These cluster of evidence suggests that prices are approaching an important juncture and a reversal to the upside is on the horizon. If so, then a break above 0.6629 would virtually indicate the correction ended and the next significant move is to the upside. Trading Plan Entry : Buy at market. Protective Stop : 0.6477; in an impulse wave 2 can NEVER retrace 100% of wave 1. Target : 307 pips i.e ((0.6667-0.6477) X 1.618) In an impulse, the third wave commonly travels 1.618 times the length of the first. Risk-to-Reward : 1:3
Long
by Aquanet_Market_Forecast
2
PSP Projects AnalysisHey Guys, Here is the analysis of PSP Projects. An undervalued firm, it's a small-mid cap stock however, as per the analysis conducted by my team and I, we've picked this stock. We've got a view from Short term to Long term for this one. Here are the details-CMP- 632.45 Targets: Short Term (upto 2 months)- 701 Medium Term (6 Months to 1 year)- 742 Long Term (more than 1 year)- 805 It would be ideal to have a Trailing Stoploss of 557. (Trailing refers to changing your stoploss as targets are achieved). Let me know what you think about this one.
NSE:PSPPROJECTLong
by ArjitGarg
ICICIPRULI | Swing Trade📊 DETAILS Sector: Life & Health Insurance Mkt Cap: 83,579 cr ICICI Prudential Life Insurance Company Ltd carries on business of providing life insurance, pensions and health insurance products to individuals and groups. The business is conducted in participating, non-participating and unit linked lines of business. These products are distributed through individual agents, corporate agents, banks, brokers, sales force and company's website. TTM PE : 91.67 (Average PE) Sector PE : 23.38 Beta : 0.83 📚 INSIGHTS Mid range performer Stock with medium financial performance with average price momentum and valuation. These stocks may be affordable and are showing some investors interest. 7.77% away from 52 week high Outperformer - ICICI Prudential Life Insurance Company up by 11.57% v/s NIFTY 50 down by -0.2% in last 1 month 📈 FINANCIALS Piotroski Score of 4/9 indicates Weak Financials Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst. If you found this analysis helpful, I encourage you to like and share it. Your observations and comments are also welcomed below. Your support, likes, follows, and comments motivate me to consistently share valuable insights with you. 🔍 More Analysis & Trade Setups 🔍 For more technical analysis and trade setups, make sure to follow me on TradingView: www.tradingview.com
NSE:ICICIPRULILong
by Munish_Jain
EUR/USD: Stronger discounts continue!Hello dear friends! What do you think about the current trend of EURUSD? Today, EURUSD continues to decline, seemingly trying to gather strength to bounce back as the US dollar strengthens for the third consecutive day. Currently trading near the 1.0849 level, a quick look at the technical analysis chart shows that the downward momentum is still leading. As a result, breaking below the support level of 1.0871 has solidified the case for implementing a selling strategy. I am watching the 1.0800 level as the next stop, especially if the support level of 1.085 continues to crumble. What about you? What is your prediction for this currency pair?
Short
by RKarina