Bounce retracement towards 14530-50 possible after which should go down.
Confirmation entry on sell side if 14435 breaks (non risky wait for this 14435 break level)then 14400-14300-14270 possible on downside
Stop loss of this analysis 14618
DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely...
Detailed Analysis using Elliot Wave
Nifty from march lows formed Leading diagonal and its abc correction till 8806, fresh 5 step impulse wave was triggered till 11794.
Nifty opened gap down on Friday 04th Aug, Gap was wide and didn't get fill.
It has also broken swing low 11325 so this suggests start of fresh corrective wave.
Nifty to again test 11111 levels...
In a daily it’s going for the 5th wave & on 60 mins it seems we are in Wave 3 or we can label it as ABC & might try to capture Wave C rally on the downside
I haven't counted waves on nifty bank here because it is as similar as nifty 50 weekly chart. Please refer to the previous nifty 50 chart posted yesterday.
Arvind is giving a potential short setup on daily chart with Wave B up move completing at 61.8% fib levels and Wave C correction starting now going around the targets of 300.
Nifty is giving a Short Setup at current levels. After giving a 5 way decline nifty moved up in three waves above 61.8% fib in a corrective pattern which indicated that Nifty will go down further. One can Short the Nifty at current levels with Stoploss just above recent high around 8971 with targets of around 8620. Its a Nice Risk Rewards trade..
Happy Trading!!
GodrejInd is giving a Short Setup.. Stock gave a 5 wave decline from 542 to levels to 387 levels in Wave A and has since retraced backed to 78.6% fib. One can go short on the stock at current levels with stoploss just above 453 and Targets of around 380 and 350 wave Wave C. Details are on the chart.
Happy Trading!!
CrompGreav is giving a Short Setup breaking the trendline would take the stock lower toward the first target of 70 and probably further lowers toward 50% and 61.8% retracement levels. Details are giving on the chart. Stoploss should be just above the 89 level and can be trailed for the trade.
Happy Trading!!
