Possible Ending Diagonal Scenario could be unfolding for Bank Nifty. Trend could change next. Get your clue from European markets
Check the related idea published last week. Plan-B as mentioned in the idea.
Not a trading call. Manage your risk properly. Thanks
Bank Nifty Index has been doing sideways in the range 37959 (critical high) & 38800 (critical low). Looks like unfolding a triangle.
If you identify them then such patterns are amazing as traders get multiple opportunities between zone identified.
Trading Strategy ( Current Spot Price- 39305)
Plan A -
Buy close in 39000-39100 zone if Index halts above...
Long Term Outlook
We picked time cycle tool available in drawing tools & tried getting dominant lows & highs. Over the process we realised that 18 Week cycle is dominant & running for Bank Nifty Index giving us important lows & highs.
Next low could be due in middle of the Oct 2022 which could be shifted to close to Nov 2022 if current high holds at 39759...
Let us recollect the most important psychological level of 39500 as discussed could be the most critical level at present. A bearish butterfly harmonic structure completes in the required PRZ & reasons for fall discussed below & shown on the price chart.
Possible Reasons for Fall
Bearish Butterfly Harmonic Structure
Evening Star...
Let's get started with this beautiful Sunday Morning with an exciting idea on "Bank Nifty - Will if follow in the footseps of HDFC"
By the end of this short video, you would realise that BankNifty could be unfolding similar structure once done for stock -HDFC in early 2021 / 2022.
Hope, this long term idea attempts to answer our colleague's @punterpk unsettling...
As per our discussion since morning 38800-38825 has been important zone. Few reversals were seen right from that zone. Hope you enjoyed.
Banknifty - Patiently waiting, Index structure looks like unfolding a #triangle- the penultimate wave.
Penultimate wave
This is the last wave & sudden reversal can happen at tops.
Trading Strategy
Means holding...
Bank Nifty could be unfolding head & shoulder chart pattern in 38155 - 38402 zone. The pattern is yet not formed & have to complete by reversing down from 38350-38402 to the neckline support
Trading Strategy
Trade will trigger only when neckline is breached which is a rising trendline marked as "Neckline" Index has to fall below neckline which is 38200...
Bearish Bat Harmonic Pattern at the tops of 38231. Sell Triggers below 37941
Trading Strategy
Traders have to sell once it triggers below 37941 with recent high as stop loss later.
Targets
1st Target - 37655
2nd Target - 37522
3rd Target - 37249
Thank You.
Ending Diagonal Setup can complete in 35150-35250 zone.
Trading Strategy : Buy
Buy in 35180-35225 zone if Index halts & takes support
Stop Loss
Below 35150
Target
35700
35950
36275
Note - Ending Diagonal Setup gets invalidated below 35150 levels & structure has to be reviewed later.
Thanks for reading & Have a nice weekend.
Old Ways Leading to New Destinations ( New Results) - In this short video, we discussed old methods which could provide new results / new destinations.
These Old ways / methods discussed are
Channel / Trendline
Chart Pattern - Head & Shoulder
Correction ...
Nifty could not hold critical level 16400 as per last idea but now again it is on channel support. Holding 16150-16200 zone which is another critical support zone.
If this zone holds then Index has fair chance of bouncing upside to 17220 levels / halting close to that level & later above can push to 18350 levels
50 WEMA (Weekly Exponential Moving Average) could give some bounce upside holding as support/ Once Stock crosses above 816 as confirmation level, It will zoom to 865 & 1000+ Targets in few weeks / months ahead.
A Good Portfolio Stock to be checked.
Bullish Crab Harmonic Pattern Exist close above critical support & psychological level of 16400. Holding Above 16400 & close by levels.
Upside push can be seen for 16651 / 16900 / 17025
Idea not valid below 16400 (+/- 25 points)
10:37 Hrs / 10th Nov.2021
Last @ 17947
Broke 18000-Psychological level. Short Term Trend is down. Next important Support zone -17875-17890
Harmonic PRZ (Potential Reversal Zone) -17875-17890 zone where bounce can be expected.
Upside Channel Support - 17875-17890 zone
Technically Trendline can be validated if Index drops to 17875-17890 zone & holds - if...
Heading in the suggested direction & getting a close opportunity at 89.55 in April/May 2021 gave dollar bulls a better grip.
Falling below 88-89 only will trigger the next downside move or it will touch the (a) - (c) trendline & finish (e) wave within the next higher degree wave-4. Thanks ...
In the Harmonic pattern. The stock picked close to the '60s as per previous updates done in June-2020 & Dec-2020.
Heading to key resistance -210 Next
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Last Idea - Did you pick the stock at 60's
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Target done at 2900+ for Traditional Chart Patterns. The stock rallied 25% from the bottoms of 2400 since July 2021 in running Wave-5.
What could be unfolding here in wave 5? Are you ready for the next move?
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Last Idea - HDFC- WaveTalks- Pattern, Patience &...
