OptimaltradeX

OptimaltradeX

Dear followers, it's advisable to exercise caution in the Nifty50 at this time. A secure move beyond 22,100 would signal safety for further progression, but in the absence of such movement, anticipate a healthy correction. Exercise patience, closely observe the market structure, and make informed decisions as we navigate through this period.

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Within one hour, the Nifty50 market experienced a retracement of 61.80% and subsequently rebounded, encountering a bear order block on the 1-hour chart. If it faces and retests the unbroken 1-hour bull order block, it may continue its upward movement. Let's observe the developments tomorrow morning.

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Sarda Energy could advance if it revisits the 4-hour bulls order block and retracement level. Should it rebound from the 4-hour bulls order block, we may view it as a chance to consider buying.

OptimaltradeX

Wipro successfully breaks out of its accumulation phase, which lasted from June 2022 to December 2023, and shows a strong retracement to the Fibonacci level of 61.80%. A clear target is now in sight, and the momentum continues.

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As predicted in our previous forecast, the Nifty index exceeded 21,620 and found strong support within the 21,300 to 21,200 range

OptimaltradeX

As predicted in our previous forecast, the Nifty index exceeded 21,620 and found strong support within the 21,300 to 21,200 range

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If Nifty maintains above 12,960, it signals a bullish breakout, but if it falls below 12,630, it could trigger selling pressure until 12,270. Keep a close watch on the one-hour candle closing.

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MIDCAP Nifty is showing signs of bouncing back as it consistently finds support and resumes its upward trend along the trendline. Consider buying opportunities when it bounces off the trendline support. Keep a close eye on the trendline for continued support.

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ITC is currently trading within the support range of 412 - 406, which was established on April 23rd and has been retested. This range presents a potential buy or accumulation opportunity. In case of a break, consider buying at lower levels, such as 392 and 362, based on the Fibonacci retracement level at 50%.

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HDFC seems to have established a support zone around 1370 since November 20th. Whenever the market reaches this level, there tends to be an uptrend. My strategy is to consider buying when it reaches this level, as it could be a good opportunity for accumulation. If it breaks the support at 1290, I'll consider buying there as well.

OptimaltradeX

The Nifty50 projection for February 8, 2024, provides an indication of the potential performance of India's top 50 companies in the stock market, but it's essential to remember that predictions may not always be accurate. Investors should approach forecasts with caution and conduct their own research before making investment decisions. Market trends can be...

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The IT sector is showing signs of a rounded bottom formation and is poised to break out soon, with a focus on IT stocks recommended.

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BF Utilities has recently broken out of a six-month consolidation phase, accompanied by a Double bottom pattern formation and an increase in volume.

OptimaltradeX

Based on my earlier analysis, the Nifty is precisely advancing after retesting the neckline of the inverted H&S pattern. The target is set at 22450.

OptimaltradeX Updated 

Nifty create inverse chalu pattern in the 15 minutes time frame. I think nifty has Rita is successfully completed and have to move on the bullish mode.