bijoy2526

bijoy2526 Updated 

Will it bounce back? wave 5 of this rally in an ending diogonal. now wave exactly 50 percent retracement of wave 5 is done.and wave 5 has retraced to the position of 4 th wave of it. In normal case it should have retraced to the starting point of wave 5. But now a days in bullish scenario deep retarcement is not happening. How ever at this juncture we should be...

bijoy2526 Updated 

No conclusive proof yet. But formation of diogonal indicating probably correction is over. During this correction phase bank nifty was alomost trading with in the parallel channel. once there was throw over but again it had returned back in to the channel. Gradually diogonal was being developed in the c wave of final C wave. and finally in the last hour on Friday...

bijoy2526 Updated 

It has been trading with in the channel since long.Time for it to break out of congestion. Break out trading has not been working in case of reliance. but it appears its successful break out will take place in coming days.

bijoy2526 Updated 

It will be premature to say if pull back is over. But the 38.6 percent retracement is already done. and in hourly time frame there is divergence between price and oscillator. if it is indeed a bull market bank nifty should bounce with in one or two days.Here third wave is extended one and terminated at 45345. we will check in lower time frame what is happening in...

bijoy2526 Updated 

On going rally is strong and not going to stop here. it appears 3 rd wave is in progress. prior to it there was nine wave up move constituting wave 1 and pull back was wave 2. and recent rally is wave 3. Some pull backs are part of up moves. two to three months back I had anticipated this up move which is on record. I have strong logics to believe that this move...

bijoy2526

It is great to pick the bottom. Fortunate enough to pick the bottom several times in the past also. Vertical rise in nifty suggests it is may be third wave. it appears we will have another gap up tomorrow that will be third gap. normally this gap may be filled up,as profit booking may take place. if not ? it will show the high level of the strength of this...

bijoy2526

had all time high in precovid time. while its counterparts tatamotors and m&m had broken the all time high of precovid time maruti has yet to do it. with commodity prices cooling down the no one player in four wheeler segment has brighter out look in coming days. from the weekly chart it appears its 3 rd wave is in progress which is likely to take out high of...

bijoy2526

please go through my last post in detail. in the update I had suggested stop loss and where to buy. on monday repeatedly stop loss was approached on hourly cnadle. But it was not violated on closing basis. today nifty opened right at the buying zone with red candle. In the after noon it crossed the buying zone with green candle. signalling perfect buy for...

bijoy2526 Updated 

Unless it is complex,it should be over. it seems to be a flat correction a wave 3 wave down and b wave 3 wave up followed followed by c wave 5 waave down. But it is premature to say the correction is over. as correction can be complex, Normally traders avoid trading this correction phase. In case of bank nifty it has been continuing and in nifty it has just...

bijoy2526

how ever it has potential of breaking the channel to touch other two targets. this is for educational purpose , not any recommendation to buy and sell. let us see after retracing it rises or not to break the channel . or its rally is done.

bijoy2526 Updated 

In a highly volatile market ,it could not cross the 20 dma and median line of the pitchfork. Normally when stock or index is unable to cross the median line its chances of return to the lml is high. today from the very begining my target was median line. But it didn't touch the median line as such in straight. volatility was very high,even at one point of time...

bijoy2526 Updated 

Both bank nifty and nifty were trading in narrow range. unless nifty trades in narrow range in the expiry day it is likley to touch 19032-19072. 18878-18852 and 18828 are important levels,above 18878 nifty is positve. and 18798 should not be broken below which nifty will become negative

bijoy2526 Updated 

Hugely underperforming compared to nifty. with hdfc bank reversal taking place as it seems to be. under performance of bank nifty may end. it need to be close above 20 dma now which is at 43965. stochiastic is no more in over bought zone. But I was expecting a little more dip in stochiastic to offer perfect buy. Icici bank,hdfc bank seems to be bottomed out. let...

bijoy2526 Updated 

while nifty is trading well above 20 dma bank nifty has closed below it today. bank nifty range is 258 which is quite low. and atr(14) is now 380 which is lowest in post covid period. if it breaks today's low its chance of slipping to 38.6 percent of this upmove is there. all depends on the out come of fomc meeting . Hawkish comment by rbi in no way helped...

bijoy2526

after consolidation with in a triangle and its break out from the triangle. now it is nearing the triangle break out target.it is minimum expected target not maximum. Big broker house predicting the target around 620 to 640. upper possible target is also shown in the chart, please scroll up to find. Do like this post if it helps you. follow me to get updates.

bijoy2526 Updated 

On Friday bank nifty range was 283, and 14 day's atr value about to hit low value again after 14/12/2022. its value was 410 where as on 14/12/2022 it was near 400. very soon we expect range expansion in bank nifty. what will be the trigger factor? FOMC meeting should be ,it also coincides with the prevailing low atr value in bank nifty. Last week range was 541.35...

bijoy2526

But no major break down. It should touch 43783 which is 38.2 retracement of the present wave. Looking at the overall structure of bank nifty major break down may not take place. there may be some bounce tomorrow, only below 43964 weqk ness will prevail. today bank nifty has successfully protected that level. if 43708 is broken there will be concern in that case...

bijoy2526 Updated 

Is it an opportunity to buy or sell? overall trend is bullish. after march 2023 first time bank nifty has come closer to 20 dma. it is an opportunity to buy. it is now progressing by forming higher high and higher low. still upside left.I will attach 5 minutes chart and 4 hrs chart with this.There is likely to gap up tomorrow as obvious from dow and other markets.