First of all thank you to tradingview for intraday Banknifty charting BankNifty has a history of making very violent corrections when it finds a trendline and right now we have banknifty at a 1 month strong support trendline in a crucial demand zone. In addition the selling from 16k+ levels made the last week the largest volume week of the past few years :...
Hello This is an update from my BANKNIFTY Long call from 13700 and my BANKNIFTY short call which is at a breakeven point. The first scenario I had foreseen was a reversal at this lvl. The second was retrace to 17k and then back down. Now I notice a 3y long pattern of consolidation that has been in development ever since BANKNIFTY rallied from 8k to a 200%+ high...
This is a revision of my prv BANKNIFTY chart "https://www.tradingview.com/chart/BANKNIFTY/Qr1NFlnT-Bank-Nifty-Oversold/". I explicitly stated "Oversold" as I viewed the retrace that I had called till 16k as just a retrace and not any strong sign of resurgence in the banking sector. The channel has proved to be strong. 1st Tp 13.2k 2nd Tp 12.3k.
After heavy consolidation for 2 months I can foresee a potential breakout from the 1 yr+ triangle to supply zone @ apprx 85. SL is at 62. RR Ratio = 1.65. Always the possibility of denial at resistance trendline however this extended period of consolidation gives me the confidence of an overwhelming bullish sentiment Best of luck!
Nifty, I think that Nifty can show a some correction and will give opportunity to invest. Short covering has been seen in the index and now its time to home.
Market Bytes 29-Feb-2016 Nifty Futures: TOday is the big day ; isnt it? well statistics have a funny suggesstion; the net movement in budget days for the past few years have been less than or around 2%. So despite the big hoopla it indicates makrket on closing basis may not move beyond 2% in most cases. I would say there are three key themes for the budget this...
Nifty is moving in range of 6960 - 7280 . Nifty has already made triple bottom pattern on daily chart. stay long on nifty till above 6960 . further 7100 7190 7280 any break below 6960 then reverse the position and go short on nifty with the target of 6900 6869.
Market Bytes 15-Feb-2016 Nifty Futures:Friday we restated that we see a bottom at 6800-6830 levels against the tide of the trend. This proved so correct as NIFTY managed to hold on and make a low of 6875 to bounce back from there. Expect 6850-75 to be a bottom for now and this could be used for swing long trades.For intraday trades our immediate suport base can...
Trading Idea Nifty Futures: NIFTY Futures few sessions ago we had discussed that 7430 was the trend decider and above that 7550 was a possibility, that target nearly got done in yesterday's session, after that markets paused and went to crash and test our trend decider all over again. Both sides provided a decent trading opportunity in last few sessions. Next up...
The stock has low correlation with the index and has moved up with good volumes. This is a potential buy candidate.
NIFTY Futures: Just yesterday we discussed that 7850 continues be the achillies for NIFTY and until convincingly taken out we are not going to see aconclusive breakout. On the downside we discussed a break of 7820 can provide a low risk trade and what a trade it was , a trade which yielded nearly 80-100 points with a 30-40 points risk. now that NIFTY has breached...
Prices have come down at discount for this stock in terms of fundamentals. In technical terms, the stock has completed A,B,C,D,E corrective waves, now it will have an impulse leg against its current move. I would estimate a target between 272-284 (61.8 retracement of current impulse leg move) to be achieved in 6-12 months. It is a great opportunity to accumulate...
It seems like the impulse trend or uptrend of the stock ends as it forms an ending diagonal on the wave 5, which denotes the ending of uptrend. Now, I'm looking for opportunities to short this stock.
WAITING TO RETRACE BACK TO PREVIOUS SUPPORT, WHICH BECOMES RESISTANCE NOW TO CONTINUE THE DOWNTREND AND GET SHORT OPPORTUNITY
NIFTY has cracked quite a bit from the trading levels we mentioned. My point of view is that the lows made today will be a critical thing to watch out. If NIFTY manages to scale above the high of today then there is a chance we can see a pull back to the range of 8150-8180 . How near we get that one or even if we manage to cross the highs of today will really...
As per the plan BanknIfty was shorted below 17740 levels. Low made was around 17150 which gave a pretty good swing in just 2 days time. Current support as you see was taken exactly at the retracement level. Hence any move above 17450 will be good contrarian long trade for the adventurous ones, and for now that includes me. But be prepared for a quick reversal if...
Currently, selling is anticipated as per the candlestick charts and lower levels till 872 can be seen within 1-3 weeks.
NIFTY mostly looks to be in a consolidation zone without much price action. last week we discussed how 8350 could be the resistance, One downside trade opportunity that i see will be to short below 8240 with SL above 8300 levels. Target could be 8180-8130 zones.