NIFTY Top Down Analysis
Updated
The idea here is about Nifty 50 Index :
My view is Short term Neutral to Bearish (upcoming week) & then bullish for the below observed technical factors.
Points as per TA observed on a Weekly, daily & Hourly Chart:
Hourly Chart:
1. Bearish Crab Harmonic Pattern observed on a 1H & 4H chart. Target price & Stop Loss provided on chart as per below:
2. Ichimoku is Neutral to bearish since Chikou Span is below the price range & last trading hour was closed below the Senkou Span B:
3. Heikin Ashi, 1H before last closing session was indecisive, however the last hour closed on positive note, Pivots & 20 EMA are bearish since the last trading day was below the previous day closing as per below :
Daily Chart:
4. Bearish NenStar Pattern observed on 1D chart. Target price & Stop Loss provided on chart as per below:
5. MACD is below signal line, with RSI @ 55.51 on daily chart with multiple divergences (MACD, MACD Histogram, RSI, VWMACD) as per below:
6. Raising wedge formation with over bought zone confirmation alongside RSI as per below:
7. Ichimoku in Strong buy since Chikou Span is above the price range & trading above Senkou Span A as per below :
Weekly Chart:
8. Last week Candle almost ended as a tweezer top as per below:
9. A huge cup formation completed on weekly chart with Handle formation pending with Retracement support around 0.382 FIB with the least possibility according to the current trend as per below :
10. A 3 Drive harmonic pattern in formation observed, note since the market is on a strong trend have considered the retracement levels from 0.382(38.2%) to 0.5(50%) FIB with retracement targets & drive 3 targets on weekly chart as per below:
11. Ichimoku is currently under consolidation, however, the Chikou span is above the price range &trading above Senkou span A which is a strong bullish in long term as per below :
12. Wyckoff theory has a BOS (Break of Structure) since previous high on Oct 2021 & CHoCH(Change of Character) since Sept 2022, the CHoCH support is exactly @ 0.382 FIB on 3 Drive pattern & also a support on raising wedge bottom, with multiple divergence observed (MACD Histogram, RSI, MOM: Momentum, MFI: Money Flow Index). Therefore, 18096 target gets a multiple validations as per below:
13. Additional information: OI (Open Interest) max build for options expiring 15th Dec is around 18,600 for both CE & PE and Max PE is around 18000.
NOTE: 14th Dec FOMC meeting outcome will also be a factor to be considered.
Targets & Stop Loss provided in chart and screens for different time frames.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice (Non SEBI registered). So, please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
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Cheers.
My view is Short term Neutral to Bearish (upcoming week) & then bullish for the below observed technical factors.
Points as per TA observed on a Weekly, daily & Hourly Chart:
Hourly Chart:
1. Bearish Crab Harmonic Pattern observed on a 1H & 4H chart. Target price & Stop Loss provided on chart as per below:
2. Ichimoku is Neutral to bearish since Chikou Span is below the price range & last trading hour was closed below the Senkou Span B:
3. Heikin Ashi, 1H before last closing session was indecisive, however the last hour closed on positive note, Pivots & 20 EMA are bearish since the last trading day was below the previous day closing as per below :
Daily Chart:
4. Bearish NenStar Pattern observed on 1D chart. Target price & Stop Loss provided on chart as per below:
5. MACD is below signal line, with RSI @ 55.51 on daily chart with multiple divergences (MACD, MACD Histogram, RSI, VWMACD) as per below:
6. Raising wedge formation with over bought zone confirmation alongside RSI as per below:
7. Ichimoku in Strong buy since Chikou Span is above the price range & trading above Senkou Span A as per below :
Weekly Chart:
8. Last week Candle almost ended as a tweezer top as per below:
9. A huge cup formation completed on weekly chart with Handle formation pending with Retracement support around 0.382 FIB with the least possibility according to the current trend as per below :
10. A 3 Drive harmonic pattern in formation observed, note since the market is on a strong trend have considered the retracement levels from 0.382(38.2%) to 0.5(50%) FIB with retracement targets & drive 3 targets on weekly chart as per below:
11. Ichimoku is currently under consolidation, however, the Chikou span is above the price range &trading above Senkou span A which is a strong bullish in long term as per below :
12. Wyckoff theory has a BOS (Break of Structure) since previous high on Oct 2021 & CHoCH(Change of Character) since Sept 2022, the CHoCH support is exactly @ 0.382 FIB on 3 Drive pattern & also a support on raising wedge bottom, with multiple divergence observed (MACD Histogram, RSI, MOM: Momentum, MFI: Money Flow Index). Therefore, 18096 target gets a multiple validations as per below:
13. Additional information: OI (Open Interest) max build for options expiring 15th Dec is around 18,600 for both CE & PE and Max PE is around 18000.
NOTE: 14th Dec FOMC meeting outcome will also be a factor to be considered.
Targets & Stop Loss provided in chart and screens for different time frames.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice (Non SEBI registered). So, please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & subscribe for more analysis. The more boost & comments further more motivation for publishing.
Let the Trading community & family know about your opinion with comments.
Cheers.
Note
Nifty might open in Red as SGX NIFTY trading in -ve.Note
1D chart has formed Head & Shoulder, Tomorrow, If the price breaks & closes below 18421. We might Retest 18421, H & S target would be 17873 which is also closer to the target of 3 drive pattern as explained earlier with CD leg of Anti Cypher falling in between 3 drive & H&S targets.
Note
Head & Shoulder Support Breached on 15m Chart.
Note
Crab Target 1 Achieved.
Note
Target 3 drive pattern 0.382 FIB retrace on weekly chart achieved.
Note
18096 Breached.
Note
Bearish Crab Harmonic target 2 Achieved.
Note
3 Drive Target of 0.5 FIB achieved. 0.5 FIB has be considered with the strong market conditions. If we don't pivot from here. Then we see 0.618 FIB levels & Bearish crab Target 3 is awaited as well.
Note
Bearish Crab Harmonic Target 3 achieved :17471
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