India
UPL UPL - Elliott Wave View.
The downward correction remains pending with the formation of triangle. Invalidation at the high of wave E.
SBI (STATE BANK OF INDIA)The idea is based on the Elliott Wave Theory. The rally in PSU Banks seems incomplete and SBI could reach higher levels before making a corrective move.
If the ending diagonal doesn't invalidate, a reversal is likely from the upper trendline.
BankNifty: Expiry day tradeBankNifty has certainly started recovering well, but given that we have just broken out of an important zone, trading BankNifty can get pretty tricky tomorrow. Here's a simple long setup that I think offers pretty good probability of success with good risk to reward ratio.
Rationale:
- Price has just broken through an important zone, but it hasn't been properly retested yet(which may never happen, but as a trader we should plan for that). So I'm expecting some retraction from the current level, before we start getting some good long opportunities.
- We have seen some good volume in last couple of sessions, and expect some profit booking if market opens with a gap-up. Though that seems less likely, as buyers seemed exhausted in the second half today, and I won't be surprised to see the market open with a gap-down(which is better for this setup).
- Indicators like RSI & Stochastic suggesting overbought range on 1H & smaller TFs, the market is not really trending yet according to ADX.
- If the market opens with a huge gap-up, then this trade is off. Otherwise, we wait for the mentioned price levels to hit and take positions accordingly, we must give market at least 3 hours for this trade to work, so don't take position if we there's not enough time(say after 12 PM).
Final Note:
- This just my personal opinion, not to be considered as a financial advice.
- Expect high volatility, so size your positions based on your risk appetite.
ADANI PORTS - Risky but worth it The idea is based on the Elliott Wave Theory. The price seems to be correcting after making a 5 wave impulse. This could mean further decline in the stock value while it enters the wave (3). Invalidation level remains at the top of wave 1. (i.e 595)
TATA MOTORSThe idea is based on the Elliott Wave Theory. The long term bullish cycle has started from March 2020, and after a 5 wave (impulsive) rise, the price is now correcting (WXY correction). The level of 300 is crucial as it is a strong resistance and also coincides with the 50% fib. retracement.
PFC (Power Finance Corporation) The stock is likely to keep growing in the next few months as it is breaking out of a large range of consolidation.
HINDUSTAN AERONAUTICS (HAL)The idea is based on the Elliott Wave Theory. The current price seems to be corrective in structure which suggests another wave Y could unfold driving prices to the previous levels or lower.
MARUTI (SUZUKI) - Elliott Wave ViewThe stock seems to have completed a 5 wave structure (expanded) and could start its correction phase ahead. The idea is based on the Elliott Wave Theory.
EEM: Emerging Market MSCI (EM) : SELLEmerging markets equities had to clear many hurdles in 2022 but began to recover in the fourth quarter.
But technically, there are hurdles, The Red sloping line of 2021 is the prime example.
After the steep drop in equity markets overall in 2022, It is believed that emerging markets equities may be one of the most mispriced asset classes, with attractive valuations compared with historical levels.
A 15% drop cannot be ruled out...fundamentals are strong, but technicals will sadly rule.
Short in KOTAKBANKShort Opportunity in KOTAKBANK
1. 200 EMA Resistance on Daily/2H/4H
2. Negative RSI
3. MFI breakdown
4. BANK NIFTY Negative sentiment
Nifty Futures Long OpportunitySeeing a long side opportunity in NIFTY futures for the next week. Targets are quite big and can be trailed as per risk management rules.
Short Opportunity in HDFC BANKShort Opportunity in HDFCBANK over negative sentiment in BANKNIFTY.
1. High possibility to revert to 200 EMA to take support. (Mean reversion)
2. Breaking down below the 21 Period EMA
3. Negative trending RSI
4. Negative MFI trend
5. Negative sentiment in banks
Long Opportunity in INFYOpportunity to go long in NSE:INFY
1. 200 EMA Support
2. Positive RSI Crossover
3. MFI at buy level
4. NASDAQ at 200 EMA Daily Support Level.
5. NIFTY at 200 EMA support level
BANKNIFTY INTRADAY SHORT and OVERNIGHT LONG SCENARIOS2 possible trades.
1. Intraday short trade on 20 Jan 2023.
Bearish sentiment
Will retest key support level of 40900
Price has just been rejected from 22 EMA on Daily TF
Price will try to approach 200 EMA on Daily TF
2. Overnight long trade on 21 Jan 2023.
Key resistance trendline break
Will try to break through 42000. Conservative target around 41850.
Price will crossover 22 EMA on Daily TF once it gives a daily closing above 41500
HDFCBANK - Bearish Cycle HDFCBANK - Elliott Wave Theory.
The price seemed to have made a corrective pattern which suggests another bearish wave. Invalid level remains at the previous high.
NIFTY - Elliott Wave ViewThe idea is based on the Elliott Wave Theory.
Nifty has made 5 waves down (Impulse 1), and could start moving downwards again after a small correction (50-60%).
Long Term View:
FINNIFTY Upside Expiry TradeInverted HNS pattern on 15M timeframe. Possible upside of around 180-200 points can be captured intraday on 10 Jan 2022.
GOLD correction to RANGE and new EXPANSION!!!The gold market dropped from the resistance zone after breaking out of the range. The market broke and fixed below the smalll range zone. The price is moving toward the main support level at 1800 after making impulse moves. I think gold might go down because the price action forming a correction extension pattern. My goal is the support level at 1802.000.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad
NIFTY - Bearish Market ViewThe idea is based on the Elliott Wave Theory. The current upward momentum is very low and the price is moving in a corrective structure. A downward move is likely from the current resistance zone (or a possible likely scenario with 61.8 fib correction).
A move over 18480 invalidates this idea.
GOLD price action SQUEEZE. Long from strong SUPPORT.The price perfectly fulfills my last ideas. The market is heading toward resistance zone from the strong support level . The price is squeezed by descending triangle pattern and the price might bounced off it and go up to test the resistance zone . I think gold might go up if price action breaks out of the triangle pattern . My goal is the resistance at 1865.
BPCL - Bullish CycleBPCL - Elliott Wave View.
Pattern suggests a triangle formation, which means a bullish scenario is likely from this level. A move below 300 would be an invalidation to this idea.
MRF - Elliott Wave ViewMRF - Daily Chart based on the Elliott Wave Theory.
As long as the triangle stands valid, the price should correct more downwards. Correction could make further extensions if the next resistance level is broken.
