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NIFTY - A Speculative IdeaThis idea is based on the Elliott Wave Theory - involving the use of ending diagonal pattern. An ending diagonal suggests an end to the ongoing trend (in short-medium term). It involves 5 sub-waves and is mostly broken downwards (or upwards) with a heavy momentum. Overall the market seems to be completing its 5 waves structure too (wave count mentioned in brackets). This calls for a correction where the market retraces back to a previous support level. The Monthly RSI has also moved downwards while the price made a higher wave (inside the diagonal) - this is considered a confirming indicator for an ending diagonal pattern. However, the idea is derived after ignoring some 'noise' on the chart (wicks). The price is also showing a breakout upward, which could right now be considered a 'false' one. Closing of the price inside the structure is what's important. Most technical analysis would point to a bullish scenario at this point as the market has been soaring for the past few months. So this is clearly a biased analysis which first assumes that the market needs to be in a correction now. Any investment or trading based on this needs to be managed properly with appropriate risk/money management.
NSE:NIFTY
by sKeshav
Navigating Bank Nifty's Tides: Breakouts, Halts, and Sideways MaBased on the daily timeframe chart, it is observed that every time Bank Nifty has attempted to break its all-time high, it has either halted or formed an inside bar. Furthermore, the recent volume levels are the lowest seen in months. When comparing the trendline drawn from the last low of 16 march to the volume, it is evident that the volumes are decreasing. This could be an indication of a sideways market since the participants' involvement is limited. However, it's worth noting that the candle formed on Friday was bullish, which adds some confusion. On the 15-minute timeframe, Bank Nifty has formed a double top around 44,800. Additionally, the VIX (Volatility Index) is currently at one of its lowest points. Based on these factors, it seems unlikely that the VIX will experience further downside movement. On the contrary, it is anticipated to move upwards. Looking at the open interest data, it is observed that there is significant put writing at 44,500 (53L) and 44,600 (23.3L), with relatively lower call writing. The only notable resistance is at 44,800, with 24L in call writing and 12.4L in put writing. Surprisingly, there isn't much call writing at the 45,000 level, which is unusual (24.4L in calls and 5.24L in puts). The PCR (Put Call Ratio) is at 1.45, indicating a bearish sentiment. Analyzing the FII (Foreign Institutional Investors) options data, there are 7.48L contracts in long calls and 4.76L in short calls, while for puts, there are 9.37L in long contracts and 7.74L in short contracts. This change in open interest indicates a bullish sentiment. Additionally, the FII futures data shows a positive value of 1539.9 crores, suggesting a bullish outlook. The FII stock data also supports this sentiment, with a positive value of 6397.1 crores. In conclusion, based on the available data, the market appears to be bullish with no significant resistance ahead, except at 44,800 and 45,000 levels. However, historical patterns indicate a tendency for a halt after breaking the all-time high. Hence, it's important to keep this historical behavior in mind. Regarding trades, if Bank Nifty opens flat and breaks the day's high, one can consider going long directly. In case of a gap-up opening, it is advisable to wait for a retest or at least for the gap to be filled before looking for long positions. If the market opens with a gap down, it is recommended to refrain from trading as it may lead to a sideways market.
NSE:BANKNIFTY
by JigarHathiyani
😀APPLE SAYS, 'HELLO, INDIA', as First India Stores Are LaunchedHello once again TradingViewers, and Welcome Aboard 💖 "The stars are aligned" ✨That is what tech pundits and insiders like to say on Apple’s first retail stores in India which will open in Mumbai and Delhi earlier in April, 2023, a move that would get the Cupertino-based company closer to the market with one of the youngest populations in the world. ✨As India’s economy is expected to have solid growth, with its 1.4 billion population, combined with the market’s increasing appetite for high-end smartphones, Apple is seeking to thrive in a market that offers many untapped opportunities for brands like it. Apple has launched its first stores in India in Mumbai and Delhi. ✨ The Mumbai store will cover well over 22,000 square feet inside the Jio World Drive Mall, an upscale mall owned by India’s richest man Mukesh Ambani. ✨The retail outlet is a beautiful one, featuring a triangular handcrafted timber ceiling that extends beyond the glass façade to the underside of the exterior canopy. ✨ According to Apple, each tile is made from 408 pieces of timber, forming 31 modules per tile with a total of 1,000 tiles that make up the ceiling. ✨ In fact, there are over 450,000 individual timber elements, all of which were assembled in Delhi. The Store ✨The flagship store, just like Apple’s other retail stores in key locations including Dubai and London, will be a cross between a retail store and an education centre, which Apple calls a "Town Square". ✨Just as with its other flagship locations, Apple’s stores in India will include the new Genius Grove, which is essentially a redesigned Genius Bar, as well as a new in-store experience called "Today at Apple". ✨Apple will also begin offering educational workshops and events, including sessions for photography, music, gaming, and app development. ✨Apple is known for maintaining a tight grip on the sales and distribution of its products. The company operates over 500 directly run stores globally. Until now, consumers in India had to buy iPhones, iPads, and Macs through resellers, online, or when on a trip abroad. Things to consider ✨ Gaining a foothold in India gives brands like Apple access to a broader customer base. ✨ 65 per cent of Indians are under 35 years old. ✨ Technically, Apple stocks stay firmly above 5-years SMA, as well as above major Bullish multi-year trend ✨ Apple stocks are 30 per cent YTD, and seems are ready for further price action, as key breakout of Head and Shoulders Chart Pattern is happening right now.
NASDAQ:AAPL
by Pandorra
Shree Cement: Ascending Triangle Breakout and RetestShree Cement(stock symbol: SHREECEM) has been forming an ascending triangle pattern since April 2022, but recently it broke the pattern with a gap down. However, it managed to recover and is currently retesting the lower trendline. During this retesting phase, the stock is forming dojis, which could potentially act as a trigger for a further move. To implement a trading strategy, a stop-loss (SL) could be placed above the high of the doji, while the target levels are set at 22,623 as the first target and 21,853 as the second target. Note: It's important to keep in mind that financial decisions should not be solely based on patterns or technical analysis, as market conditions are subject to change. It's advisable to conduct thorough research and consult with a financial advisor before making any investment decisions.
NSE:SHREECEMShort
by JigarHathiyani
Astral Ltd. Consolidating at All Time HighAstral Ltd (stock symbol: ASTRAL) initiated its rally on March 29, 2023, and has witnessed a remarkable return of approximately 52% as of today, June 29, 2023. Currently, the stock is consolidating at an all-time high and is poised to make a decisive move either upwards or downwards. The Relative Strength Index (RSI), which had previously indicated an oversold condition, has now cooled off. In the near future, there are two potential scenarios. Firstly, if Astral Ltd breaks above the level of 2023.75, it could lead to further gains and generate favorable returns. Alternatively, if the stock breaks below the level of 1926, it might experience a decline. The downside target in this case is projected to be 1735.45. It is important to note that these projections are subject to market fluctuations and should be carefully considered based on individual risk appetite and investment strategies.
NSE:ASTRAL
by JigarHathiyani
National Aluminum (Flag & Pole)National Aluminum (stock symbol: NATIONALUM) experienced a significant decline from its peak at 127, dropping down to 67. However, it found support at this level and formed a double bottom pattern, with the second low also at 67. Subsequently, the stock began a slight upward movement but has remained within a channel pattern since August 2022 until today, 29th June 2023. Notably, the trading volume has gradually decreased during this channel period. A breakout on either side of the channel is expected to result in a substantial move, with a preference for the downside. For a short position, it is advisable to enter at 79.10, and the first target for this downward movement is set at 71.35. If the decline continues, the second target is projected at 67.25. Conversely, for a long position, the entry price is 86.75, and the first target for an upward move is set at 99.70. It's important to note that National Aluminum is an FnO (Futures and Options) stock, allowing for trading in both equity and FnO segments. Please note that this analysis is based on the provided information, and it's always recommended to conduct further research and analysis or consult a financial advisor before making any investment decisions.
NSE:NATIONALUM
by JigarHathiyani
Gold Mcx for Sell till 14 August 2023Sell Position in MCX Gold: Entry Price: Market Price (at the time of execution) Target 1: Around 57,100 Target 2: Around 55,000 Stop Loss: 58,900 chart Time Frame is : 7 hours Entry / Exit Time Frame: 2 hours Reason for the Trade: This sell position is based on the analysis of the supply and demand zone, as well as the market being in a downtrend. The supply and demand zone indicates areas where the market has historically shown a strong presence of sellers. By identifying a supply zone, we anticipate that selling pressure will likely increase, leading to a potential decline in price. Additionally, the market being in a downtrend further supports the bearish bias. A downtrend is characterized by a series of lower highs and lower lows, indicating that the sellers are in control and that the overall sentiment is negative. Notice for Safe Traders: For safe traders looking to hold the selling position, it is advisable to trail the position with a 9-period exponential moving average (EMA). The 9 EMA can serve as a dynamic level of resistance, helping to identify potential reversals or weakening of the downtrend. It is recommended to exit the trade once the price breaks above the 9 EMA. This would suggest a potential shift in the market sentiment or a weakening of the selling pressure. Please note that trading in financial markets carries risks, and it is essential to conduct your own analysis and consider your risk tolerance before entering any trades. This trade suggestion is based on the information provided and historical price patterns, but there is no guarantee of future performance. It is always recommended to have a well-defined risk management strategy in place.
MCX:GOLD1!Short
by imrahulshah2
BankNifty Breaks Channel Pattern and Forms Reversal CandleBankNifty Breaks Channel Pattern and Forms Reversal Candle at Resistance, Indicating Potential Bearish Momentum Date: June 14, 2023 In a significant development for the financial markets, BankNifty, a prominent index tracking the performance of banking stocks in India, has broken a long-standing channel pattern and recently exhibited a notable reversal candle at a key resistance level of 44,202. This event has garnered attention among traders and analysts alike, signaling a potential shift towards bearish momentum. The channel pattern, which had been guiding the movement of BankNifty over the past several months, was breached as the index surpassed its upper boundary. This breach denotes a departure from the established trend and has sparked anticipation of a new market direction. Adding to the bearish sentiment, a reversal candle has formed at the critical resistance level of 44,202. Reversal candles are chart patterns that suggest a possible shift in sentiment, often heralding a reversal in the ongoing trend. This occurrence at a significant resistance level intensifies the likelihood of a bearish momentum taking hold in the BankNifty. Market analysts and traders are keenly observing the current situation, considering the implications of this break and reversal. A sustained move below the channel pattern and the resistance level could further reinforce the bearish outlook for BankNifty, potentially leading to extended downward movement in the near term. If this anticipated bearish momentum continues to materialize, it could impact various sectors within the banking industry and potentially influence investment strategies. Traders and investors are advised to closely monitor the evolving situation, taking into account technical indicators and fundamental factors to make informed decisions. As with any financial market prediction, it is essential to exercise caution and consider multiple perspectives before drawing conclusions. The outcome of this potential bearish momentum remains uncertain, and market participants should be prepared for various scenarios. Disclaimer: The information provided in this news article is for informational purposes only and should not be considered as financial advice. Trading and investing in the financial markets carry risks, and individuals should conduct thorough research and seek professional guidance before making any investment decisions.
NSE:BANKNIFTY1!Short
by mrparastiwari