NIFTY - Elliott Wave Outlook
Timeframe: Weekly
NSE NIFTY began an impulsive move after hitting a low of 15183.4 . Based on the wave count, the price completed wave (5) of wave (3) at 26277.3 and has since started to decline. The price is currently in a wave (4) correction phase. Let’s switch to the daily timeframe for a closer look at the details.
Timeframe: Daily
On the daily chart with a neckline at 24,750 , we’re observing a bearish head-and-shoulders pattern forming. If the price breaks below this neckline, Nifty could drop significantly, potentially reaching the demand zone or surge point of the pattern. However, if the price fails to break this neckline, it indicates weakness in the bearish momentum, signaling a possible reversal
According to the Elliott Wave Principle, if wave 5 is an extended wave, the correction often occurs near sub-wave 2 of the previous impulse, especially if it falls below sub-wave 4. So, 24,570 will be a crucial level for Nifty. We can expect the price to move up by no more than 126% of wave A within the correction. Otherwise, there’s a risk of mistaking wave B for wave 3.
Whatever scenario Nifty chooses, it’s better to let Nifty commit to a clear direction before we commit to the market.
We will update further information soon.
NIFTY-TRADE
Nifty 50 Nifty 50 exact retraced to golden ratio of Fibonacci levels that is 0.618
Now will only look for long side
And for short in intraday only
It may go range then upside depends on market situation
Can go long from here by keeping sl below the ratio
ask your financial advisor before buying
Only for educational purposes
Nifty levels for 12 Oct 2022Good morning 🌞
Have a profitable day 💰👍🏻
Pre-Market Report 12 Oct 2022
SGX NIFTY is indicating a Flat opening
👉 SGX NIFTY is trading at 16964.5 up by 0.14%
👉 US futures are in RED
👉 ASIAN Market is in RED
👉 USDINR at 82.31
In Nifty 17000 PE and 17200 CE have high Open Interest in weekly
In Bank Nifty 38500 PE and 39000 CE have high Open Interest in weekly
👉 Asia-Pac Stocks Begin Subdued Following The Choppy Performance And Late Selling Stateside After BoE Governor Bailey Rejected Calls For An Extension To Gilt Purchases Beyond The Friday Deadline; ASX 200 (-0.1%), Nikkei 225 (-0.2%), KOSPI (-0.1%)
👉 STOCKS TO WATCH:
DELTA CORP, KIRLOSKAR ELECTRIC, L&T FINANCE, GENESYS INTL, SPANDANA SPHOORTY, SUZLON, TCS, RELIANCE, DLF, GUJARAT PIPAVAV
👉 Stocks Ban In F&O: Delta Corp, Indiabulls Hsg, India Cement
My view today 👉 Any gap up will again get correction today, I will look for a selling opportunity.
VIEW14583.75 is the level. Above it is sustaining go long for a target of at least 50-60 points. safe can short puts .. Aggressive can buy ATM calls. Buy some quantity now and wait for retracement if it takes support at the level add more if not then stick with the same quantity. SL is 50 percent of the premium.
So now , what to do ?In past i was defined this support and resistance line ,and market perform in that same wave....
Now just watch market if you want to buy ! Buy after market make closing above 12050+
Or if you want to sell than you don't have more time, take action in next trading day.
My own opinion to hold and just enjoy market
Hello i am Zeel Goswami,
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