Trend change from not bearish to bearish in Nifty?I was not bearish in Nifty until Friday but the market has not failed to surprise me yet again.
Important support (100 SMA) at 22000 was broken with conviction and India VIX is flying through the roof. These both points make me rethink my bullish thoughts I had and now I would either stay away from the market or wait for the right levels and sell on the rise but better option is to stay away from the market for a while and let the dust settle.
#Educational purpose only
NIFTY
ICICIBANK POTENTIAL REVERSAL AHEAD WITH THIS PATTERNICICIBANK has experienced a bullish breakout followed by a pullback within the confines of a bull flag pattern. The recent reversal, respecting the upper boundary, suggests a potential retracement within the current bullish trend. Should the breakout occur as anticipated on the chart, a price decline towards the highlighted key level is conceivable.
Nifty Short, Medium & Long Term View- 13-May-24 to 17-May-24Nifty Short, Medium & Long Term View- 13-May-24 to 17-May-24
Nifty closed at 22055(22440) and touched low & high of 21935 & 22585
Nifty was up from the support level and was trading inside the range (22000-22800) provided last month. However broke the support and touched down 21935.
RSI and stochastics levels was up from last week(41.45 % & 13% Respectively). Both are near to oversold zone.
All Companies so far posted results are average other than Bank & Finance stocks which posted Good results, IT posted muted growth, Maruti posted good results, Reliance, Ultratech posted good growth. Other manufacturing, capital goods companies results are awaited in coming weeks.
Nifty bank 47421(48896) - Nifty bank was up marginally inline with nifty last week. Many bank & Finance stocks are buyable zone. As insisted for last 3 months Banks & Finanace Stocks are really good and will give good results, as expected Q4 results are good especially for Axis Bank , Indusind bank ,ICICI Bank definitely can be added as portfolio stock. Kotak Bank ( after the fall due to RBI regulation can be added slowly whenever there is a dip), Bank of Maharasthra ( Buy on Dips) ,Canara bank( Buy on Dips) can be accumulated slowly as well. Apart from that Motilal Fin, Chola Finance, ICICI Securities,
Following Finance Stocks can be added as it posted good results are Bajaj Finance, Bajaj Fin Serv, Manappuram Finance, suryoday small fin. Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Apollo tyres, Biocon, Coforge & persistent Sys can add these stocks to portfolio. Please buy in parcels and every dip of Index and every dip of individual stocks (2-5% of portfolio on each purchase for long term)
Nifty 224055- Short & medium term (Neutral)
Nifty have resistance at 22350 ( MA 50). As mentioned in the past month, nifty almost reached the near term target 22819 two weeks before (Fibonacci extended resistance target) and started falling ( 22819 Target- which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak/23000 which cant be crossed decisively.
Short term support 22230 (MA 50)/22000/21800
Medium term Support - 21721 (Mar Low),21500 (Fib & Trend Line Support),21180, 20877 Fib Support as shown in the chart.
Long Term
Market expected range bound between 23300 ( Trend Line Resistance till May 2024) to 20225 / 20000 ( Fib Resistance),19500 expected in 2024.
Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Market Awaiting for the Q4 results to take a cue.
Comments :
Positive Lok Sabha Election result expectation, Global trend helped sustaining the market above 22000.
Recent Electoral bonds, CAA implementation news couldnt make the market down as market is confident that current govt will win more than halfway mark, continue govt post election without any additional support of other parties so that govt can be confident enough to take decisions. Hence whenever there is a dip in the market, continue to buy on small quanties till post election survey results are revealed on Jun1- Jun 3rd and Jun 4th Election results.
Hence market is in good buy whenever there is a dip. Post Elections, only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun/ Sep 2024. Market may correct if any global news till 19500 as there is strong multiple fib support in this range.
Nifty IT broke the Major support at 32935. Nifty IT Stocks like TCS, Infosys, Wipro gave muted results in Q4 2024. Can be added for short rally as it fell sharply, however strictly for long term and also in portions slowly on each fall ( say 5-10% of total investment in IT stocks). Whenever there is such dips and new lows ( in the last 1 year) We can add slowly considering 2-3 years. It need to break above 38000 needed to further move up. Future of technology stocks are in high pressure due to AI as it is reflecting in US and Indian technology stocks. Especially Indian IT stocks is in a non decisive path and downtrend.ifty Short, Medium & Long Term View- 13-May-24 to 17-May-24
every dip of individual stocks (2-5% of portfolio on each purchase for long term)
Nifty 22419- Short & medium term (Neutral)
As insisted in the last month, Market need to decisively close above 22800 to move up further. As expected last week for come back rally market went up.As mentioned in the past month, nifty almost reached the near term target 22819 two weeks before (Fibonacci extended resistance target) and started falling ( 22819 Target- which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak/23000 and again trying to cross it.
Short term support 22230 (MA 50)/22000/21800
Medium term Support - 21721 (Mar Low),21554 (Fib Support),21300, 20877 Fib Support as shown in the chart.
Long Term
Market expected range bound between 23300 ( Trend Line Resistance till May 2024) to 20225 / 20000 ( Fib Resistance),19500 expected in 2024.
Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance). Market Awaiting for the Q4 results to take a cue.
Comments :
Positive Lok Sabha Election result expectation, Global trend helped sustaining the market above 22000.
Recent Electoral bonds, CAA implementation news couldnt make the market down as market is confident that current govt will win more than halfway mark, continue govt post election without any additional support of other parties so that govt can be confident enough to take decisions. Hence whenever there is a dip in the market, continue to buy on small quanties till post election survey results are revealed on Jun1- Jun 3rd and Jun 4th Election results.
Hence market is in good buy whenever there is a dip. Post Elections, only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun/ Sep 2024. Market may correct if any global news till 19500 as there is strong multiple fib support in this range.
Nifty IT broke the Major support at 34918 /34000 two weeks before and went upto 32919. Nifty IT Stocks like TCS, Infosys, Wipro gave muted results in Q4 2024. Can be added for short rally as it fell sharply, however strictly for long term and also in portions slowly on each fall ( say 5-10% of total investment in IT stocks). Whenever there is such dips and new lows ( in the last 1 year) We can add slowly. It need to break above 38000 needed to further move up. Future of technology stocks are in high pressure due to AI as it is reflecting in US and Indian technology stocks. Especially Indian IT stocks is in a non decisive path and downtrend.
Nifty closed at 22055(22440) and touched low & high of 21935 & 22585
Nifty was up from the support level and was trading inside the range (22000-22800) provided last month. However broke the support and touched down 21935.
TATAMOTORS BACK ON DAILY RESISTANCE, WILL IT GO ABOVE 1150 NEXT?TATAMOTORS might establish a fresh peak provided there's ample volume to breach the highlighted resistance zone. Therefore, it's prudent to monitor this level closely for either a breakout or confirmation of a reversal, which will determine the stock's future trajectory. A decisive breach of the resistance could propel it to a new high, potentially surpassing 1155. Conversely, a bearish reversal and breakout below the floor price of 945 would negate the bullish outlook.
SBIN MAY LOOK FOR A CORRECTION AHEADSBIN has been on a robust bullish streak, indicating a possible retracement or correction phase in the near future following its recent rally. There's potential for the price to consolidate within a formed channel before potentially breaking out bearishly, supporting a bearish outlook.
Nifty trying to bounce after bottom formation. Nifty is trying to bounce after bottom formation. The bull rally can commence and the bounce can sustain only if the level of 21938 is held and we get a closing above 22070. In the case of up move after 22070 is crossed and held the resistances for future will be 22129 and 22188. Post closing above 22188 50 and 200 Hours EMA (Mother and Father line) 22236 and 22339 will be the next major resistance levels. Bulls can breath easily only after we get a closing above 22339. In this case the future target will be 22502. In case we get a closing below 21938 in the coming week the next support level will be at 21769. (Right now charts do not suggest that we can get a closing in Nifty below this point but in case we get a closing below 21769, bears will play major havoc and can drag Nifty even to sub 21K levels.) However this does not look probable right now as shadow of the candles look positive (Green) but you can never say never. Bulls have potential to fight back above 22070 levels and specially can take centre stage if we get a closing later this week or the next above 22339.
TRIDENT IN BUYSorry due to some personal reasons i hold Forex for next 2months...
Now we see in TRIDENT LTD stock
Now price In Daily Flip zone
Also daily flip zone is 4H strong buy zone from SMC
and also it's pattern retracement
My analysis in technical is it will reach 52.9 and all time high too
Here is the entry
38.3-37
TRG 40/42/46/49/52.9/58/63/70
6months-1year hold
NOTES:EDUCATIONAL PURPOSE ONLY
Can Channel Bottom Support save Nifty?As you can see Nifty is resting very timidly at the bottom of the channel after confirmation of H&S Break down. Most of the indices were thrashed like bowlers are thrashed in IPL matches this season. If Nifty has to recover it has to be done in next couple of sessions that is Friday or Monday. If the current support around 21900 is broken the next supports are only at 21769, 21543 and finally 20991. Below these levels more pain will be there in the system and Bears will become even more powerful. Resistances on the upper side now are at 22096, 22231 (Mother Line Support) (50 EMA), 22311 and 22502. Shadow of the candle is looking negative but bears will try to give a fight for sure if not tomorrow very soon.
NIFTY - Quick Analysis Today, we saw a substantial fall in the Nifty. The nifty has been weak in the recent past and the weakness was pronounced this week. The Nifty has been moving in an upward inclined channel for almost six months. And recently, we saw a double top formation. Now the Nifty is approaching the baseline of the double top formation which is around 21710. Now the nifty has broken below the 50 DMA and also below the demand line of the channel. The momentum has also become weak and the Sell waves are dominating the Buy waves. All this confirm overall weakness. Now 21710 is a very crucial level. A break of this level will confirm the success of the double top formation and will take the nifty towards the 200 DMA which will be around 21,000. So, we need to wait and see if the level 21710 will hold. This level is a also good support zone. Tomorrow’s session will be important one.
NiftyCrucial days ahead. Nifty futures, if it breaks 21813.60, we will have some retracement but will be heading to 21060.
Break of 21060, we will definitely go to 20270, again via some retracement.
This is pole-base-flag pattern playing out in a weekly timeframe.
We are not in a bear market, but 10-15% correction may loom before we head back to the bullish trend again.
All this only if we break 21813.60. Be watchful.
#IDEA long trade setup intraday (09/05/24)Greetings Folks,
today I have prepared a setup of
NSE:IDEA on NSE
the analysis is as follows-
- marked an important support zone in higher timeframe
- price tapped in it and respected the support zone
- in lower timeframe , there is a ranged structure
speculating that nifty might move in up direction, we can plan a small counter trade
don't play with fire, always use a predefined stoploss
WHERE IS BOTTOM? WHERE TO BUY? NIFTY? Undoubtedly, perfect level to buy nifty @ 22951 no stoploss needed.
22951 & 47097(banknifty) happens to be .78 fib retracement level from 26 oct 2023 - may 2024.
Dont b scared to buy @ these levels including nifty & bank nifty heavyweights.
Reliance, LT, Indusindbank, TCS, HDFCbank, ICICIbank to name a few.
Dangerous H&S Pattern forming on Nifty.(Pending confirmation)A Dangerous Head & Shoulders Pattern is forming on Nifty charts.(Pending confirmation) If we get a confirmation candle tomorrow or if the support zones of 22240 to 22186 are broken and if we get a closing below 22186 there will be confirmation for the same. If we get a confirmation of Head and shoulders pattern bears will have potential to drag Nifty further down to 21962, 21769, 21543, 21142 or even 20968 levels in a short to medium term. In that case I will consider it a buying opportunity only. Things will start to become sour only if we get a monthly closing below 20968 levels. On the brighter side today Nifty has taken a support at 50 days EMA. (Mother line). In case bulls are able to take control from here on the levels on the upper side will be at 22488, 22592, 22691 and finally 22800 levels. If Bulls have to fight back it has to be in next 2 or 3 days. Shadow of the candles is neutral right now.
Review and plan for 8th May 2024Nifty future and banknifty future analysis and intraday plan in kannada.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
NIFTY50 POTENTIAL BREAKOUT ON THE STRUCTURENIFTY50 is currently within a robust bullish channel, displaying consistent growth since the emergence of bullish sentiment. Price has adhered to the previous high established on the daily timeframe. We anticipate potential price action to remain within the upper and lower boundaries for a period. Upon future confirmation of a breakout at the lower boundary, a bearish trend with significant momentum could be witnessed.
Review and plan for 8th May 2024Nifty future and banknifty future analysis and intraday plan in kannada.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
Possibility of further downside. If we consider the high and low of the last day candle in futures as a range, a break in either direction can give a sharp sting that way before turning and going the opposite way. This is just a story that played in my head. And the probability of this being on the down side seems more likely. 22350 and 22300 may be likely in this case before we see a short covering rally.
Even after the dramatic fall on Friday Nifty looking strong.Even after the fall due to Profit booking and fear in investors due to Fed rate pause Nifty is not looking weak. Seemingly it has taken 200 Hours EMA support in late trading hours of Friday at 22388 after falling below it just for a while. If 22388 is not broken in the coming week the targets/resistances on the upper side will be at 22535 (Major resistance) (best way to avoid it will be to open gap up above it.), 22691, 22799, 22873, 22973 and 23039. Channel top seems to be around 23155. If the support at 22388 is broken and we get a closing below it, the supports will be at 22348, 22186 and finally channel bottom support near 21962 (in very unlikely event). The shadow of the candles is positive right now but there will be profit booking effort at every rise. Bears will try to fight the bulls who were taken by surprise by the bear attack on Friday.
Review and plan for 7th May 2024 Nifty future and banknifty future analysis and intraday plan in kannada.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
gold in important areasorry for late update...
sell already active from yesterday
the last zone for sellers is 2309-2315
if gold close this area buying pressure will be there
but we got 15 min high confirmation(using my rules) for sell... so we placed a order for sell
sell @2304-2308-2310.8
sl 2322
swing entry
tp 2302
tp 2286
tp 2200
tp 2160
tp 2050
tp 1970
tp 1840
NOTES:EDUCACTIONAL PURPOSE ONLY