12/05/2023 NIFTY SUPPORT AND RESISTANCE ZONEAfter 2 weeks nifty now trade under the range zone . right time to enter for short
Niftytradesetup
NIFTY--Breakdown happens ??Observations::
---------->>Price opened gap up and observed a strong fall + consolidation.
---------->> Previous supply zone (gap down) range @18260 level resist the price to go down .
If tomorrow price breaks this level, we will observe a strong fall towards 18200,18120 levels.
if price again breaks 18180 levels, 18120 level acts as a pullback to 18180 level, at this level previously strong sell off is observed, here
(18200-18120) if again strong push to the down side happens price falls below 18060,up to 17960 levels.
---------->> we have an untested demand zone @17960 will push the price upwards again.
---------->> Be careful at (18200-18120) and 17960 levels.
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Nifty levels for 12 MayToday market was in a consolidation face.
There is no exact direction of market, on the above side 18400 is major resistance and below 18200 is support.
Nifty 50 Index Next MovePair : Nifty 50 Index
Description :
Bearish Channel as an Corrective Pattern in Long Time Frame with the Breakout of the Upper Trend Line and Retracement
Divergence - RSI
Break of Structure
Completed " 12345 " Impulsive Wave and " ABC " Corrective Wave
SMC - CHOCH
Fibonacci Level - 78.60%
NIFTY--Fall Below 18260 levels (Expiry)??Observations::
---->> After gap up NIFTY clearly showing bearish pressure towards 18200 levels, if again price goes below 18260 levels, we will go for selling up to 18200,18120,18060 levels.
------->> If any one of these levels acts support price will again goes upside.
-------->> Wait for more confirmation at 18200-18180 range to break and pullback to 18260 or 18220 levels.
-------->> Above we have a resistance @ 18380-18400 range.
Nifty lavel for 11 MayFor tomorrow levels are difficult because it's totally depend on the inflation data of USA which is coming today night. According to USA inflation data market with decide the direction tomorrow.
Expecting a pullback before continuation of uptrendWill look to enter at the demand zones near Fibonacci levels.
Short/Sell Nifty50Nifty50 has been rallying for a while now and has entered overbought territory. Its reversal is not far.
There is an inverse correlation between USDINR pair and Nifty50.
now you can see from the charts below the USDINR pair is making a falling wedge which breaks to the upside and Nifty50 has been moving up in Rising Wedge which breaks to the downside. So, this could be a good trade opportunity for Nifty50 and a swing short trade.
Also, Fundamentally DXY is making a long-term bottom and will rise in coming weeks, months which will cause further strength in the USDINR pair and fall in Nifty50.
To Read my analysis on DXY go to the link below the post.
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10/05/2023 BANKNIFTY SUPPORT AND RESISTANCE ZONEHello Guys,
Good Morning everyone,
According to the data today market Falt is going to open
After A Falt opening if Banknifty sustain Above 43500 and taking Support from 43500 then open target for T1-43600,T2-43700,T3-43900
If the Banknifty after a Falt opening sustain Below 43100 and taking resistance below 43100 then the open Targets for T1-43000,T2-42900,T3-42800
Major Levels 43500,43400,43200
Nifty support level for 10 MayNifty yesterday sentiment is downward, Nifty may test the level of 18150 tomorrow.
As Dow Jones future showing negative right now, let's see what will happen in today's session in Dow Jones.
Overall sentiment of nifty is positive, so we try to buy on dips.
NIFTY-Today bullish move created to exit the long positions??Observations:
-------->>Nifty trending upwards, today it proves that it's a retracement not a reversal sign.
-------->> Again showing bullish movement in nifty, witnessed buyers are still in control.
today bullish move created to exit the long positions?? why don't we think sooo....
-------->>We suspect that if it is a false breakout in nifty above 18260 level , this time the fall will be below 18060 levels.
-------->> At this point 18250 level, sellers are exists by showing a huge gap down , why don't we think of sellers may again push the price towards downside.
--------->> If we consider these 2 levels, 18200 or 18100 they are not strong enough to push the price higher, so if price started falling it may clear all these levels, and we have an untested demand zone@17960 levels.
NOTE:
Is this false breakout above 18260.
NIFTY- which level Holds 18200 or 18100 ??
NIFTY--Retracement is to Enter Long Again Not for Sell ??Observations:
-------->>Nifty trending upwards (after a huge gap down means not to sell, its a retracement)
---------->>After a strong bullish movement, after breakout from 17800 levels,
----------->>Nifty gives larger retracement towards 18050 levels, this retracement is to enter again long with the momentum upside towards 18300,18500 levels.
--------->> consider this an opportunity to enter long from these zones, not to enter for short.
--------->>Nifty showing pressure on bearish side, but wait and enter for long here, leaving a demand zone @18000-17960 levels. Be on long side with the movement.
NOTE:
NIFTY- Bullish from this zone 18000-17960 ??
#Nifty50 Monday trend levels #Nifty50 Monday trend levels ,As I said in BN post, Nifty is also strong and more likely to go up to 18500 range before bear trap. Wait for bearish confirmation below 18000.
Manappuram Finance breakdown analysisManappuram Finance is trading in down trend now a days and looks like it is going to test Rs 82 level soon. We should watch the defined level on charts where you will get a brief idea about trading idea on this counter. Important levels to watch before trade:
Sell Below : Rs 100 only on closing basis
1st Target : Rs 90
2nd Target : Rs 82
Strict Stop loss : Rs 107
Nifty and US Markets have Negative Divergence. Since SGX Nifty runs through US Futures, and Nifty opens, stands after the story ends for SGX futures price. Yet, there have been disturbing divergences in Indian and US markets due to FED RATE HIKE. It's the season of Results and a developing nation's economy hardly upsets the stakeholders, given that Indian markets rallied a while, took some consolidation, ran again now they have gotten awaited a hall of stoppage. US markets might recover from the bottom they have formed they mostly do, but Nifty Index has lasted a rally too good to be true. Everyone is bullish that is why DIIs are selling, even though FIIs are buying daily. But a day like today says little more to come.
