Cypher pattern:- Bearish formation seen on #banknifty
Focus on PRZ - Price Reversal Zone (22,650 - 22,750)
Nifty P/E stands at 28.86, bubble expanding, be cautious.
Head & Shoulder formation in progress in a 1-hour chart, any bubble break will happen below 21,000 might see a target of 18,895.
I won't change my view based on dow or vaccine news, I will post what I see on the chart.
Trade what you see, not what you feel, enjoy trading.
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What I posted yesterday for today:- Our target was 23,365....we have high of 23,208
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I have an algo model in beta testing, the backtest result of last 1.5 years is excellent:-
On public demand, posting 1 year backtest result on #algotrading performance on #banknifty. Back-tested from 1/1/2019 Capital Required:- 5L approx ROI :- 475% Profit:- 23813 x 100 (5 lot) :- 23,813,00 /- Brokerage :- 95X150 :- Rs 14,250 /- Net Profit:- 23,798,750 Rs
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#BankNifty formed a Doji on the daily chart, people are confused either to go long or short.
I kept on posting on social media, not to trade today as the #banknifty spend the whole day in the yellow zone.
I keep my view for Monday as intact that of today.
Bearish Shark formation target 1 is already done at 0.78 to .62 i.e. 22,672-22,320
Target 2, I won't share right now, let's us get some pullback and then I will post the target 2.
Correction Waves Details:-
Wave A : - 23,112 to 21,615.
Wave B : - 21,615 to 22,363 ( exact 50% of the wave A)
Wave C : - 22,363 to ------ (21,438 (Achieved) / 21,329 / 21,241 / 21,152 can be anyone)
Decision Zone:- Above +ve & Below Negative.
I don't pay much attention to monthly expiry day candles, as there is FNO adjustment. The market is still in the range of 21k to 23k.
Please don't take a strong positional trade, until this consolidation range is broken.
I have posted a separate positional strategy as a separate idea yesterday, which is still valid.
Sir , I agree with your view but the market is not obliging the beare for the present . Instead bears are getting trapeed with each passing day . How ever this rally has to stop some where and reverse . Till it shows any signs of reversal shorting will be a bad idea . Thanks
Vikram02
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@sunilkumartej,
Very true sir,
We have to Trade only after confirmations
sunilkumartej
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@Vikram02,
today I went short on Bajaj Finance (bought P E ) any view on it ? I think its not only over bought but also over valued .
@sunilkumartej, If you want to sustain, change is only constant. The idea was replaced with long idea, once 3 patterns for failed:-
1. Cyper Pattern.
2. PRZ
3. H&S
Which shows the strength of the market.
Vinodkl39
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Hi Whats the cost of the algo whatsapp 9496482200 email vinodgopal944@gmail.com
Nrnr786
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I agree with you. may be upto expiry it may fall down very badly
sunilkumartej
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from here on I think sucker rally has to end , both in the Nifty as well as Bank Nifty , for fundamental as well as technical reasons : Nifty back to 29 plus P E , Banks likely to report the most horrible quarterly results (post moratorium period ) large scale loan defaults , rising up to 18%
bank nifty may sooner rather than later break the March 2020 low of 16116.