Let's start with Britain's referendum polls. No one is sure what will be poll results, Its Neck to neck between BRemain & Brexit. What Nifty will do inline with poll results ?
If Bremain happens - Nifty Gap Up ; If Brexit - Nifty Gap Down.
Rare case : There is possibility of Nifty ignoring the result as India has some vested interest in both scenarios
Coming...
As per the Elliott Waves, After Kotak breaking out from the all time high prices, now it has corrected with ABC correction. It is an ideal time to get in the trade and target for 780 levels.
Go Long.
On the daily chart, I notice a potential Harmonic ABCD pattern, it has taken support at 38.2 retracement with the extension at 2.818 in sight. Assumption is based on the current Bullish pattern. Important level to break on the up side will be at 18053. It this holds good, we can see it testing 19100 level as per the projection.
PS - I am learning harmonics and...
It seems a complete formation of bearish butterfly pattern. It needs a red candlestick on Monday to confirm this pattern.
If it is confirmed then it will become low risk high profit trade.
Close watch on Monday closing
Note : Unless some macroeconomic news affects banking sector, SBI has good potential to move up in coming weeks as most of loans written off & market has adjusted to that.
But Jun 14-16 with Fed meetings markets can react , Feds always do what they think right not what needs to be done.
The zone marked above has been tested 4 times, so I am expecting it will be...
Currently, the price action of this one has broken all time high at range of 734-744, now after a breakout it has made a doji candlestick on the previous resistance range and made it a new support (In case, the price action goes below the new support range then it might be called as a false breakout) and I believe the price action of buyers will take the price...
This is the trading plan for Axis bank.
Share is moving in up trending channel, price has broken structural highs on daily chart. Shorting such up trending share will be risky. Supply zone, Momentum Indicator, Gann line and candle stick analysis to take short or long trade.
If we close above current supply zone the one can long share keeping the next...
BankNifty is little more volatile sibling of Nifty. If you take out price scale, then it would be tough to differentiate between NIFTY and BankNifty charts. Usually we cover NIFTY widely here knowing that learned traders will get their conclusions about BankNifty from there. Let's dive into the levels to indentify next opportunity in BankNifty.
Major Banks in...
In medium term Bank nifty progressing wave b of (c). In that wave (C) wave iii is completed, Bank Nifty fell into the iv corrective wave today. Upto next week we can expect this correction.
Shared chart is the road map for bank nifty movement for next few weeks. we have supply zone at 17859 to 18000
127% of Fibonacci level is also clubbing with supply zone.
All green lines are Gann square lines derived from different numbers, price is responding to these line nicely.
One can use these lines for stops or targets. Red and Green zones are supply...
It is an ideal time to enter this one as following reasons,
1. Fibs Extension Completed at 1.618
2. Wave 3 completion at Structure
3. Ratio and Structure confluence
4. RSI and MACD negative
Target 1 - 80
7th May 2016
BankNifty Weekly chart: Showing long term downward trend since Feb 2015. But its in short term uptrend since last 2 months lying currently at Support line @ 16300 and strong resistance at 16600.
If its unable to cross 16600-16800 then it can slide below 13000 also.
