NIFTY ANALYSIS 22 SEPT 2023

 From the high of 20222 Nifty has retraced up to 0.5% Fibo retracement@19704 -  This corresponds to Hour 200 EMA and aslo +ve divergence seen in 14RSI charts in Hour, 15min and 5 min TF. A pause likely here towards 19900 but with an Hour close below 19690 - down pressure would be imminent.

Prev Day

high - 19848

low - 19704

close - 19742

Intraday Levels for trading

Buy above 19745 - with SL below 19690 

Sell below 19690 with 15 min close above19705

NIFTY ANALYSIS FOR 11th SEPT

 Recap of 8th Analysis and trade:

Nifty was supported @ 19725 and on breakout of 19740 - reached a high of 19867 - 78.2% retracement and cluster resistance and closed @ 17819.

Trades taken:

Bought 19700 CE on breakout of 19740 and squared off @ nifty spot 19850 levels  - one good trade done

NIFTY ANALYSIS FOR 11TH SEPT 2023:

Prev Day:

High - 19867

low - 19727

Close - 19819

Nifty has reached the cluster resistance & 78.2 Fibo ratio @ 19687. RSI charts shows -ve divergence.

A pause likely till 19870 is taken out. Fibo retracements to be watched below 19800.

INTRADAY LEVELS:

Bullish above 19870 towards Nifty prev high 19991

Bearish if resisted @ 19870 and below 19800 - drag towards 19720 levels. 

PRICE ACTION LEVELS:

19870

19795

19740-19725

NIFTY ANALYSIS FOR 8th SEPT 2023

 RECAP OF 8TH ANALYSIS AND TRADE:

Nifty supported @ 19550 ( price action levels) & crossed cluster resistance levels @ 19637 and rallied up to 19737. 

Trades taken:

Bought 19550 call and 19600 call on 15 min close above 19637 and squared off Intraday - very good trade done.

NIFTY ANALYSIS FOR 9TH SEPT:

Prev Day

HIGH - 19737

LOW - 19550

CLOSE - 19727

Nifty just crossed the 61.8% fibo ratio @ 19697. A pause likely at golden ratio. A move past 19740 - will target the next swing high of 19798 - 19825 - corresponding to 78.2% fibo ratio and the Channel resistance.

INTRADAY LEVELS:

BULLISH ABOVE 19740 - towards 19798-19825

BEARISH below 19690 -19640 (50% retr of 19550 - 19737) -19605

PRICE ACTION LEVELS:

19740

19690

19640

19605

NIFTY ANALYSIS FOR 7th SEPT 2023

 RECAP & TRADES OF 6TH SEPT:

Nifty resisted at 19600 - and made a low of 16502. Supported @ 19490-500 levels breakout above 19530 a swift move towards 19600 ++ As per price action

Trades :

BOUGHT 19600 PE @ 70 & squared off @ 110 - One good trade DONE

Bought a 19450 CE @ 72 and squared off @ 106... Another good trade.

NIFTY ANALYSIS FOR 7th SEPT:

Prev Day:

HIGH -19636

LOW - 19491

CLOSE - 19611

OUTSIDE CANDLE FORMED

CLUSTER RESISTANCE @ 19630 LEVELS.

50% RETR OF  19991 -19223  REACHED -19610 LEVELS

A RISING WEDGE PATTERN IS SEEN 

GAP RESISTANCE @ 19680 -19700 - @ 61.8%  FIBO LEVELS

INTRADAY LEVELS:

BULLISH : Above19630 - 19680 -19710 - (filling of gap)

BEARISH : Below 19630 - 19540 (rising wedge support) -19510 -19500

PRICE ACTION LEVELS: WIDE RANGE - implies high volatility expiry

19630

19540

19490

NIFTY ANALYSIS FOR 6th Sept 2023

 RECAP OF 5TH SEPT ANALYSIS AND TRADE:

Nifty opened above the prev day high of 19545 and resisted at swing high of 19587 and retraced 38.2% of the prev rise of  19432 - 19587 - to respect the price action level of 19520 - by forming today's low @ 19525.

Trade 1 done : bought 19500CE  @ 85 and sold @ 97

Trade 2 done : bought 19600PE @ 80.95 and sold @ 70 - Mistake done by not booking at the price action level of 19520 - as mentioned in the analysis and waited for further downside - thereby missing earlier gains too. 

5th Sept - No loss No Gain - 😐

ANALYSIS FOR 6TH SEPT:

Prev Day - 

Open 19564

High - 19587

low - 19525

Close - 19574

50DMA - 19463 

Again a DOJI formed. 

INTRADAY LEVELS:

Intraday Bullish levels: Cluster of resistances at 19590-19600 levels. On sustainable breakout above 19590 -19600 Nifty is likely to target 19640 - 19700. 

Intraday Bearish Levels: If resisted  @ 19580 levels - then 19525 - below which 19430 levels

PRICE ACTION LEVELS :

19595 - Cluster resistance

19575 - prev day close

19525 - prev day low

19500 - 5min 200 EMA & 23.6% fibo retracement

 

NIFTY ANALYSIS 5 SEPT 2023

 

Nifty values for 5^th September 2023

 

Prev Day

High – 19545

Low – 19432

Close – 19528

DOJI FORMATION

Intraday Bullish possibilities:

Move above 19545 – next swing high – 19584-19600 – corresponds to 50% retr of the wave 19991 – 19223.

 

Intraday Bearish possibilities:

Break below channel – 19495 –

T1 – 19432 – prev day low

Hourly close below 19430 – will weaken further as week’s close is breached and a move below 19430 – SL -15 min close above 19440.

 

PRICE ACTION LEVELS TO WATCH:

19600

19545

19495

19430

 

 

 

NIFTY ANALYSIS

 

 

Nifty had a sharp recovery from the low of 18345 towards 18500 + and has closed @ 18495.

An a,b,c  seems to have completed @ 18345  - retracing approx 61.8% retracement of 18133 – 18886.

 

PRICE ACTION:

Above 18520 – levels to watch as per fibo retracement – of the fall from 18886 – 18345.

 18550 – 38.2%

 18615 – 50%

 18670 – 61.8%

 

BELOW 1420 – and break of 18400 – nifty would be dragged towards 18300 levels.

SUPPORT AND RESISTANCE:

Nifty closed at 21 DMA @ 18495

10 DMA - 18639.

INTRADAY TRADE PLAN:

BUY ABOVE (BUY 18500 CAL) 18520 SL 15 MIN CLOSE BELOW 18500

SELL BELOW (BUY 18400 PUT) 18400 - SL 15 MIN CLOSE ABOVE 18425

NIFTY & BANK NIFTY ANALYSIS

 Nifty resisted at 18665 @ the opening, formed a low @ 18528 and closed @ 18561.

Break below 18520 Nifty is likely to reach 18420 levels - 61.8% retr of the wave from 18133 to 18886.

Looking at the brighter side, Nifty is supported @ 18530 levels by Bollinger band & Ichimoku cloud as per hourly char and 15 min chart.

An a,b,c is likely to have completed and there is + divergence prevalent in 5 min chart.

INTRADAY TRADE SETUP:

Holding 18520 (prev day low) and a move above 18625 is required for further upsides.

Breakdown below 18520 - would drag Nifty towards 18420 levels

Trading Range  - 18520 - 18620

Intraday trade Plan:

Buy above 18560 - SL 15 min close below 18510 - for intial targets upt 18620-18630. 

Sell below 18620 - SL 15 min close above 18630

Sell below 18490 with SL 15 min close above 18520

BANKNIFTY:

Banknifty within the range of 43290 - 43050 

Breakdown of 43050 and a 

15 min close below the same   - BB SUPPORT

 H&S pattern will come into play

TRADE PLAN:

I.  SELL BELOW 43000 SL 15 MIN CLOSE ABOVE 43050

    BUY ABOVE 43300 SL 15 MIN CLOSE BELOW 43250

2. Aggressive: BUY @ 43020 sl 5 MIN CLOSE BELOW 43000

 

NIFTY & BANK NIFTY ANALYSIS

NIFTY broke 18630 levels and went upto 18590 and closed again near 18640 levels. Nifty is stuck in the range. 

A Close above prev day high required for further upsides and similarlh a close below the prev day LOW required for further downside.

INTRADAY TRADE SETUP:

NIFTY range bound between 18590 - 18650 

Break below 18590 will lead towards 18500 - 50% retracement of 18133 - 18886 - 

BREAK OUT  above 18650 - will intially target 18750 ++ - CHANNEL BREAKOUT

Trade Plan:

BUY ABOVE (18600 CALL ) 18650 WITH SL 15 MIN CLOSE BELOW 18620

SELL BELOW (18600 PUT) 18590 WITH SL 15 MIN CLOSE ABOVE 18620

BANKNIFTY PATTERN:

A Head and Shoulder pattern is formed in Bank Nifty in which 

H&S BREAKDOWN BELOW 43050

INTIAL TARGET 42800 

Trading above 43300 will nullify the pattern

NIFTY ANALYSIS

NIFTY broke the previous day low and the fifth wave was done at 18590 and from thereon  was a 100+ point move till 18700++ and managed to close at 18700.

Considering wave A as 18886 - 18590 - the ongoing 'B" is likely to retrace upto 18750 - 18775 - a 50% to 61.8% retracement - holding 18625.

INTRADAY TRADE SETUP:

There are cluster of resistances  @ 18720-730

*18717 - 15 min Bollinger band resistance

* 18728 - prev day high

*Channel resistance @ 18725

Break of 18625 - Channel resistance would drag Nifty lower towards 18500 - 50% of the retracement of the move from 18133 - 18886.

So, trading above 18728 - will lead towards 18750 -18775

& break below 18630 - will drag toard 18550 - 18520

Trade Plan :

Buy (call option) above 18725 Sl 15 min close below 18700 - (fall back into channel)

Sell below (buy put option) 18630 SL 15 min close above 18650 ( back into channel)

NIFTY ANALYSIS

Nifty on Friday managed to close just a tag below 18700 levels @ 18696. On friday as anticipated break of 18750 lead to a low of 18639 and from there a bounce upto 18700. 

Nifty has formed a Bearish candle on 2 Dec. 

Day trend looking bearish as the day high (2 DEC) is below the prev day low (1 dec) and has closed below 18700.

Till the high of 17781 is taken out or the low of 18639 is broken - the movement would be rangebound

Break of 18639 would lead to 18505 levels - 50% fibo retracement 

A move above 18815 - upper bollinger band will resume upmove - towards 18950 +

INTRADAY TRADE PLAN based on 15 min TF

If the move from 18886 till 18639 is an a,b,c completed - then breakout above the channel 18715 (also upper BB)- would lead to 18770 - 18790 - 50% or 61.8% retracement -

Considering it as 4 on going - then break of 18710 would lead to 18639 -18600 towards 5th

TRADE PLAN:

BUY ABOVE 18720 WITH 15 MIN CLOSE BELOW 18670

SELL BELOW 18700 WITH 15 MIN CLOSE ABOVE 18720

 

NIFTY ANALYSIS

 NAMASTE..

I'm posting after a huge gap of almost 7 years. I hope to continue the same. Indices have gone for a rollercoaster ride in these years and have reached ALL TIME HIGH...WOW..

Now, WHAT NEXT??? 

The question in minds of traders - 

•  will it sustain?
• when will the market start to fall again?
• will I miss the run again?

and so on and so forth....

Let's just keep all these aside and just focus on charts - Price action - which when followed meticulously - will ultimately lead to the path of success. Let's jump straight to analysis:

NIFTY:

1 Dec 2022 -

 High -   18887

 Low -   18778

 Close - 18812

18760 - 18750  - 

Channel support

50% fibonacci levels

break below can lead to 18600 levels.

Breakout above 18340 -350 a new ATH is likely

INTRADAY TRADE PLAN:

** BUY @ 18770 LEVELS SPOT SL - 15MIN CLOSE BELOW 18750. - 

Caution: in case it is the 4th wave ongoing - it tends to break below trend line and revert.

** SELL BELOW 18740 - FOR TARGET UPTO 18600 SL 15 MIN CLOSE ABOVE 18760 - i.e back into the channel..

BANK NIFTY ANALYSIS

Intraday Update 11.30 Am:
BN found support at 18100 levels and has reached the 200 DMA.

TRADE PLAN:

Book out Longs and short with EOD close above 18510 - 200 DMA. OR Trail SL to 18350 -50 DMA - Hour Close.

Pre market View:

Two Scenarios' in play:

Bullish - c.B ended at 18034 and a new wave has started.

Bearish : iii ended at 18034 and ongoing is iv. C.iv is pending and likely to resist at 18350 - 50 DMA and fall to form new lows below 17900

SL for Positional Longs trailed to yesterday Low Book out at 18310 - 350 spot.

Sell at 18350 spot levels - SL EOD close above 18350 - 50 DMA.

BANK NIFTY ANALYSIS

Pre market view:

Bank Nifty Has reached its crucial support of 18050. If supported intial resistances are -18150 crossing which next major resistance is 18350 -50 DMA.

 

Trade Plan :

Buy above 18100 SPOT / 18200 Futures SL EOD close below yesterday's low. Book out at 18350 -50 DMA.

BANK NIFTY ANALYSIS

INTRADAY UPDATE : 3.00PM:
The fall from 18500 - has reached upto 18100 - almost nearing the target of 18050 -a=c condition. The fall has been perfect within a channel in five waves.

BANK NIFTY ANALYSIS

Bank nifty for the 5th consecutive day has found resistance at 19050 and support at 18900-800. There are both Bullish and Bearish Prospects in contention - Typical of a B Wave. Yesterday EOD close was below 18900 - signalling weakness. But it is above the TA parameters such as 10 EMA,10DMA and 5 Low EMA.

Trade Plan:
Sell below 18900-18950 - Sl two hour close above 19050 - Day HEMA
Buy above 19050 day HEMA - SL two Hour close below 18900

BANK NIFTY ANALYSIS

BANK NIFTY IS AT MAKE OR BREAK level. The Previous range between 19000 - 19800 has shifted to 19100-18900.

BEARISH VIEW: Breakdown below 18900 - would take it down towards 18800-750.

BULLISH VIEW- A typical Inverse Head and shoulder pattern has formed with breakout above 19100 SPOT LEVELS.

TATAMOTORS ANALYSIS

Tatamotors has corrected approximately - 50% from its High of 602 - to  364.

A Huge Falling wedge is in formation with Positive divergences in 14 RSi and Slow MACD. The falling wedge would Breakout above 385 - and the initial target would be 420-425 - at which the wedge would become a Channel. Breakout above this level of 420 would be highly Bullish.

This level of 385-390 is the previous support - turned resistance. So, if resisted - would retreat fast towards - 360-355 and also If the resistance is taken out the target would be 420.

BANK NIFTY ANALYSIS

Intraday Update 2.00 PM

The Diamond pattern became a busted pattern and again today support well found at 18830 - SPOT levels.
19050 spot- knocking for the fourth consecutive day - CAUTION with SHORTS.

BANK NIFTY HARMONIC PATTERNS

BN is within a narrow range of 18800 - 19050 - and either way breakdown or breakout is all set to give huge moves.

Harmonic pattern Chart:

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_d71772d252b5602a171ffd45d8bf6164.png

BULLISH VIEW:
An EOD close above 19050 - Day channel breakout - would lead BN towards 20000++ as per the ABCD Pattern in the above Chart

BEARISH VIEW:
RESISTING AT 19050 - would drag BN towards 18000 levels as shown in the Bullish Bat Pattern of the above chart .

TRADE PLAN:
Sl for shorts initiated is 19050 SPOT LEVELS. On breakout of 19050 - to be converted to positional longs with 18950 as Sl - which would be the cluster resistance turned support area.