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..