Nifty / Banknifty

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For the bears the last hope is at 5200X levels .. Bank Nifty may head to 10000-10200 levels

Our stops on Nifty were taken out with ease.. however BN headed higher and reached my target of 9800. Now to watch for weakness

These are based on the channel resistances. I'm still very sure that the markets dont have much more on the upside. This is just a hunch - Markets are supreme. We can only trade the technicals.

Banknifty hits the target as specified earlier.

Banknifty trading above 10080 will change the structure of this WW. and we can expect a bearish structure to form - Which means we will dip from 10080+ odd levels maybe 10100 or 200 to 8650 then head higher possibly to 11200 or so..

So key levels to watch are 10080.. No shorts on Nifty / Banknifty - A good trade would be when we head to 5200 and 10200 (channel resistances)

Nifty / Banknifty

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Nifty faces strong resistance at 5099-5100. This should ideally be the SL for shorts. Alternatively, it can test the channel resistance at 5150-80 to 5290 in which case this becomes a bearish crab - gartley pattern - see example below.

There is a hidden divergence on Macd & price shown on the chart & also falling momentum based on the histogram which indicates exhaustion / lack of momentum - for correction - targets in the range of 4871 & 4741 - Below 4800 Nifty will test 4400/4200.

I forgot to add - there's one more possibility - A test of 5132 - 5200 which are the 200 EMA and DMA

Example Bearish Crab if Nifty tests 5290~ levels - Since a bearish crab has a 327 - 361% implication of a BC leg for targets of D to be at 5290. SL @ 5100 for shorts.

Gaps are indicated on the chart with blue and red lines - these need to be filled.

Similar chart for Banknifty - divergences on MACD and a test of 9800-10000 is due. I expect reversal on the Banknifty post testing 9800-10000. Bank nifty seems to complete a 5 wave upmove in which the 5th wave is extended

Update long due!

We're in for a rally - refer my earlier post on Nifty, Bank Nifty and CNXIT

Here are some trades..use your own SL

The VIX is likely to head to 21 post which we should be in for a big big fall..

Right now I expect a 1000 pt move on BN - 400 points on Nifty which will take it to 5300

CNXIT should head upwards to 7300 or so with Infy leading the CNXIT index - heading to 3200-3300

Exit Tatamotor short above 206.5 and go long for 230

Hexaware should head to 90

Cipla to 380-400

ICICIBank to 800-840

Mphasis 100 rs up from here

Tatasteel 450-480 from here..100 rs ie.

DCB 45-47 from here..

All in all a bullish scenario which may end by 10th Feb as per time series.

Dow Jones, Nifty & Bank Nifty

Take a look at the Dow Jones chart. Multiple resistances around 12550 area.

I would suggest going short at 12500-12550 - SL 12650 - Above this SL DJI can head to 13000 odd levels - Target 10500 or lower

12500 co-incides with an 88% retracement (since this looks like an ABC structure) or an X wave which can retrace 88% at MAX.

Stochastics are overbought currently and this could be an excellent short.

Nifty

Seems more like a gartley formation with targets at 4860 or so. A correction (deep or shallow likely at these levels) which could stall at 4650 levels. Beyond 4950 - Nifty should head to test 5300.

Bank Nifty

Similar to Nifty could potentially head to 9500 if this WW holds good. Alternatively around 8600-8700 would be a place to watch out for any signs of reversal

CNXIT looks rather strong as well which could take it up to 7500. We had a breakout today and we need to watch for follow up action to see if previous resistances can be taken out.

Infy has a similar setup and so does Wipro - Id go long on these with targets of 3300 for Infy and 480-490 on Wipro.

Banknifty

Buy banknifty no sl tgts 9800-10200

Nifty, Bank Nifty and CNXIT

I'm posting what I may feel is the roadmap for Nifty - I expect 4300 or so shortly if we dont sustain above 4300 then we may head to 3900 / 3700

4300 can come by Feb end or earlier and we may then head up to 5600

In the case of Bank Nifty - things look worse. I expect a 7800 hit first and then move back up to 10000 or so and then collapse to 7200 / 6500

CNXIT on the other hand can make it to 7400

A close below 6000 can give it support at 5800 - below 5700 the index will crack . One can actually enter a short here with a SL @ 6379 on closing basis and build shorts below 5700

Nifty & Bank Nifty

Posting about the index after a long time - Times come for short build up's

We can head upto 5200 but this is the right time to start adding to shorts - targets 4500 - 4300

we may head to 4500 and then possibly up to 5600 - lets see how this unfolds.

banknifty is similar

we're headed for 7800 and then 10200

Banknifty

Headed toward 10400 / 10800

Nifty & Bank Nifty Update

Nifty has three gaps (5320, 5511 and 5438).. I've bought 1/2 quantity at 5395 today.. and plan to add more around 5320 / 5300.

If we gap down again tomorrow chances are that the downmove should arrest itself and we should see a rally upto 5550..

For now as long as today's low holds - the upmove may materialize for 5550. - 5500. Alternatively, we test 5300 and then most likely head to 5550.. As indicated by the red arrows.

The Blue arrows indicate possible outcomes should we hold 5378.

BANKNIFTY

Also showing a similar trend. However, there's only a minor downside gap at 10543 -- buy around 10500 and hold for targets of 11000-11100

Nifty, Bank Nifty & CNXIT

Nifty & Bank nifty are forming gartleys with targets of 6050 - 6175 (SL 5480) on Nifty and 12350 - 12650 on Bank Nifty (SL 10900)

CNXIT headed to 6700 / 7000 - Gap to be filled at 6570 T1

Nifty / Bank Nifty & CNXIT - Update

I'm charting out an anticipated move in all three indicies.

We may drop to 5550-5000 in Nifty or Head up from here to 5670-80 (at which point we go short again) for 5300 by expiry / 5250.

Eitherway we short @ 5670-80..

We need to cover a GAP around that 5670 area.

In Bank Nifty we may head to 11300 or fall to 11000 and then head up back to 11300/11350 then reverse again. I've marked out these levels on the charts. Most likly we will head towards 10500 by Expirty

CNXIT has a gap at 6700 it can fall to 6500 and then head up back to 6700 where you can go short again. Target by Expiry 6300

Banknifty & Nifty update

Still unable to cross trendline resistance

Keep stops @ 5750 for Nifty & 11450 for BN and continue to hold.

Nifty & Bank Nifty Update 2nd Jul

Posting an update on both as I think it's crucial now.

We need to play with strict stop's

For Nifty Keep a SL @ 5750 & Bank Nifty 11450/60

Possible Alternatives..  BN & Nifty

BN

Nifty possibilities

Nifty & Bank Nifty Update

Update on a daily chart - Nifty meets huge resistance at 5700 which is also trendline resistance from 6300 (Top) - Dont worry even if we fake this breach at 5700 - WW target is met and reversal will happen soon enough. Daily overbought - will be highly overbought by Wednesday - If we do head towards 5700 add to short positions.

Our first target area is a GAP at 5340. We will re-visit once we reach here to see if we need to cover our position or stay short for our next target of 5200 & 4850 respectively. The fall will be fast (14-20 days at most to reach 4850) - mostly by expiry July. Alternatively a possible route would be to take support around 5200 and form a contracting triangle which will cause the next break down (only issue here would be a delay)

BankNifty

Similar to Nifty has completed it's WW - It did over shoot the target as there were no prior WW's as in the case of Nifty and quickly corrected after today's GAP up opening facing resistance at the trendline. It should reverse for a target around 10550 as T1 & 10150 as T2 - if 10500 holds then we may see continuation within this triangle.


As you can see the most recent activity has formed a BAT Gartley pattern indicating reversal now (marked in Pink)

A note on TOPS

The Top can be either rounded in which case we just waste time doing nothing for a long time or could be a sharp top which usually leads to quick reversals. I'm guessing this will be a sharp top. May last max 3 more days.

Also take a look at the WW's earlier on BN we overshoot always a little bit. We also have GAPS on the downside - these will get filled soon around 9700 & 9600.

Banknifty - update

Target met hold position of short now - will advise when to exit

Banknifty

Go long for 11000-11100

Banknifty

One last final move up to 11366 / 274 / 150 to complete this gartley. Incidentilly this also will complete an ABCD pattern, and then down to possibly to 10500/10300. If we see a breakdown here we're headed to 9200/9400

In the hourly we're oversold so this bounce should start Monday go on for 4-5 days.

Banknifty

In this chart there are 2 gaps on the downside and 1 gap on the upside. The gap on the upside should get filled - One can add to shorts around 11300 - 11600 - We maybe headed to 9800 or lower after these targets are met.

Banknifty

I expect a bounce to 11500

Sl 9990

Banknifty

Good bye Banknifty

All bounces should be used to short - 9500 coming!