FEW F&O Stock Specific Trades - Positional 1 to 2 months

Morning !

This post is specifically for few F&O stock trades:

BUY MARUTI at CMP 4830.....SL closing below 4767.....target 5100-5300-5500-5700-5900-6100....POSITIONAL TRADE....1 to 2 months......ensure a strict SL of 63 points and targets of 300-1300 range.

BUY INFY at CMP922...SL closing below 900....target 960-983-1030-1055.
POSITIONAL TRADE....1 to 2 months....ensure a strict SL of 22 points and target of 40-133 range.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 15th November 2016

Morning !

From my previous post on 7th November:

Fall from 8968-8555 was a perfect A B C fall post that the rise till 8806 was the a wave of X wave then fall till 8506 was b wave of X wave and the rise till 8736 was c wave of X wave, making this a complex correction of Double zig zag so far W X Y correction. W had the first A B C fall from 8968 - 8688 - 8893   till 8555 completing the W wave. X was completed as explained above by Xa Xb Xc and from 8736 Y wave started again in form of A B C 8736-8550 a ..... 8550-8678 b...... 8678-8400 c.....completing the Y wave and hence the double zig zag.

CORRECTION: This is double zig zag in which 8678 to 8400 is the second C of double zig zag's ABC.

Re-iterating the Wave counts from 6825 till now

Since the wave one was 6825 to 7777.....top of wave 1 ended at 7777 the fall from 8968 cannot take out this zone as per the wave principle.....non over lapping rule. Wave 4 cannot take out the top of wave 1.

To be honest i was expecting a 38.2% retracement of wave 3 which was (7516 to 8968 = 1452 points). A 38.2% retracement ended at 1452 x 38.2% = 554 points = 8968 - 554 =8413 when nifty made a low of 8400 on 4th November.

But next levels of retracements were 50% and 61.8% coming to be at 8242 and 8070 respectively. NIFTY went slightly more than 61.8% retracement by making a low of 8002 on 9th November.

Whatever extreme movements we are experiencing are because of the prevailing panic sentiment of currency demonetization, which will soon end and it has not taken out any rules or principals of wave structure so far.

The kind of reversal experienced on 9th November both in NIFTY and BANKNIFTY gave an indication of the bottom. NIFTY covered 475 points and BANKNIFTY covered 1470 points from their day lows.

I had given 100 points stop loss at 8550 selling price which was 8450, that was primarily keeping in mind the downtrend channel NIFTY has been travelling since 8968, any close below that level created sudden extreme movements.

Trade only with hedges to counteract these extreme movements.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 7th November 2016

Morning !

I have waited long to post on my blog for NIFTY and BANKNIFTY, there has been no post since my last post on 28th September 2016, because markets were doing what they do best, testing patience.

As per my previous post on 28th September when markets were at 8745-8690 zone, i mentioned to cover shorts on downside in the zone of 8650-8450...mentioned buying at 8580 +/- 30 points, NIFTY made a low of 8555 and reversed till 8806 in 4-5 days.

Fall from 8968-8555 was a perfect A B C fall post that the rise till 8806 was the a wave of X wave then fall till 8506 was b wave of X wave and the rise till 8736 was c wave of X wave, making this a complex correction of Double zig zag so far W X Y correction. W had the first A B C fall from 8968 - 8688 - 8893   till 8555 completing the W wave. X was completed as explained above by Xa Xb Xc and from 8736 Y wave started again in form of A B C 8736-8550 a ..... 8550-8678 b...... 8678-8400 c.....completing the Y wave and hence the double zig zag.

This falling trend since 8968 has been travelling in a channel, a typical fall type and a close above 8620 within this week will confirm a confirmation of this uptrend what we see today by a gap up of 105 plus rise at 8535, on downside 8400-8375 hold a crucial zone.

Targets for upside 9120-9350 and so on still intact.

For BANKNIFTY, highly like the bottom was made at 18824 on 13th October, targets of 20500-21000-21500 intact.

PS: Please post a reply if you have any queries, i usually revert within a day's time, and again i do not post daily, i only post when a see a trend changing both on upside and downside.

Happy Trading !

NATURAL GAS MID TO LONG TERM OUTLOOK CONTINUED

Good Evening,

Referring to my previous post on NATURAL GAS: MID TO LONG TERM CHART FOR NATURAL GAS

I wrote this first piece under commodity segment on 29th June 2016, since then NATURAL GAS was trending down but that as per the wave structure looked more like a 4th wave decline in the ongoing uptrend, making room for another new high above $2.888. Though it went down till  $2.5 which happened to be in the zone of previous 4th wave low of preceding impulse wave.

NATURAL GAS as i write this blog, is trading at $3.274 and has reached a very stiff resistance zone. 

Again selling here can be done from CMP till $3.4 - $3.6 zone. Take strict SL of $3.6 for the same downtrend target of $1.3 to $1.0, the timeframe for the same will be 6 months to 1 year.

This is a positional trade. In INR terms it is currently at 218. Selling can be done here with a strict SL of 225 on closing basis and target can be the corresponding $ terms.

I have attached the updated chart with the detailed wave counts from 4.C.4 till 4.C.5 (ongoing) for your reference.

Hope this chart gives a decent logic for people who practice trades on elliott wave and setting up a selling position with STRICT SL and a positional target on downside.

The last call given gave good 30 odd points from sell given at INR 201 till INR 169.

Advising people to book regular profits on the downside in this whole journey towards $1-$1.3

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 28th September 2016

Morning !

NIFTY WAVE COUNTS mentioned in my last post

WAVE 1 : 6825-7777
WAVE 2: 7777-7516
WAVE 3: 7516-8850 to 9000 zone Actual end at 8968
WAVE 4: 8850 to 9000 Actual top 8968 till 8650-8450 zone potential
WAVE 5: 8650-8450 to 9119+ levels like 9150-9350-9550 (Estimated top will have to wait for the wave structure)

The top of WAVE 3 was in between 8850-9000 at 8968. Now wave 4 has further sub divided into A B C
WAVE 4 A: 8968-8688
WAVE 4 B: 8688-8893
WAVE 4 C: 8893- (8650-8450) POTENTIAL


This wave 4 will end with 4C and the windows for this is highly like to finish around last wave 4 low i.e., 8540 created on 28th August.

Since this is an impulsive wave correction, i would advise to start exiting your shorts between the potential zone 8650-8450....and.....by looking at the wave structure.....creating a buy position will be best in zone of 8580 +/-
30 points....i.e., 8550-8610 should be a good buying zone for final target of WAVE 5 in zone of 9150-9550 for the next 2 to 3 months.

BANKNIFTY WAVE COUNTS

WAVE 1 : 13407-16282 (29th February 2016 to 31st March 2016)
WAVE 2: 16282-15440 (31st March 2016 to 11th April 2016)
WAVE 3: 15440- 20000 to 20100 zone POTENTIAL (Actual top 20575)
WAVE 4: 20000 to 20100 zone (Actual 20575) to Revised zone of 19400-19000 POTENTIAL
WAVE 5: Revised zone of 19400-19000 POTENTIAL to 21500 to 22000 zone POTENTIAL

FOR BANKNIFTY the buying can be triggered around 19300-19100 zone for upside final targets of 21500-22000

PS:  The only reason i do not update my blog daily is that i don't see the pattern changing on a daily basis, i only post when i see potential reversals both on upside and downside.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 6th September 2016

Morning !

Yet again, NIFTY and BANKNIFTY corrected, but the zones mentioned by me were 8450-8380 and 19000-18800 respectively. This time again the correction anticipated from top were 300-350 points for NIFTY but again, the correction happened only for 200 odd points but the reversal that happened was immediate from 8543 for new high of 8824 as of now and for BANKNIFTY, it went down to 19096, which was 400 odd points from top of 19493 and for it also the reversal was immediate with a rise of almost 900 odd points.

In my post mentioned on 19th August:

Below are the wave counts for NIFTY

WAVE 1 : 6825-7777
WAVE 2: 7777-7516
WAVE 3: 7516-8728
WAVE 4: 8728- 8450-8350 POTENTIAL ZONE
WAVE 5: 8350-8450 TO 9150-9350 POTENTIAL

WAVE 3 is still going on and should end in zone of 8850-9000 POTENTIAL
WAVE 4 is yet to come which should be till 8650-8450 zone POTENTIAL
WAVE 5 : 8450-8650 zone to 9350-9550 POTENTIAL

I am posting wave counts for BANKNIFTY also:

WAVE 1 : 13407-16282 (29th February 2016 to 31st March 2016)
WAVE 2: 16282-15440 (31st March 2016 to 11th April 2016)
WAVE 3: 15440- 20000 to 20100 zone POTENTIAL 
WAVE 4: 20000 to 20100 zone to 19000 to 18600 zone POTENTIAL
WAVE 5: 18600-19000 zone to 21500 to 22000 zone POTENTIAL

I mentioned that the reversal will be very fast, they were it is just that in NIFTY it reversed 150-200 points and in BANKNIFTY it reversed from 100-200 points before.

Please keep in mind these wave counts while taking positions.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 29th August 2016

Morning !

Referring to my previous post on 25th about the clarity that we are getting for a small crash/correction/fall. The same was witnessed, as we saw NIFTY making 8547, any close below 8570 will take it for the range of 8450-8380 in the coming 2 to 3 days.

For BANKNIFTY, it too was bearish on Friday by making low of 19133, it is heading for 19000-18800 zone.

Post hitting the zones mentioned above for NIFTY and BANKNIFTY respectively, i suggest reversing your positions for BUY till 9119+ levels for NIFTY and 20000 levels for BANKNIFTY.

Regarding my sell calls in INFY,DRREDDY,LUPIN,TATASTEEL.

INFY is back on the journey as i mentioned in my last post for 950
DRREDDY wait for 2950 to break on downside and then enter shorts
LUPIN is going for 1485-1445 and post that 1400-1350-1300-1250
TATASTEEL, sell given at 379.95 for targets of 370-360-350-340, 370 was achieved on that day only, hold on for remaining levels.

All are POSITIONAL calls and all prices mentioned are SPOT levels.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 25th August 2016

Morning !

The setup is getting clearer now for both NIFTY and BANKNIFTY, since 11th August average intraday range (high-low) for nifty has been of 61.6 points with minimum movement 40.15 which was yesterday and maximum movement of 81.9 which was on 16th August. This is clearly showing signs of a sudden fall/correction in this uptrend. Any close below 8568 would trigger fall till 8450-8380 zone and sudden reversal from that zone in the next 3-5 trading sessions.

For BANKNIFTY too, the average intraday range (high-low) since 11th August has been 193 points with minimum movement of 107.85 points which was yesterday and maximum movement of 291.3 which was on 12th August. Suddent fall/correction can be witnessed till 19000-18600 spot in the coming 3-5 trading sessions and then a sudden reversal for upside.

This minor correction will again give fresh buying opportunities, traders who want to be short and take advantage of this narrow/skewed movement going on since last 1 week can take advantage and then immediately reverse positions for the big trend which is on upside for 9119+ levels and 21000 levels for NIFTY and BANKNIFTY respectively.

For stock specific, the positional trades given by me for DRREDDY and INFY are still on, INFY made a new 52 week low of since i had given a call for sell below 1055, the momentary correction we have witnessed on upside is just intermediate, this will continue its fall for 950. For DRREDDY hold on for break below 2953 and then enter shorts.

Some new additions to my SELL calls are: TATASTEEL CMP at 379.95, sell for 370-360-350-340, positional one month trade. Strict SL closing above 388.

SELL LUPIN CMP at 1521.70, sell for 1485-1445-1400-1350-1300-1250, positional call 1 month trade. Strict SL closing above 1545

All levels mentioned are SPOT LEVELS.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 19th August 2016

Morning !

Referring to my previous posts about the pending intermediate corrections for both NIFTY and BANKNIFTY in it's journey towards 9119 + levels, the corrections are happening but not to the degree which is estimated. From 8728, i estimated a 300 to 400 points correction, but again the correction was just a few points lesser than 200. This is a true characteristic of an impulsive wave.

In my last post i mentioned:

Below are the wave counts for NIFTY

WAVE 1 : 6825-7777
WAVE 2: 7777-7516
WAVE 3: 7516-8728
WAVE 4: 8728- 8450-8350 POTENTIAL ZONE
WAVE 5: 8350-8450 TO 9150-9350 POTENTIAL

The estimated WAVE 4 did not go to the level estimated, there is one case in this scenario that we are still pending for a closure of WAVE 3 above 7828 and then comes the WAVE 4. Irrespective of the intermediate corrections in NIFTY which are not happening as per the estimations, i would advise traders to be on the side of the bigger trend, which in this case is on up and avoid shorting.

Being stock specific as per my 8th August post and sharing my view of SELL on DRREDDY and INFY, i am still sticking to my view of sell on both. Also as mentioned the selling will trigger with bigger volumes once it starts giving a close below 1055 which it has since 16th August for target of 950. Stay put in this INFY position and for DRREDDY wait for it to breach 2953 on closing basis on downside and then enter shorts.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 12th August 2016

Morning !

Referring to my previous post of NIFTY surpassing 8711, though it did but only for 17 points and made a high of 8728. 8518 is a key level to be watched, the uptick i mentioned earlier for 8850-9000 zone looks like will happen later than expected and the correction of 300-400 points looks like happening earlier than expected.

From 8728 a correction of 300-400 points reaching to zone of 8428-8328 looks more prominent as of now, and from there an uptick of 800-900 points i.e., till 9128-9328 will be the last uptick surpassing the the all time high of 9119.

Stocks have started to shown weakness, these signs are usually when it is 5th wave and or 4th wave going on, which in this case looks wave 4 for NIFTY.

Below are the wave counts for NIFTY

WAVE 1 : 6825-7777
WAVE 2: 7777-7516
WAVE 3: 7516-8728
WAVE 4: 8728- 8450-8350 POTENTIAL ZONE
WAVE 5: 8350-8450 TO 9150-9350 POTENTIAL

Keep in mind the bigger picture while taking positions.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 8th August 2016

Morning !

Referring to my previous post when NIFTY was at 8643 (8650), i had given a sell view with a 100-200 points correction from 8650 however, there was further a rise of 61 points from there to 8711 and from there it reversed for almost 200 points till 8518 (-193) points from 8711. On 4th August it reversed from 8518 and and today as i am writing this blog it has again surpassed 8711.

This uptick from 8518 can go approximately in the zone of  8850-9000 zone and from there we should witness a fall of 300-400 points, so trade accordingly.

Will update once these levels are achieved.

Regarding stock specific, as mentioned in my last post that i have a sell view on DRREDDY and INFY, i still have the same view of SELL on both irrespective of the correction witnessed from 26th July in DRREDDY and INFY waiting for 1055 to break on closing basis post that target of 950.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 26th July 2016

Morning !

The psychological level of 8630-8650 was almost achieved yesterday's by making high of 8641.15 and today 8643 as i am writing this post.

As mentioned earlier, though a lot of indicators are signalling overbought zones with high RSI for both NIFTY and BANKNIFTY and the world events like BREXIT, the upside levels are still intact as per the price action demonstrated by NIFTY.

Referring to my previous posts, the caliber for this impulsive wave is to cross 8650 and 8950. The former target is done, the latter is due, i somehow personally again feel that there is a correction pending from 8650 zone, one can short here with a mini SL but  a STRICT SL of NIFTY closing above 8650. for an immediate target of 100-200 points on downside. Post that the next target of 8950 should also be achieved in the coming month or two.

There is a case of 9119 being broken on upside in this impulsive wave, but for that we have to wait for the price action to signal more clearly for this to be achieved.

I am personally again stock/sector specific as of now, specially on PHARMA and IT sector. I have SELL view on big boys like INFY, DRREDDY to name a few.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 12th July 2016

Morning !

Referring to my previous post of SELL call for both NIFTY and BANKNIFTY with SL of 8450 and 18150 on closing basis. Both were taken out. These SLs should strictly be adhered, as this is an impulsive wave since 6825 till now. The SELL call given by me was to catch an intermediate correction of 250-300 odd points on downside, but NIFTY only corrected 111 points (8398 to 8287).

As i have been mentioning that NIFTY has lot of levels to be achieved on upside irrespective of the BREXIT event, the same has been shown by the price actions in last 2 weeks trading sessions.

This impulsive wave has the ability to touch 8650 and 8950 too and that too with the same velocity and force as it did when it broke 7777 7992 8295.

I would advise traders to step aside for 3 to 4 trading sessions from trading in indices and be stock specific for a while.

Below are two recommendations for stock specific trades (NOTE all levels are SPOT levels)

SELL YESBANK AT CMP 1140 with closing basis SL of 1150 and target of 1100, positional trade 2 to 3 sessions.

SELL IDEA AT CMP 103.15 with closing basis SL of 104.25 and target of 99, positional trade 2 to 3 sessions.

Happy Trading !

SELL NIFTY AND BANKNIFTY AT CMP 8345 AND 18020 TARGET 8050 AND 17500 RESPECTIVELY....POSITIONAL

SELL NIFTY AND BANKNIFTY AT CMP 8345 AND 18020 TARGET 8050 AND 17500 RESPECTIVELY....POSITIONAL

Have given a sell call at MONEYCONTROL MESSAGE BOARD MMB

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 1st July 2016

Morning !

Referring to my previous posts since 17th June about NIFTY being 8350 and BANKNIFTY being 18077, today seems to be the day when both these targets should be met. As i write this blog BANKNIFTY has also made a higher high above 18051 currently at 18069.

As i have been mentioning that NIFTY has lot of levels to be achieved on upside irrespective of the BREXIT event, the same has been shown by the price actions in past 5 trading sessions.

Since the upside targets are met for the time being, i personally would want to come out of BUY and wait for SELL call as there is an intermediate correction pending.

Will updated the selling levels either during day or over the weekend.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 30th June 2016

Morning !

Referring to my previous post on 27th June on the upside targets and the buying call given for both NIFTY and BANKNIFTY  "BUY NIFTY AT CMP SPOT 8150 with TARGET of 8350 and SL of 8050 1:2 risk reward ratio BUY BANKNIFTY AT CMP SPOT 17777 SPOT with TARGET of 18077 and SL of 16666 1:3 risk  reward ratio", NIFTY has a stiff resistance at 8283 and BANKNIFTY has a stiff resistance in the zone of 17805-17825-17870-17882. Any break above these levels/zone for both would trigger fresh break out for final targets of 8350 and 18077. While i would advise people to start booking profits in both either at these resistance levels or just above new higs for NIFTY above 8295 and for BANKNIFTY at 17900-17950 and step aside for the sell call later.

Happy Trading ! 

MID TO LONG TERM CHART FOR NATURAL GAS

This is my first write-up for COMMODITY segment specifically for NATURAL GAS . NG

MID TO LONG TERM CHART FOR NATURAL GAS

NATURAL GAS OUTLOOK: NG looks on a bearish trend and trending down now from the top made at INR 201 and $3.019 on 29th June 2016

The chart below shows the WAVE counts of for one of the waves trending on downtrend. The potential top made today is looking like a short to mid term top for NG and should make NG go below the low made of $1.597 on 3rd March 2016 further to $1.30 and $1.00 in the coming 3 to 6 months.

People looking to create short mid and long term positional trades in NG should be on sell side for the time being and taking SL of $3.309 with a target of $1.3 to $1 from the current sell price of $2.888

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 27th June 2016

Morning !

Referring to my two earlier posts on 14th and 17th June, about the upside targets of 8350 and 18077 on NIFTY and BANKNIFTY respectively. I had given my views on 14th that critical zone for NIFTY is 7980-7940 zone. But when NIFTY reversed from 8063 it had sufficed the requirement for downside and then moved upside again to breach 8295 and on Friday we witnessed what happened, post reaching 8285 again on thursday it reversed for downtrend and touched 7927 on low and closed at 8088.

Earlier too i was anticipating zone of 8000-7980 but when it reversed from 8063 it adhered to the rules and guidelines of EW but before breaking 8295 on top it again reversed and created lower low than 8063 at 7927, it still has retraced to a level of 7927 where it still adheres to EW the only difference is that instead of the correction of the wave starting from 24th May at 7715 till 8295 both the levels achieved by NIFTY on downside 8063 and 7927 became the A= 8063 B=8285 C=7927 for the upwave mentioned in the above line.

At pre open NIFTY today has opened at 8039, 50 odd points down. The targets remain intact on upside for 8350 and 18077 for NIFTY and BANKNIFTY with entry for NIFTY at 8000-8050 zone and SL of 7926 and for BANKNIFTY at 17350-17250 with SL of 17150.

The SLs this time have are a bit bigger as compared to my usual calls but the risk reward ratio again is worth it for both NIFTY and BANKNIFTY.

Remember this impulsive would breakout upside again as mentioned by me irrespective of the BREXIT event.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 17th June 2016

 Morning !

As per my last post on 14th for covering NIFTY for 175-200 points for the SELL given in range of 8230-8250....which lands in the zone of  8075-8050......though i was anticipating zone of 8030-8000-7980.....NIFTY reversed from 8063 on 13th June post breaking the range bound trading happening for 2 to 3 sessions. If someone had not got a chance to exit on 14th then yesterday could have been a lucky day for few.

Yesterday i posted this call on Moneycontrol MMB board: BUY NIFTY AT CMP SPOT 8150 with TARGET of 8350 and SL of 8050 1:2 risk reward ratio BUY BANKNIFTY AT CMP SPOT 17777 SPOT with TARGET of 18077 and SL of 16666 1:3 risk reward ratio . I mentioned the stop lost for both but did not mention that they were on closing basis, which is my bad. Please consider these two stop losses on closing basis for the upside targets intact. As i know that Banknifty's SL was taken away yesterday during intraday but it gave a closing just above the SL of 17666 (which also was a typo at my end as 16666) as it made a low of 17545.80.

My targets in terms of risk reward ratio are usually a minimum 1:2 and the SLs provided are for very strategic level which should be adhered. As of now the upside targets are both intact for NIFTY at 8350 and BANKNIFTY at 18077.

As mentioned in my earlier post that 8265 is a critical level for nifty to cross because the wave structure on upside looks incomplete. There are a lot of levels that need to be achieved by NIFTY (IRRESPECTIVE OF THE BREXIT/BREMAIN EVENT).

Stay tuned to ride this impulsive on upside with the same intensity when it broke 7777 and 7941.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 14th June 2016

Morning !

My last post on 6th June mentioned that 8265 is a critical level for NIFTY. It made a new high above 8262 and touched 8294.95 on 7th June and reversed from there. NIFTY sell call given in the zone of 8230-8250 with an SL of 8350 and target of roughly 200 points probably should close today at 8230 assuming we make a lower low than yesterday of 8063.90.

On the other hand BANKNIFTY SL given of 80 points at 17750 got triggered the very same day as we all witnessed that it made higher highs till 10th June at 18051.50 but reversed sharply from there and yesterday touched an intraday low at 17527. BANKNIFTY if continues to sustain below 17666 can show some more weakness till 17350-17200.

I would advised everyone who shorted NIFTY in the range mentioned above should cover for 175-200 points as their might be a reversal from 8000-7980 zone.

Now the critical level is 7980-7940 zone for NIFTY, breaking below would trigger fresh selling for 7850-7777 zone. BUT that is only if we break 7980-7940 zone.

Let us wait to get more clarity after coming out of our shorts for around 8050-8030 levels.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 6th June 2016

Morning !

Since my last post on 26th May 2016 about breaking 7940 on upside and giving confidence for making / reaching new high above 7992 and achieving levels mentioned 8000-8050-8150-8250. All have been achieved from 27th May till till 3rd June where NIFTY has made 8262 as top.

As per the calculation this current uptick should not surpass 8265 (which it has almost reached by making 8262).

There seems to be a correction pending now, a major or minor one that will be decided once some key levels break like 7940 on downside.

One can crate a short here SPOT LEVELS: 8250-8230 range with an SL of 8350 and a target of 8000 so almost as 1:2 risk reward ratio.....100-120 points stop loss and 200-250 points target.

The wave structure somehow looks incomplete on the upside, that is only decided till the time we hold 7980 in this fall.

Regarding banknifty, upside for me was till 17400-17500, which it has already surpassed by almost 200 to
300 points by making a high of 17762 on 3rd June 2016 Friday.

BANKNIFTY too can be sold here with a SL of 17750 SPOT level and target of 17350 and 17100. Risk reward ratio here is almost 1:4 or 1:6, 100 points SL and 400-600 points target.

Happy Trading !

PS: I usually post on achievement of certain important levels, both on upside and downside. If anyone has queries then i frequently respond to the posts on my blog.

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 26th May 2016

Morning !

I am posting almost after 2 and a half weeks. All this time i have been waiting patiently for NIFTY to give a significant breakout on upside. The low 7678 made on 6th May has been acting as a strong support and the high made at 7940 on 17th May was acting as a strong resistance on upside. All this time NIFTY has just been wandering in zone of 7700-7900 tapping on everyone's patience. It tried to give a break out on upside on 9th and 10th May but failed, again on 16th and 17th May but failed. But yesterday it's endeavor to breakout above 7940 and claim new high above that has given the confidence again for a new high above 7992 though after 2 weeks of zig zag movement.

I re-iterate from last week "From 7678 there are four levels which may be achieved by NIFTY before the correction of the wave started from 6825 starts. these are 8000-8050-8150-8250."

I still have the same view that "Missing 100 odd points is OK instead of sitting on top of the trend and wait for panic sell later when the reversal happens."

Advising everyone that if you are long in NIFTY then please the moment NIFTY this time makes a new high above 7992 start wrapping up your positions. I mentioned the same that i would not advise anyone to sit in longs in 8225 zone, the same stands revised by further 100 points down to zone of 8125-8150.

For BANKNIFTY it may top around in zone of 17400-17500, or if were to guesstimate then i would say whenever NIFTY reaches 8150-8250 zone.....just come out of banknifty wherever it is.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND - 9th May 2016

Morning !

From last two weeks, i have been mentioning that the current uptick which has started from 6825 should end in zone of 8000-8050-8150-8250 the time frame too mentioned by me was last week.

Re-iterating my view, the intermediate correction started from 7992 which i assumed to stop at 7788 went on for another 110 points till 7678.

From 7678 there are four levels which may be achieved by NIFTY before the correction of the wave started from 6825 starts. these are 8000-8050-8150-8250. I have revised the upside targets by approx. 100 points lesser as compared to what i mentioned in my last two posts, that was 8336, since NIFTY used those 100 points to come further down from 7788 to 7678.

I had give a very minuscule SL of  20-40 points last monday for buying NIFTY, which go triggered.

I still have the same view that "Missing 100 odd points is OK instead of sitting on top of the trend and wait for panic sell later when the reversal happens."

Advising everyone that if you are long in NIFTY then please the moment NIFTY this time makes a new high above 7992 start wrapping up your positions. I mentioned the same that i would not advise anyone to sit in longs in 8225 zone, the same stands revised by further 100 points down to zone of 8125-8150.

I myself have been stock specific for last two weeks and not traded in both NIFTY and BANKNIFTY.

Above are two stock specific options recommended.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND - 2nd May 2016

Morning !

Referring to my last week's update on NIFTY and BANKNIFTY's trend. The low that NIFTY made on Friday 29th April of 7788 seems to be the low for this coming week and act as a support for NIFTY to complete its last leg of 8025-8078-8123-8168-8225-8257-8336 in this week or by 8th May 2016.

The RSI has significantly come down for both NIFTY and BANKNIFTY in comparison to last week, anyone who wishes to buy NIFTY in this upmove take strict SL of 7788 on intraday SPOT basis and buy for 8225. I would not advise to stay in longs after 8225.

Missing 100 odd points is OK instead of sitting on top of the trend and wait for panic sell later when the reversal happens.

BANKNIFTY too looks to reach for 17500 in the same time frame as NIFTY. Post 17500 i would not advise anyone to stay long irrespective if there are 200 to 300 points left.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND

Morning !

Referring to my previous post about the appropriate shorting zone for NIFTY being 7972-8025 zone. I would want to update that this still not the time to buy as the RSI for index is at 66.5 and 70 for NIFTY and BANKNIFTY respectively.

NIFTY may test zone of 8250-8336 on upside in the coming couple of weeks, so either enter shorts in this zone or average your shorts made in 7972-8025 zone for a deeper correction in coming months of May-June-July.

BANKNIFTY may test zone of 17500 in the coming couple of weeks, same logic applies to BANKNIFTY to, either wait to short or average your shorts.

But by no ways i am advising anyone to buy at these levels, either step aside and wait or enter and average above. SL would be for 200 to 300 points from here.

My current BANKNIFTY SELL CALL is ACTIVE in zone of 16680-16700 with SL of 16740 on closing basis is active and please adhere to the small stop loss of 40-60 points if this closes above the given SL.

Happy Trading !

NIFTY'S TREND SO FAR AND THE WAY FORWARD

Hello !

Referring to all my previous posts on NIFTY about a fall from 7730 zone for a new 52 week low and the resistance of the channel that i mentioned in one of my posts NIFTY DOWNTREND CHANNEL SINCE 9119 , On Wednesday NIFTY broke out of this channel which lied at 7780 for that day. It made a low of 7772.15 took support just at this level and advanced further for a close out of this channel at 7850.

This was the most important point to get confirmation that this move from 6825 till current 7850 is an impulsive wave and not a corrective one because only an Impulse Wave breaks out of a channel in which the correction takes place. What i was referring as per the wave counts, the overall correction from 9119 till 6825 as a Double zig zag i.e., ABC X(abc) ABC, so far,  now clearly looks like a triple zig zag i.e., ABC X(abc) ABC X(abc) ABC unfolded and ended at 6825 (Refer the chart attached for clarity).

Does this means the correction started from 9119 has ended ?

The answer is YES it has. The reversal has happened from 6825 and the current uptick is an Impulse Wave 1

Well, this does not completes the whole story, does it ??? No

The correction from 9119 to 6825 is of 2294 points. This down wave is the fourth wave of this cycle.

Started from

WAVE 1: 27th October 2008 at 2252 to 6338 on 14th October 2010   -   4085 Points in 492 trading days

WAVE 2: 14th October 2010 at 6338 to 4531 on 20th December 2011 - (-) 1807 points in 277 trading days
Wave 2 being retracement of Wave 1 so 1807/4085 = 44% retracement

WAVE 3: 20th December 2011 at 4531 to 9119 on 4th March 2015  -  4588 Points in 797 trading days

Wave 3 is usually the longest both in time and points wise in this case it is 500 points more than Wave 1

Since Wave 3 cannot be the shortest impulse wave amongst 1, 3 and 5 so as of now assuming it to be the longest one. To ascertain Wave 5 in terms of points and time, the thumb rule of EW is if Wave 3 is the biggest amongst1,3 and 5 then 1 and 3 would approximately be equal in terms of points and time covered.

WAVE 4: 4th March 2015 at 9119 to 6825 on 29th February 2016  -  2293 points in 246 trading days

Wave 4 being tracement of Wave 3 so 2293/4588 = 50% retracement (exact)

Wave 4 is also approximately proportional to Wave 2 in terms of time covered.

WAVE 5: 29th February 2016 at 6825 to Range of 10900-11500 in last quarter of 2017 or first quarter of 2018

This upmove from 6825 so far estimated 7972-8025 zone is the First Wave of Wave 5 and has so far completed 1000 points and is on the verge of completion around 1200 points.

A correction is due of this First Wave and could be a for 2 to 3 months sideways correction till 7250-7200 zone on downside.

Happy Trading !

NIFTY AND BANKNIFTY OUTLOOK FOR 8TH APRIL 2016

Morning !

Posted on 6th April 2016 that NIFTY upper limit remains 7640-7670....it made 7638 on 6th Apriland 7360 on 7th April and reversed from there to take support at 7580....post breaking it that levels mentioned were 7530-7480......yesterday it took support at 7530...made a low of 7535 and closed at 7546.....expecting the momentum to continue on downside 7530-7480-7420-7380.

BANKNIFTY levels mentioned on 6th April on upside resistance were 15758-15829....it faced resistance at 15768 and 15726 on 6th and 7th April respectively......downside levels mentioned were 15530-15420-15320...yesterday made low at 15458 and closed on the spot at 15530......expecting downside momentum further......levels expected 15420-15320-15280-15170.

Happy Trading !

NIFTY AND BANKNIFTY OUTLOOK FOR 6TH APRIL 2016

Morning !

As mentioned in my previous posts.....downside levels 7680-7625-7580.....NIFTY broke these first two levels yesterday and took final support at 7580 by making day low at 7588.65 and closed at 7603.20......upside from here can be till 7640-7670 zone and then further reversal for 7625-7580-7530-7480 levels...one by one.


BANKNIFTY on the other end was a delight to watch......scored a 500 in single day. Next levels on downside are same as mentioned in my previous posts...15530-15420-15320. On upside levels remain as 15758-15829.

Happy Trading !

NIFTY AND BANKNIFTY OUTLOOK FOR 1ST APRIL 2016

Morning !

First Day of April Expiry, i wish everyone a profitable month.

As mentioned yesterday that as per the NIFTY CHANNEL in one of my post on 25th March, the last resort for NIFTY remains below 7830.

Looking at SGX we are getting queues that we may open gap down around 25-40 points. Critical level for downside is 7680....breaking it on 30 minute chart would create sudden panic towards 7625-7580 zone.

BANKNIFTY too looks to open a bit gap down in correspondence with NIFTY. Critical level for downside is 16050...breaking it on 30 minute chart would create sudden panic towards 15950 and 15800.

Happy Trading !

NIFTY AND BANKNIFTY OUTLOOK FOR 31ST MARCH 2016

Morning !

Looking at what happened yesterday, yes it was disappointing and puzzled many traders including me, i don't hesitate in accepting that, but yes, adding on to it i would want to say that its time to take a pause as markets are at a very critical point. 

The NIFTY channel that i mentioned in my post http://abhisheksaddi.blogspot.in/2016/03/nifty-channel-in-current-downtrend-from.html . The upper end today is at 7829 which is the last hope for confirmation if any that the downtrend has ended and there would be no reversal for downside.Coming out above this channel which has been since the top made of 9119 in March 2015.

Today being expiry, we may witness some high action in market.

Don't go naked in market today, take a contra hedge in your existing positions if any.

The BANKNIFTY on the other end in this case the wave 4 has overlapped wave 1 which only happens as per the rule :

"This pattern is a terminating wave pattern.....it only occurs in specific instances....for example in the 5th wave position of an impulse wave or in the C wave of an ABC formation.Whenever this pattern terminates,it tends to resolve very sharply and swiftly back to below the origin of the pattern."

So the overlap may well reach till 16500 which obviously would not be in the capacity of every trader.

Again hedge your positions if anyone is willing to rollover to next expiry.

NIFTY AND BANKNIFTY OUTLOOK FOR 30TH MARCH 2016

Morning !

Yesterday mentioned that levels for NIFTY on downside are 7580-7530-7480. NIFTY did not breach 7580 on downside even in the last one hour sell off. Only and only if we breach 7580 the gates would open for next levels 7530 and 7480.

Today NIFTY has opened 54 points plus....on upside 7670 zone should act as resistance and post that all the levels mentioned yesterday should act as downside levels....7580-7530-7480. Only breaching them and closing below them on 30 minutes chart would get the next level one by one.

Yesterday mentioned levels for BANKNIFTY were 15530-15420-15320.....it did not break 15580 on downside....only breaching below these levels one by one. Same 30 minutes chart point applies to this as well.

Let us see how it pans out today.

Happy Trading !

NIFTY AND BANKNIFTY OUTLOOK FOR 29th MARCH 2016

Morning !

As mentioned in yesterday's blog - "any break and trade below 7675 on 1 hour chart would create sudden panic on downside." 

It happened in the same manner from 12:25 PM to 1:25 PM....market broke and traded below 7675 on 1 hours chart....it created sudden panic and within 1 hour 30 minutes from 1:25 it made low of 7587.

Banknifty too behaved in the same manner as mentioned yesterday - "BANKNIFTY any breach below 15780 and 15700 zone and trade below this zone on 1 hour chart should result in sudden fall till 15450."

Banknifty did that in 30 minutes only...from 1:25 pm to 1:55 pm. it broke the zone of 15700 and reached to make low of 15522. a fall of sudden 200 points in next one hour.

Today NIFTY has opened at marginal gap down by 8 points .....levels for downside are as follows for today......7580-7530-7480.

BANKNIFTY has opened at marginal gap down by 21 points....levels for downside are as follows for today......15530-15420-15320.

Happy Trading !

NIFTY AND BANKNIFTY OUTLOOK FOR 28th March 2016

NIFTY opened today....gap up by 25 points.....any break and trade below 7675 on 1 hour chart would create sudden panic on downside.

BANKNIFTY any breach below 15780 and 15700 zone and trade below this zone on 1 hour chart should result in sudden fall till 15450.

View stays intact for downside as per my previous posts.

HISTORICAL POST FOR MARUTI SELL RECOMMENDATION ON 19TH JAN AND ACTUAL TRADE DONE on 19th and 20th JAN

HISTORICAL POST FOR MARUTI SELL RECOMMENDATION ON 19TH JAN AND ACTUAL TRADE DONE on 19th and 20th JANUARY

NOTE: I entered in the trade at 10:38 AM on 19th JANUARY and then gave a SELL recommendation
on MMB MONEYCONTROL at 11:59 AM on 19th JANUARY.

Both targets were achieved of 4000 and 3900 on 21st January.

Attached screenshots are:

1. CONTRACT NOTE OF BUYING 750 QUANTITY MARUTI 4100 PE JANUARY AT 45

2. CONTRACT NOTE OF SELLING 750 QUANTITY MARUTI 4100 PE JANUARY AT 105

3. SELL RECOMMENDATION GIVEN ON MMB MONEYCONTROL BOARD on 19TH January on 11:59 AM

4. TRADEBOOK FOR MARUTI TRADES from Backoffice tool Q by ZERODHA

5. P&L statement FOR MARUTI TRADES from Backoffice tool Q by ZERODHA

6. CHART for MARUTI Highlighting date of trade.

HISTORICAL POSTS FOR RCOM AND JINDALSTEL on my MMB and TRADBOOK SHOWING MY POSITION IN JINDALSTEL

HISTORICAL POSTS FOR RCOM AND JINDALSTEL on my MMB and TRADBOOK SHOWING MY POSITION IN JINDALSTEL

RCOM position already shared in previous post.
Sharing JINDALSTEL POSITION ALSO in this post.

TRADEBOOK AND CONTRACT NOTES OF RCOM AND BHEL WHICH WERE RECOMMENDED AND ALSO TRADED BY ME

TRADEBOOK AND CONTRACT NOTES OF RCOM AND BHEL WHICH WERE RECOMMENDED AND ALSO TRADED BY ME

Since i recommend BUYS and SELLS both for stocks and indices...it is not necessary for me to trade in all of them. I trade in 1 lot and 1 or max 2 scrips at a time, that is one of my rules.

Contract notes for 4th January,7th January and 12th January, these 3 have the BUY/SELL orders for BHEL and RCOM.

Tradebook snapshots are from Q Back office by Zerodha

P&L snapshots are from Q Back office by Zerodha

NIFTY CHANNEL IN THE CURRENT DOWNTREND FROM 9119

I am posting a chart for nifty which has the channels in which NIFTY is travelling from 9119 since March 2015. Have also highlighted the key reversals from tops and bottoms for NIFTY within these channels, expecting the same to happen from 7730.

NIFTY AND BANKNIFTY OUTLOOK FOR 23rd March 2016

Posting 10 minute wave counts for both NIFTY and BANKNIFTY from 29th February 2016.

Covering A B C for both.

Below are the links for both charts

NIFTY 10 mins Chart

BANKNIFTY 10 mins Chart

NIFTY AND BANKNIFTY OUTLOOK FOR 22nd MARCH 2016

We all witnessed what happened yesterday on 21st March 2016. Both NIFTY and BANKNIFTY broke the upper levels mentioned in my previous blogs......7714 and 15790 NIFTY and BANKNIFTY respectively. Though NIFTY did not break it on closing basis but BANKNIFTY did by good 136 points at 15926.

Reversal for both NIFTY and BANKNIFTY on 29th February were identifed correctly on the Moneycontrol MMB and the potential upside of 7350 minimum and 14900 minimum which were 500 and 1500 points respectively. But this Wave being an Impulsive or corrective is in a limbo stage.

I had targets for short on both NIFTY and BANKNIFTY for 7200 and 14500 respectively from shorts given at 7450 and 15200 in March, but the triggering of deep stoplosses set on both 7714 and 15790 has as of now negated that view and i advice who have been following me since i started giving calls on both upside and downside targets from September 2015. EW gives you big targets but it also has big stop losses accompanied with them.

Historical tops and reversals identified

NIFTY
7510-8228 (700 points)
8228- new 52 week low 6869 (1350 points)
7250- again new 52 week low 6825 (400 points)
6825-7350 (500 points)

Total 2950 points target

SELL given at 7450 and SL 7714 (265 points)

BANKNIFTY
15600-13798 reversal (1900 points)
14468-13500 to 13300 reversal given (1000 points)
13407-14900 (1500 points)

Total 4400 points target

SELL given at 15200 and SL 15790 (590 points)

This time i had a strict SL to which one should adhere.

But as of now i would want to wait for couple of trading session to give any OUTLOOK on both indices.

I still feel that the market is pretty overbought and the collapse of the same is inevitable.

Happy Trading !

NIFTY AND BANKNIFTY OUTLOOK FOR 21st MARCH 2016

NIFTY wave counts continued from last week..below are the updated counts

Total Wave C.3.4.A - 6825-7583 (758 points)

Wave C.3.4.B: 7583-7405 - 178 points  (23.6% retracement of WaveA) i.e., 758 x (23.6%) = 178

Wave C.3.4.C.1:  7405 - 7585  (180 Points)
Wave C.3.4.C.2:    7585-7479 (106 Points) 58% retracement of Wave 1 = 180 x 0.58 = 106 approx. the                                              usual/common correction of Wave 2 which is 61.8034% 
Wave C.3.4.C.3:   7479- 7613 (Till Now 134 points)

Wave 3 above as per elliott wave theory cannot be the shortest amongst 1,3 and 5. So by that rule it is either bigger than 1 which was 180 points i.e., another 46 points. so 7613 + 46 = 7659 or it could be shorter than Wave 1. 

If the latter happens where Wave 3 becomes shorter than wave 1 then wave 5 would be the shortest as per EW rules.

And Wave 4 would probably break the zone of Wave 1 which is 7583 zone and breach below that...making more perfect case for and Ending Diagnol and big reversal.

My analysis is the same...that upside is blocked 7695-7714-7730 zone...so Wave 5 would end up below this region.

BANKNIFTY wave counts i have updated on the chart

WAVE C.4.A - 13407-15451 (2044 Points)
WAVE C.4.B - 15451-14989 (462 Points) 22.6% retracement of Wave A approx. equal to 23.6% retraement
WaAVE C.4.C - 14989 - 15704 (till now 715 points) currently 34.9% retracment...38.2 would mean 780 points which is another 65 points from 15704 i.e., 15769.

Happy Trading !

BANKNIFTY WAVE COUNTS FOR WAVE C Started from 17th July 2015- SPOT PRICE 19229.05

Posting BANKNIFTY WAVE COUNTS FOR WAVE C Started from 17th July 2015

NIFTY AND BANKNIFTY OUTLOOK FOR 18th MARCH 2016

NIFTY on 16th March went up slightly above 7583 to make day's high at 7585 which i mentioned in my post on 16th morning.

The Wave coming from 6825 uptill now is WAVE C.3.4 which is explained well in my post 10th March: http://abhisheksaddi.blogspot.in/2016/03/nifty-wave-counts-for-wave-c-started.html

Now let us mark the wave counts in this wave C.3.4 coming from from 6825-7585 so far.

Wave C.3.4.A.1 / A.1: 6825-7094
Wave C.3.4.A.2 / A.2: 7094-6969
Wave C.3.4.A.3 / A.3: 6969-7527
Wave C.3.4.A.4 / A4: 7527-7424
Wave C.3.4.A.5 / A.5: 7424-7583 
Total Wave C.3.4.A - 6825-7583 (758 points)

Wave C.3.4.B: 7583-7405 - 178 points  (23.6% retracement of WaveA) i.e., 758 x (23.6%) = 178

Wave C.3.4.C - 7405 - either 7585 finished or in continuation which can max go to 7695 which is 38.2% retracement of WAVE A of 289 points so 7405+289 = 7694 or 7714-7730 zone (less chances)...and then final fall in form of WAVE C.3.5 for new 52 week low in early april

BANKNIFTY as mentioned yesterday in my post....this current uptick from 13407 would max out in 15750-15800 zone as this is WAVE C.4 for BANKNIFTY....it would bottom out before NIFTY as it started its downtrend 2 months before NIFTY in January 2015 as compared to NIFTY's downtrend started in March 2015 and hence being WAVE C.4 it should not overlap WAVE C.1 zone which is this said zone of 15750-15800.

Also the when i alarmed at about 2:33 PM on MMB board yesterday - "I think we are ready for a total collapse both NIFTY and BANKNIFTY........we have seen zero movement in both indice as compared to the activity being done in USDINR.....reversal level for USDINRFUT above 66.50...for NIFTY below 7625 and for BANKNIFTY below 15758....." by this i saw a total reversal in intraday...which happened rapidly in last 40 minutes of trading and this kind of reversal is a sign of big downtrend.

Let us wait today to get the final confirmation whether we make again a slight higher high than 7583 or continue our journey for the free fall in NIFTY.....BANKNIFTY looks like it has already reversed and should be under immense pressure from now.

Happy Trading !

NIFTY AND BANKNIFTY OUTLOOK FOR 17th MARCH 2016

Referring to my post on 15th March, where i mentioned that we should go slightly above 7583 i.e., 7590 to 7615...today seems the day for making that......and the level which i mentioned on 16th March that we should break 7440-7420 zone on closing basis......it did not happen yesterday, though we made a low of 7405 but reversed immediately......and closed at 7498.75.

Now from 6825-7583 (Gain of 757.9) points.....If i consider this as WAVE A and take a minimum 23.6% retracement for calculation of WAVE B....then 0.236 x 757.9 = 178 points......from top of 7583 - 178 points gives us 7405....the low which we made yesterday was 7405.15.......assuming this WAVE B....we have already completed...then this WAVE C from 7405 to higher high above 7583...should complete WAVE C......WAVE A 6825 TO 7583......WAVE B 7583 TO 7405......WAVE C 7405 to New High if i take a 38% retracement of WAVE A which was 757.9 points then it comes to 290 points.....and 290 points from 7405 comes to 7695.....Also this A B C being the WAVE C.3.4 should not cross 7714-7731 zone....so the reversal for this WAVE should be anywhere from 7583-7695 zone....completing the WAVE C.3.4 and finally reversing for direct NEW 52 WEEK LOW........not just 7200-7090 zone but below 6825 in the coming days.....and it should be a fierce one.

For BANKNIFTY.......this rise is the last rise before it bottoms out........rise from 13407 uptill now would max out in the zone of  15750-15800 and then reverse for the last time to make new 52 week low and bottom out....by making slight low below 13407.

NIFTY OUTLOOK FOR 16th MARCH 2016

NIFTY on 13th March opened and closed at 7484 and 7510 respectively.......on 14th March created a red candle doji....where it opened higher than 7510 at 7542 but closed 4 points lower than open at 7538...created a red candle doji and the body of 14th March candle did not touch the body of 13th March Candle....finally on 15th March it opened lower than close of 7538 i.e., at 7535 and closed at 7460...again 15th March candle's body did not touch that of 14th March candle....complying all three candles of an evening star reversal pattern.

Coming to Elliott Wave counts.....i mentioned yesterday that we should make a 20 to 30 points higher high than 7583 in zone of 7590-7615.....to complete A.5.5 and start the downtrend....but nifty did not make a higher high than 14th March of 7583......this is making a slight case of WAVE 5 failure in A.5.5 WAVE........the only confirmation we can get is if we successfully close below 7440-7420 zone......if that happens then next stop is at 7350 and 7240....but if it has to complete the A.5.5 wave successfully then a slightly higher high than 7583 and then reversal till minimum 7200.

Make or break for today is a closing below 7440-7420 zone.

For BANKNIFTY it has started to show sideways movement since last 2 days of 14th March to 15th March and also the range has started to decrease of high-low range.On 11th March the range was of 318 points.....on 14th March this range reduced to 196 points....on 15th March it further reduced to 118 points....showing contraction/squeezing of BANKNIFTY........which further is indicative of a decisive move.........a fall and close below 15000 would take it straight towards zone of 14800-14500-14400-14300 in this leg of downside.

For more clarity posting NIFTY and BANKNIFTY 10 minutes chart today.

Happy Trading !