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NIFTY, ADANIENT, & AXISBANK: Tips & TA
Nifty Extended But In A Limited Price Range
Nifty has made a wammie bottom on the 4-hourtimeframe chart. It is forming on the descending channel.
Currently, Nifty is facing resistance on the upper band of the descending channel. There is a strong resistance as well as a confluence zone of 16400. If nifty breaks the resistance level of 16400, it will be confirmation of an upward march for 16518 – 16708 – 16820.
The upper band reacts as a supply zone to the price. Also, highs price attracts sellers more.
If nifty sustains below 16400, traders can expect the following swing targets: 16161 – 16088 – 16014.
ADANI ENT: Is Preparing For The Final Upward March?
After making a high of 2452, ADANI ENT has started collapsing to corrective previous impulse move. Price has taken support on the 50 EMA and started marching upward. If ADANI ENT sustains above 2190, traders can buy for the following target: 2232 – 2258 above.
Axis Bank: Buy On Dip Is Active
Recently, Axis bank has made a low of 630. Prices are facing resistance at 665. Axis bank has touched the 15-month-old lower band of the value area. If the price breakout resistance of 665, traders can trade for the following targets: 676 – 688 – 700.
Special offer on NSE Plans: Click Here →
Limited Time – You might not get a second chance.
Gold’s Next Bull Leg In Progress
Bull Gateway: 1852
Gold has created three consecutive positive bars in the last 25 trading sessions (36 days) for the first time. And it’s above 200 MA. That’s a good sign for buyers! If gold breaks the parallel channel, my upside targets are 1866 – 1882 – 1906 – 1920.
But, it hasn’t broken the parallel channel in the last trading session. It’s at the resistance line of it. And XAUUSD is quite far to the bull gateway level. So, wait and watch is an option for bull traders.
Gold’s downtrend will start from the 1832 level. If it fails to break the parallel channel, then go for the following levels blindly: 1826 – 1812 – 1800
Watch significant releases or events that may affect the movement of gold, silver, crude oil, and natural gas.
Tuesday, May 24, 2022
04:30 FOMC Member George Speaks – Low Impact
19:30 New Home Sales (Apr) – Medium Impact
Wednesday, May 25, 2022
18:00 Core Durable Goods Orders (MoM) (Apr) – M
20:00 Crude Oil Inventories – High Impact
23:30 FOMC Meeting Minutes – Meduim Impact
Thursday, May 26, 2022
18:00 GDP (QoQ) (Q1), and Initial Jobless Claims – High Impact
20:00 Natural Gas Storage – Low Impact
Friday, May 27, 2022
17:05 FOMC Member Bullard Speaks – Low Impact
MCX gold report will update soon for premium subscribers only.
NSE TECHM: Multiple Timeframe Analysis
I’m using 3 different chart patterns to find out NSE Tech Mahindra stock trend for upcoming days.
- Monthly Chart: Price Action
- Weekly Chart: Head and Shoulders Pattern
- Daily Timeframe Chart: Ellott Wave Theory
I. Monthly Timeframe Chart – Price Action
After making an all-time high(ATH) in 1838, prices have started collapsing to correct the previous move.
The fair value area has given two resistance on the upper band, and four supports on the lower band of the channel. Excess is showing that sellers are very aggressive with their inconvenience levels.
Key Level clusters:
1) 995 Level
- Fibonacci level of 61.8%
- A lower band of the parallel channel
- Monthly support level
2) 764 Level
- Fibonacci level of 78.6%
- Monthly support level at 747
These are Strong reversal zones for tech Mahindra. If the price takes support at this level, we can see an impulsive move in upward direction. Breakout of the channel will lead to 2nd key-level and more bearish.
II. Weekly Timeframe Chart – Head and Shoulder Pattern
The weekly timeframe gives information about the bearish atmosphere. Price has formed head & shoulders on the weekly timeframe.
Supply pressure has broken down the neckline with a retest at 1302. H & S target measurement says that price can fall up to 955.
(Base scale: distance from head to neckline)
III. Daily Timeframe Chart – Elliott Wave Theory
We are clueless about trend reversal because the price is out of the parallel channel.
If the price sustains below the lower band of the parallel channel. Traders can trade for the following targets: 1064 – 1006 – 995.
Please note that 955 is our monthly support level, so we can also initiate the buy position when the price sustains above it.
The entrance of price into the parallel channel may lead short-term bullish perspective.
I am not admire falling knives. If the price enters the parallel channel, traders can buy for the following targets: 1180 – 1234 – 1299. Trend change is unacceptable until the breakout of high of wave 4 of lower degree. Read more
AXIS BANK: Peculiar Reversion Or Trend continuation?
Axis bank has been in the consolidation phase for more than 15 months. Prices fall rapidly after the crossover of 50 & 200 EMA. We can draw two control lines, which can be helpful for target measurement.
If the price enters into the parallel channel, and after retracement sustains above 680, traders can trade for the following target of 692 – 714 – 752. Demand pressure can lead to the price at the upper band of the parallel channel.
Note that, Failure of sustainability above 680 may lead to a new low. I will update further information for premium subscribers soon.
Special offer on NSE Plans: Click Here →
Limited Time – You might not get a second chance.
NSE Nifty Has unfolded Bearish Structure
Have you read the Previous report on nifty and bank nifty?
Click Here – NSE NIFTY & BANKNIFTY OUTLOOK FOR INTRADAY TRADERS
I have mentioned in clear words, “After Gap is down, if the price sustains below 16220, traders can expect the following targets: 16150 – 16036 – 15956.“
Nifty formed a bearish pattern, and It was a gap down signal.
11 May 2022
[10:25 AM] – Price reached the first target of 16150.
[12:55 PM] – Price hit the second target of 16036.
12 May 2022
[09:20 AM] – Price touched the final target of 15956.
[12:30 PM] – Price made a low of 15807.
If you haven’t traded this setup, you missed a 400+ points.
Is Pokarna Marching Towards The Final Target?
Do you remember Pokarna’s wave projection?
Click here – POKARNA STOCK IS A MONEY – MAKING MACHINE
BEFORE
POKARNA had broken down the 200 EMA, and the price was declining.
After making a high of 788, the price started falling for the final impulsive wave C of wave ((4)).
I had written clear words,” Currently, the price has broken down to A wave at 585. If it sustains below 585, traders can expect the following targets: 558 – 536 – 505.”
AFTER
Today, the price made a high of 583 and started falling due to heavy supply. It was a good selling opportunity for sellers with a strict stop loss of 585.
- 01:45 PM – Pokarna reached the first target of 585.
- 02:40 PM – Pokarna reached the second target of 535, and made a low of 527.
If you have traded this setup, you could get approx a 10% return in just single trading session.
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What do you think about Silver? Do you think it will grow?
Very Possible Scenario 🔥 I agree with your opinion about XAUUSD,.
Agree with the bullish view. Thanks for sharing.
It is the right time to buy on dips investors. Your levels are acceptable to me. Thanks :)
Eagerly waiting for my first premium call!
Noted your levels for tomorrow's trade.