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.
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.
If you have traded this setup, you could get approx a 10% return in just single trading session. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
Pokarna has completed its impulsive wave c of the corrective wave ((4)). Wave C has traveled 100% Fibonacci extension of wave A at 548.
Currently, the price has broken down the A wave at 585. If it sustains below 585, traders can expect the following targets: 558 – 536 – 505.
505 is strong support because corrective wave 4 accomplish near the corrective wave 4 of a lower degree. If the bull fails to keep the price above this level, we can see a big downfall.
Otherwise, the price will touch the control line and then the upper band of the descending channel.
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Yesterday, I published the Bank Nifty 4-hours & weekly timeframe chart. And I had mentioned updating the morning outlook for intraday traders and our subscribers. Here it is:
Bank Nifty is occurring in the range between 34700 and, 33370. To get a tradable move, traders should wait for the breakdown of this range.
Traders can short below 34100 for the following targets: 33803 – 33540- 33452. In this phase of declining, traders must wait for a confirmation signal. Buyers can enter above 34700.
Nifty is forming in the range of 17500 – 16340. Price will face a consolidation if it trades between these levels. We can see big impulsive moves after the price breaks this level.
Today, We will see a gap down in nifty with a speculative boom.
After Gap is down, if the price sustains below 16220, traders can expect the following targets: 16150 – 16036 – 15956.
Bottom always takes time to be formed. A long position is only possible above 16800.
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According to the above chart, Gold is forming a bullish flag pattern. And we’re waiting for a breakout of the flag pattern. This breakout will skyrocket the gold price, and we can see 6400+ points of bullish movement here. Long-term target for gold 58000 – 60000.