Bank Nifty: Unlocked Trading Call
BANKNIFTY: Harmonic Outlook For Subscribers
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Nifty, BankNifty, Stock Trading Calls Report of May 2022
P/L Report of May 2022
- SELL APRIL 27 – Bajaj Finserv +Rs.35,000 / 1 lot
- SELL MAY 02 – Nifty +11,100 / 1 lot
- SELL MAY 08 – Bank Nifty +25,075 / 1 lot
- SELL MAY 09 – Nifty +20,000 / 1 lot
- SELL MAY 22 – Nifty +17800 / 1 lot
- BUY MAY 22 – Adani Ent -5000 / 1 lot
- BUY MAY 22 – Axis Bank +36,000 / 1 lot
- SELL MAY 30 – Nifty +9000 / 1 lot
Total P&L: Rs.1,53,000 – Rs.5000 = Rs.1,48,000
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NSE NIFTY & BANKNIFTY Outlook For Intraday Traders
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:
Is Bank Nifty Resuming Its Bearish Move?
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.
Is Nifty Preparing For 15950?
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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Can BankNifty Retest 32600 Again?
BankNifty Is Unfolding Final Impulsive Wave Z
Bank Nifty has started its Elliott wave cycle from the extreme low of 16116. It has completed the extensive impulsive wave (3) at 41829 and started falling in descending channel.
Currently, Banknifty is forming a triple zigzag on the corrective wave (4). Price has occurred the X-2 wave and started wave Z of the triple zigzag.
According to EWT, corrective waves move in the parallel channel, and the impulsive wave breaks the channel. An uptrend can only be possible after the breakout of wave X.
Let’s zoom into the lower timeframe to study this corrective structure:
Price is forming a final leg down Z. If the price breaks the control line, traders can short for the following target levels: 34115 – 33597 – 32613.
But the price has reversed seven times on the control line. If the price sustains above the control line with strong candles, the traders can long the following targets: 35168 – 36689 – 37517.
Although the wave principle has shown a bearish structure, we should always respect the price action.
Day traders should wait for our “morning outlook” for intraday trading on nifty and banknifty futures & options.
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