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 premium 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.

Premium subscribers can wait for the future & options setup.

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Can BankNifty Retest 32600 Again?

Free nse stock index banknifty chart calls

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:

Free nse stock index banknifty 4hours chart calls

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.

Only premium subscribers will get an options trade setup with a perfect strike price at the exact time.

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NSE Nifty & Bajaj Finserv Stock Tips Update

Have you read the previous research report of Nifty 50?
Click Here IS NIFTY ABOUT TO RESUME BEARISH THE MOVEMENT?

Free nse stock nifty chart callsBEFORE

Nifty was in the indecisive movement where the price has formed a triangle on the daily timeframe chart. It was at the control line of the parallel channel.

I had mentioned in bold words, “If the price sustains below 17000, traders can expect good selling up to 16900 – 16821 – 16769.”

Free nse stock nifty chart callsAFTER

Nifty had broken down the support level of 17000 and started falling for our targets.

4th May 2022:

    • 12:10 AM – Nifty reached the first target of 16900.
    • 02:05 PM – Nifty touched the second target of 16821.
    • 02:10 PM – Nifty hit the final target of 16769.

If you have bought Nifty 5th MAY 17500 PE @99, you can exit your position at @321.

Nifty 5th MAY 16700 PE @22 has made a high of @127.

If you haven’t traded this call, You have missed 400 points in two trading sessions.

free nse stock bajajfinserv chart callsBEFORE

Bajaj Finserv has completed its X wave, and it was ready for the final wave. Wave X is the intermediate wave that connects the two corrective structures (Y) & (Z).

I had written in clear words, “Bajaj Finserv has started it’s final bearish, where we have seen a speculative boom downside. After breaking 50 & 200 EMA, it started falling for wave Z. Traders can expect the following targets: 14631 – 14449 – 14176.”

Do you remember Bajaj Finserv’s wave projection?

Click here  – NSE Bajaj Finserv: Elliott Wave Analysis & Tips

Free nse stock bajajfinserv chart callsAFTER

After the breakout of the control line, the prices started falling.

4 May 2022

  • 11:45 AM – Bajaj Finserv hit the first target of 14631.
  • 2:05 PM – Bajaj Finserv touched the second target of 14449.

5 May 2022

  • 2:10 PM – Bajaj Finserv reached the final target of 14176.

If you have traded this setup, you could get a profit of more than 700 points.

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NSE Bajaj Finserv: Elliott Wave Analysis & Tips

free nse stock bajajfinserv chart calls

Bajaj Finserv has started it’s final bearish, where we have seen a speculative boom downside. After breaking 50 & 200 EMA, it started falling for wave Z. Traders can expect the following targets: 14631 – 14449 – 14176.

Bajaj Finserv has formed in the descending channel for more than 27 weeks. It has also broken the control line’s channel. That indicates bulls are not ready to expect a falling knife.

Measurement of wave ((4)):
1. Wave ((4)) can accomplish 38.2% of wave ((3)) at 14000.
2. Wave ((4)) can complete at the lower band of the parallel channel because the price has created a throw-out action.
3. Sometimes, prices do not break the low of wave ((Y)) due to less momentum and supply deficiency. And it causes orthodox bottoms.

The ending point of the corrective structure is the starting point of an impulsive phase. After the completion of wave (z) of wave (4), the price will march for motive wave (5). If the price sustains above wave (X) at 17480, Bajaj Finserv will move on for an all-time high.

I will upload further information soon.

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Nifty & BankNifty – Intraday Trend Analysis

NIFTY
Timeframe – 1 Hour
Free nsenifty chart calls

Nifty has formed the minor channel wherein price has made excess. This excess has driven prices into the minor channel.

The upper band of the channel indicates the supply zone. Rejection from the upper band has a strong bearish indication. In this case, nifty has the support of 17000 & 16800.

If the price breaks the upper band of the parallel channel, we can see the price can push to our pivot zone 17420. A breakout of the pivot range is a bullish indication for traders.
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BankNifty
Timeframe: 1 hour
Free nse banknifty chart calls

Bank Nifty is also facing resistance from the upper band of the parallel channel. Bank Nifty is bearish below 36420 for the support levels of 36250 – 36000 – 36800.
If the price sustains above the parallel channel, nifty can face the resistance at 36900.
Only Premium subscribers can get a perfect trade setup at the exact time on our mobile application.

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NSE Nifty Bearish Outlook Is Ready

Weekly TImeframe:

Free nse nifty chart tips weekly chart

Nifty has created a lower high at 18114 on the weekly timeframe chart. Price has taken the support on the pivot range of 16800.
Currently, Nifty has formed a long-legged Doji on the pivot range, which signals indecision phrases of the market.
If the price fails to hold 16822, we may see a sharp downfall.
Doji is a reversal signal reversal, but it needs to be confirmed.

Daily Timeframe

Free nse nifty chart tips daily tips

It has broken down the 50 & 100 EMA. If it gives a consecutively closing candle below the 50 EMA, then nifty can retest the 200 EMA or 17000.
Price has faced strong resistance at 17400. Nifty Looks weak, and it will gap down.

I will update opportunity-based trade setup.

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