BankNifty – Precarious

BankNifty or the Jungli Billi as named by @ap_pune on Twitter – is at a precarious position.

Attached is the Hourly Spot chart below. We can see a fractal or a repeating pattern but in mirror format with the last upmove and the 1st downmove each of 5 waves (of whatever limited wave knowledge I have – says reversal of trend unless crossed).

BankNifty is now on the edge of the table and if 18000 spot is taken, then, as @assortz coined the phrase, it’s gonna fall off the table.

BankNifty, on this chart is not tradeable on options at all. I would advise all options lovers to just ignore this medium/long term chart, as we can never time the moves. Yes, if one wants, one can go short around the top of the rectangle with a 18800 spot stop for less risky ppl and 19200 spot stop for aggressive/higher risk taking capacity people with a flip to long if stopped or keep rolling short position on moving lower.

View the chart in a bigger format by clicking here or on the chart itself.

fcukchartoftheyear

The Nifty too has a somewhat same kind of formation and if it follows that – I personally am scared to think as to what would happen to individual stock prices.

Lets see how this plays out. Especially with a lot of data coming out – esp the Fed Rate Hike issue, Demonetisation effects of Indian Currency (from Jan 2017), Budget 2017 (1st Feb 2017) and many unforseen events inbetween, etc.

 

Disclaimer: I am not a Research Analyst and not registered with any regulating authority. All posts are for educational purpose only.

Dow Jones – Before and After

I had posted a Dow Jones chart/view before the event of the General Elections. You can view it here.

And see what happens … the support hold and booom. All time highs on the Dow Jones.

Enjoy the new highs and added wealth into your portfolios and trade safe.

You can view the enlarged chart here or on clicking on the chart.

djiaeod20161110

Disclaimer: I am not a Research Analyst and not registered with any regulating authority. All posts are for educational purpose only.

Nifty @ Support

Interesting point for the market. Some would say Do or Die level etc.

Here is a simple channel support on the Nifty. If we break this, the earlier channel would come into play and the markets would head lower else back to the top of the channel.

Lets see what Mr Market … errr .. Miss Nifty does.

Click on the chart to see an enlarged version or click here.

nssupp20161104

Disclaimer: I am not a Research Analyst and not registered with any regulating authority. All posts are for educational purpose only.

Dow Jones

An event is nearby and the markets are doing what it does – come and rest at support/resistance. And its supports this time.

See the number of times this band has been test. Umpteen times from below (resistance) and now the third from the top (support). A classic case of Resistance turns Support structure.

Now – the million dollar Q is – what will the markets do ?

Well, we can only wait and watch and react after the markets decide what it wants to do. To do anything before that would be harakiri if markets decide to go against your position.

Chart below. For a larger chart, click here or on the image below.

dow20161103

Earlier too I had posted a DJIA view which you can find here. Worked pretty much according to my view. Lets see what this time the markets would do – big event, big move in the offing whichever side it decides to move.

Disclaimer: I am not a Research Analyst and not registered with any regulating authority. All posts are for educational purpose only.

Sun Pharma

Looking at the chart from a distance, my view is that 720-10 could be revisited. But please do remember that 730 approx is a double bottom too previously and that Mr Market is a ‘Class A’ bluff master and sometimes we call the bluff, sometimes we have to eat our views. Thats how it is.

Of course, I could be wrong, as I have been, many times. Mr. Market

Here is the chart, self explanatory (click here or on the image to enlarge)

sunpharma_20161101

Previously had a view which didn’t work out all the way though. Here it is.

Disclaimer: I am not a Research Analyst and not registered with any regulating authority. All posts are for educational purpose only.

ITC – Get Well Soon AP

AP is not well and therefore this chart, to get him back on track faster than normal. (yes, I AM #wicked, no? AP?)

ITC on the daily is forming one big Inverted HnS from 190 to 265 ie 75 pts for the taking. But before that on the shorter EOD view, it has retested the 200ema and now formed the right shoulder. Sustaining these levels and moving back to 265 is the T1 and can be traded on the FnO.

The second the bigger part of the journey for ITC would be the break above 265-268 levels and sustain that. That would trigger the I-HnS and a target of 330 approx.

itc-20161031

Disclaimer: I am not a Research Analyst and not registered with any regulating authority. All posts are for educational purpose only.

Diwali Dhamaka – RIL

Looking at the lower timeframe, a falling wedge has been broken on the upside and a Bullish Wolfe Wave almost to trigger.

Reliance is my pick for November and Diwali. Lets see how dangerous this Wolfe turns out to be ….

ril20161028

Again, on the higher TF, we had broken out on the weekly and now retesting the breakout. A superb RR to go long on support/retest of breakout. Since this is weekly, buy in cash with some drawdown filter for stops (

Here is the chart for the weekly.

ril20161028wkly

Lets see whether this Diwali, does Motabhai’s fortune change and Lakshmi enters the world of the shareholders who have been holding this scrip since last few years with conviction.

 

Disclaimer: I am not a Research Analyst and not registered with any regulating authority. All posts are for educational purpose only