Thursday, December 14, 2017

Nifty, Bank Nifty- How to trade using 5 minutes chart on Intraday basis?

Both Nifty and Bank Nifty has been showing volatile movement ahead of Gujarat Assembly Election outcome. Another event was rate hike by FED on 13th December.
Amidst all this markets have been trading volatile and Nifty after showing correction during first half showed sharp recovery in second half of the session. So, is it possible to apply Elliott wave method on a chart as small as 5 minutes?
Nifty 5 minutes chart:

The above chart clearly shows power of Elliott wave applied on as small as 5 minutes chart
Nifty after forming a top in impulse pattern probably in form of wave a of Zigzag correction showed a corrective fall towards 61.8% level on downside. This fall was in complex pattern and prices retraced back the rise in slower time.
As per rule of Zigzag pattern wave (b) should not retrace more than 61.8% of wave (a). We can clearly see that the fall halted exactly at 61.8% retracement level from where there was a sharp rise on upside which is probably the ongoing wave (c).
We have applied similar techniques even on Bank Nifty chart and generated the following intraday calls for our Nifty, Bank Nifty and Equity subscribers
NIFTY FUT BUY ABOVE 10235 SL 10185 TGT1 10260 TGT2 10310
Happened: Nifty made a high at 10297
BANK NIFTY FUT BUY ABOVE 25110 SL 24970 TGT1 25175 TGT2 25320
Happened: Bank Nifty made a high at 25244
We also generated Option calls on both Nifty and Bank Nifty. Below is for reference
NIFTY 10100 CE BUY ABOVE 225 SL 190 TGT1 249 TGT2 279
Happened: Nifty 10100 CE made a high at 271
BANK NIFTY 25000 CE 28TH DEC BUY ABOVE 475 SL 370 TGT1 525 TGT2 624
Happened: Bank Nifty CE 25000 made a high at 528
The above clearly showcase the methods that we use in order to generate Intraday / Positional advisory for our subscribers!
So, will it work always, NO. Elliott wave and other technical methods of forecasting is all about probability. There have been occasions when techniques might not produce desired outcome and so using stoploss is extremely important.
Subscribe NOW to Intraday / Positional advisory and trade using the tools of high probability like Elliott wave, Fibonacci ratios. Also get access to free research reports along with subscription to Stock tips, Nifty tips, Commodity tips. So, how will market behave before assembly election outcome? Do not guess but use systematic method to forecast. Subscribe NOW!

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