Nifty Reversed Below 26k, Buy On Dips or Sell on Rise?

Nifty showed sharp selloff falling below 26000 and closing lower by 368 points. Selling was witnessed majorly in index heavy weights like Reliance and banking stocks.

Understanding the overall pattern on basis of advanced Elliott wave – Neo wave method.

Nifty daily chart:

Nifty hourly chart:

Nifty daily chart shows that prices closed below prior day’s low after 14 consecutive days. This has turned the overall bias on downside but the medium term tone still remains buy on dips.

As shown on hourly chart since the low the entire rise looks to be in complex corrective fashion. The rise from low of wave f we are dividing it into wave g completion near 25450 and then fall in form of wave x to make wave g equality in terms of price / time to that of wave a.

The internal counts post wave x shows completion of rise in minor degree diametric pattern and the fall is only retracing a portion of the rise. This wave down can be wave b post completion of wave a at the high.  

So the overall tone is still bullish & post short term wave b completion we can expect wave c to resume higher. The support of 38.2% is near 25740 and 61.8% is near 25410 levels. Any breach back above 25980 – 26020 will indicate possible completion of wave b and start of wave c higher.

In a nutshell, Nifty can move in a broad range as of now of 25740 – 26020, break below 25740 might extend the fall further to 25410 levels. Post completion of wave b we can expect uptrend to start. Basis of this GPS of the market one can form prudent options strategy.

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ICICI Bank is on the mark! Combining 2 Best Indicators along with Elliott Wave!

Sometimes, a straightforward price pattern, when combined with price indicators and advanced technical tools like Elliott Wave, can yield remarkable results! See yourself how we identified such a massive move in ICICI Bank. Check out how we accurately predicted on the possible up move on ICICI Bank which has rallied more than 7% and achieved our target in just 3 trading sessions.

We published about ICICI Bank in " Vayu Short Term Update" on 20^th September 2024 which our subscribers receive pre-market. Check out below the detailed research report that we published.

ICICI Bank Daily chart anticipated on 20^th September 2024

ICICI Bank Hourly chart anticipated on 20^th September 2024

Wave analysis:

On the daily chart, ICICI Bank gained more than 8% since 9th September reflecting accelerated buying pressure in the underlying. Prices have not given a close below their previous day’s low since 9th September suggesting that bulls are in charge of the trend. Currently, prices continued to close above the upper Bollinger Bands® suggesting continuation of the trend. Also, RSI is trading above 70 indicating high momentum in the underlying.

On the hourly chart, prices are currently trading at the Ichimoku cloud’s convergence line, which has previously efficiently acted as a support from which prices have reversed on the upside. Also, current rise is in form of wave e of a diametric pattern. In nutshell, trend for ICICI Bank remains positive.           

Key Resistance – 1320

Key Support – 1283

Trade setup for intraday futures – long positions can be created above 1300 with the targets of 1305 followed by 1310 and stoploss of 1293.

Trade setup for positional futures – long positions can be created above 1300 levels with the targets of 1325 levels and stoploss of 1282(One can book part profit near 1310-1315 levels and trail stoploss to cost)

Trade setup for options – ICICIBANK 1270CE BUY ABOVE 33 SL 26 TGT 40 TGT2 50.

ICICI Bank Daily chart happened as on 25^th September 2024

Happened:

The stock has moved as we anticipated. Prices showed a rise of more than 7% and achieved targets of 1320(spot). We successfully captured an up move and target was achieved in future and options segment as well!

This demonstrates that application of a combination of learnings including price action, price indicators, and Elliott Waves can help achieve targets more confidently and consistently!

Want to know more such stocks like ICICI Bank is on the mark! subscribe to our Vayu Momentum Research Report: Get a list of stocks with high growth potential: Check Here

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Mahindra & Mahindra Bang On using Elliott Wave and Bollinger Bands.

We published about Mahindra & Mahindra combining advanced technical techniques such as Elliott Wave and Bollinger Band® Indicator and forecasted a possibility of good returns in the upcoming trading sessions in our Vayu Momentum report. Check out the research we had published on 23^rd September 2024.  

Below is the snapshot of chart along with the detailed analysis of M&M which helped to derive targets combining Elliott Wave and Bollinger Band technique. We recommended this stock when trading near 2950-2960 levels and successfully caught the up move within just 1 trading session!

M&M Daily Chart (Anticipated on 23^rd September 2024) 

Wave analysis:

In the previous session, Mahindra and Mahindra surged by over 5.48%, breaking above its trendline with a significant increase in volume. This surge suggests a potential trend reversal and indicates fresh buying interest in the stock. Currently, prices have given a close above Upper Bollinger Band® reflecting increasing buying pressure in the underlying. Also, RSI is trading at 68 supporting the high momentum in the prices. As per wave perspective, wave iv got completed on the downside near 2650 levels and since then the rise that we are seeing is in form of wave v.

Key Resistance – 3010

Key Support – 2855

Trade setup for intraday future – Long positions can be created above 2960 Levels with the targets of 2970 followed by 2780 and stoploss of 2950 levels.

Trade setup for Positional Futures – Long positions can be created above 2960 with TGT 3000 and stoploss of 2940 levels (One can book part profit near 2980-2985 and trail stoploss to cost) 

Trade setup for Options – M&M SEPT 2900CE BUY ABOVE 76 SL 64 TGT 96 (One can book part profit near 86-87 levels and trail stoploss to cost).

M&M Daily Chart (Happened on 24^th September 2024) 

Happened:

After recommending the stock, it moved exactly as anticipated and traded at life-time high levels of 3098.55 and achieved both our targets in futures as well as options. It is fascinating to see how accurately combing basic indicators along with advanced wave techniques can help predict price targets with accuracy! We have favorably captured this surge of more than 4% in just 1 trading session.

Want to know more such stocks like Mahindra & Mahindra subscribe to our Vayu Momentum Research Report: Get a list of stocks with high growth potential: Check Here

Trishul (Options Mantra, Elliott wave, Neo Wave) – Trade with an edge of waves and know the precise reversal trade setups having low risk high reward. Get access to time tested methods of Options Mantra, Elliott wave and live trading session on Neo wave on 5^th – 6^th October 2024. Know more

Hero Moto Corp: Price targets using Elliott wave!

We published about Hero Motocorp and predicted a possibility of good returns in the upcoming trading sessions in our Vayu Momentum report. Check out the research we had published on 18^th September 2024. 

Below is the chart which shows a detailed analysis of Hero Motocorp which helped to derive targets using Elliott Wave technique. We recommended this stock when trading near 5950-5960 levels and successfully caught the up move within just 1 trading session!

Hero Motocorp Daily Chart (Anticipated on 18^th September 2024)   

Wave analysis:

On the daily chart, prices have broken out of a Rounding bottom formation accompanied by increased volume, signalling a new wave of buying interest in HeroMoto Corp. Additionally, Prices made a new fresh high and closed above the previous day’s high suggests growing bullish momentum. Currently, prices are trading near the upper Bollinger bands®, a decisive break out of it can accelerate positive momentum in the underlying. Also, KST indicator has recently crossed the zero-line moving upwards indicating increasing strength in the trend. 

Key Resistance – 6030

Key Support – 5800

Trade setup for intraday futures- long positions can be created if it comes near 5900 with the stoploss of 5875 and target1 of 5925 and target 2 of 5945. 

Trade setup for positional futures – long positions can be created if it comes near 5900 with the stoploss of 5820 and target of 6010 (One can book part profit near 5940-5950 levels and trail stoploss to cost) 

Trade setup for options: HEROMOTOCO SEP 5900CE BUY IF IT COMES NEAR 120-125 SL 95 TGT1 155 TGT2 175

Hero Motocorp Hourly Chart (Happened on 23^rd September 2024)  

Happened:

Post recommending this stock, prices moved as expected, stock showed a good rally after a dip and achieved our targets in both futures as well as options. This up move of more than 2.8.  We have successfully captured this move with the help of Elliott wave, along with price indicators in just 1 trading session.

Want to know more such stocks like Hero Moto Corp subscribe to our Vayu Momentum Research Report: Get a list of stocks with high growth potential: Check Here

Trishul (Options Mantra, Elliott wave, Neo Wave) – Trade with an edge of waves and know the precise reversal trade setups having low risk high reward. Get access to time tested methods of Options Mantra, Elliott wave and live trading session on Neo wave on 5^th – 6^th October 2024, Know more

Nifty Target using Neo wave and Time cycle

Neo wave along with a Time cycle helps to form powerful setups with a good accuracy. In the previous monthly report dated on 22^nd August 2024 we anticipated possible rally in Nifty. Nifty moved precisely as expected!

Nifty Daily chart anticipated as on 22^nd August 2024 

Nifty Hourly chart anticipated as on 22^nd August 2024 

Wave analysis anticipated as on 22^nd August 2024 

Nifty has been moving precisely as mentioned in prior monthly research report. It was mentioned clearly that the upside momentum can reduce as 55 Days Time cycle was entering into topping zone and we can start seeing again positive trend from 16th August 2024. Low formed on 14th August was at 24100 and Nifty opened with strong Gap up the very next day. It has already touched the high of 24867 as on 22nd August 2024. This is a move of more than 750 points in just 5 trading sessions. This clearly shows the power of Time cycles and how it can form a classic combination with Neo wave application.

Nifty alternate weekly possibility – Nifty weekly chart shows that prices might be on path of forming a Big Diametric pattern since the lows of Covid 2020. The entire rise can be in 7 legs and we are currently only in wave (C). The first target for this wave C can be near 25361 which is the Gann level that can be followed by 26450 levels.

Nifty short term Neo wave outlook – Nifty short term daily and hourly charts show the low formation on 55 days time and the internal counts for ongoing up move post election low in June 2024.

We have tweaked the internal counts of the rise and it seems the trend that started from 4th June 2024 low is still forming a Diametric pattern. Within this wave g on upside is ongoing which measures equality target approximately near 25361. This is also the Gann square of 9 levels we have been talking about earlier in our webinars and short term research report

In a nutshell, Nifty trend remains positive for a move to Gann level of 25361 levels as long as the support on downside near 24350 remains intact.

Nifty Daily chart happened as on 18^th September 2024.

Nifty Hourly chart happened as on 18^th September 2024

Happened:

In our monthly report we mentioned about possible up moved towards 25361 levels and gave hints above possible fresh highs in index! Nifty moved precisely and achieved our target in a month!

We have successfully captured this entire rally with the help of advance technical tools like Neo wave and Time cycle! Its brilliant to see the results one can achieve using these advanced techniques and apply them in action.

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