Sun Pharma: Price targets using Elliott wave!

We published about Sun Pharma in July 2024 and predicted a possibility of good returns in the upcoming trading sessions in our Monthly Research report. Check out the research we had published on 16^th July 2024.

Below is the chart which shows a detailed analysis of Sun Pharma which helped to derive targets of 1700 using Elliott Wave technique. We recommended this stock when it was trading near 1575-1580 levels and was successfully able to catch the up move within just 7 trading sessions.

Sun Pharma Weekly Chart (Anticipated on 16^th July 2024)

Sun Pharma Daily Chart (Anticipated on 16^th July 2024)

Wave Analysis on 16^th July 2024

Amidst sideways consolidation in the pharmaceuticals sector since April 2020, Sun Pharmaceuticals in particular has seen a bullish trend.

Sun Pharmaceuticals has remained in a strong rangebound upward trend as compared with its peers since June 2021. As seen, it in the above chart all the peers are moving in sideways or consolidation manner as against Sun Pharmaceuticals which has continued its strong upward momentum, and is expected to provide better returns in coming month.

Sun Pharmaceuticals has a great potential to trade around the lifetime highs in the coming weeks. This particular stock has seen a strong rally since April 2020. As seen on the above Weekly chart, stock is moving well within an upward sloping channel. Recently prices faced support from the base line(red) of the Ichimoku cloud and moved on the upside. Support as per this, is near 1480 levels.

The daily chart depicts an upward trendline and given the expensive readings on Nifty as of now it is better to buy it on dips for better risk reward for this stock. Prices moved up by taking support from the trendline. Supertrend has also just turned green which is a positive sign.

As per wave perspective, stock is moving well in an impulsive manner and following classic Elliott wave theory. Currently, Primary wave 5 is moving on the upside. Wherein, internal wave 2 got completed near the channel support on 22 May 2024 and since then the rise is in form of wave 3.

In a nutshell, trend for Sunpharma looks positive and we are expecting it to make fresh record high in near future. A decisive breakout above 1600 can lift the price higher towards 1700 as long as 1520 holds on the downside which is an important support level.

Sun Pharma Daily Chart (Happened on 31^st July 2024)

Happened: Post recommending this stock, prices moved as expected, stock showed a good rally and achieved our target of 1700 levels. In today’s session prices made a lifetime high of 1730.9. This up move of more than 11% we have been able to capture with the help of Elliott wave, along with price indicators.

For now, trend remains positive for this stock. One can use buy on dips approach to ride the trend as long as 1640 remains intact on the downside.

Brahmastra (Mentorship) on Timing the market - Learn to time the market and trade with me for the period of 3 Months including Live trading, stock selection, Momentum, and Multibagger stock identification, Timing the entry to the very Day, Hour, and Minute using Time cycles and Elliott Wave analysis. Get access to Kaal Chakra (Master of Cycles) as soon as you register for Mentorship. Know more

CHEMFAB Bang On- 2 Best Indicators You Cannot Miss!

Sometimes simple price pattern along with price indictors creates wonder if one combines it together! See yourself how we identified such a massive move in CHEMFAB. Check out how we accurately predicted on the possible up move on CHEMFAB which has rallied more than 11% in just 2 trading sessions.

We published about CHEMFAB in "The Financial Waves Short Term Update" on 24th July 2024 which our subscribers receive pre-market every day. Check out below the detailed research report that we published.

CHEMFAB Daily chart anticipated on 24^th July 2024

CHEMFAB Horly chart anticipated on 24^th July 2024

Wave Analysis As on 24^th July 2024

CHEMFAB has been moving higher recently and intact in strong uptrend. In the previous session it closed with a massive gain of 9.17%.

On the daily chart, in the previous session prices formed a bullish candle. Price has closed above 744 level which confirms breakout of the Rounding bottom pattern. Price continued to trade above the Ichimoku cloud which indicate that the short-term bias is likely to remain bullish.

As shown on the hourly chart, we have applied parabolic SAR which used to determine the price direction as well as draw attention to when the price direction is changing. A series of dots placed below the price which is deemed to be a bullish signal. Closest support is placed at 740.

In short, trend for this stock is positive. Use dips towards 770-780 as a buying opportunity for a move towards 850-860 levels as long as 740 holds on the downside.

CHEMFAB Daily chart happened as on 29^th July 2024

Happened: The stock moved as we anticipated. Prices showed a sharp rise and not only achieved our target but surpassed it and made a high of 898.95 on 25th July 2024 which is more than 11% in just 1 trading session especially, when the market scenario is very choppy.

Brahmastra (Mentorship) on Timing the market - Learn to time the market and trade with me for the period of 3 Months including Live trading, stock selection, Momentum, and Multibagger stock identification, Timing the entry to the very Day, Hour, and Minute using Time cycles and Elliott Wave analysis. Get access to Kaal Chakra (Master of Cycles) as soon as you register for Mentorship. Know more

Nifty Volume profile with Elliott wave Post Budget

Post Budget announcement Nifty showed sharp swing on either direction but the volatility reduced as the event is behind us.

Simple price action using Volume analysis along with advanced Elliott wave – Neo wave provides clear guidance for trading this index over short to medium term.

Nifty Volume profile chart:

Nifty hourly Neo wave chart

Volume profile indicates big players activity and same can be applied prudently even for Options Trading.

Options Trading requires understanding of momentum, trend, time to expiry and range.

Majority focus only on Open interest but by combining change of Open interest along with Volumes on stocks, indices the overall perception can sharply increase.

Nifty hourly chart shows that there is big volume buildup at 24320 (fut) levels. This can be seen from right hand side volume area. Prices are managing to sustain above this levels after all the volatility. This provides important price action support area.

Neo wave counts – As shown on Nifty hourly chart we can see that currently prices are in wave g formation of Diametric pattern. Within this wave g we can clearly see ongoing Zigzag pattern with prices currently moving higher in form of wave c of g. There is high likelihood that we can again break above 24500 levels and move back to 24728 Gann levels on upside.

Neo wave counts are also in sync with our Volume profile support and both of these technique can form powerful trading combination that suggests the overall trend still remains buy on dips as long as the support near 24320 is intact on closing basis.

In a nutshell, Nifty trend remains positive unless we see close below the support area for a move back to 24728 followed by 24850 as long as 24320 is protected.

Brahmastra (Mentorship) on Timing the market - Learn to time the market and trade with me for the period of 3 Months including Live trading, stock selection, Momentum, and Multibagger stock identification, Timing the entry to the very Day, Hour, and Minute using Time cycles and Elliott Wave analysis. Get access to Kaal Chakra (Master of Cycles) as soon as you register for Mentorship. Know more

Multibagger Stock – 1100% rally in 2 years!

IRFC (Indian Railway Finance Corporation) shows that stock from the BSE 500 universe has surged up to 1100% in two years.

Elliott wave helps to understand the overall maturity of the trend and if the rise is sustainable or not.

Below is the chart of the stock along with the earnings –

IRFC Daily chart with Elliott wave

IRFC Earnings & PE chart:

IRFC chart shows sharp rise in stock prices from below 20 to now near 205 levels. This has given an exorbitant move of more than 1100% in 2 years and more than 600% in last 1 year.

Stock is completing its 5^th wave on the upside as per Elliott wave and also showing negative divergence with KST momentum indicator.

It is important to also see of this rise in stock price is associated with rise in earnings or not. Price to Earnings ratio measures the how expensive is the stock compared to the current price.

Above EPS and PE chart shows earnings have not changed much over past 1 year. The PE ratio has continued to rise from 6 to now above 40. This indicates the earnings has not improved whereas stock prices have risen sharply.

There is high possibility that if the level 188 is broken we might see sharp reversal on downside in this stock to 130 or lower levels.

In a nutshell, by combining technical analysis like Elliott wave along with earnings momentum one can form strong combination of fusion analysis for identifying such multibagger stocks when up move is starting and also exit strategy when the stock looks matured as per Elliott wave and about to reverse on downside.

Brahmastra (Mentorship) on Timing the market – Learn to time the market and trade with me for the period of 3 Months including Live trading, stock selection, Momentum, and Multibagger stock identification, Timing the entry to the very Day, Hour, and Minute using Time cycles and Elliott Wave analysis. Get access to Kaal Chakra (Master of Cycles) as soon as you register for Mentorship. Know more

Conquering Khiladi No. 1 Again: 29 Wins and Counting!

I am incredibly excited to share that I've won Khiladi No. 1 on CNBC Awaaz for the 29th time! Even more amazing, this is my fourth consecutive win. This achievement shows that the techniques I use, like Elliott Wave and Time Cycle analysis, really work.

My Journey So Far

Winning Khiladi No. 1 is challenging. It requires a deep understanding of the market and the ability to predict its movements. Over the years, I've developed strategies that consistently bring positive results. Each win strengthens my belief in the methods I use and their potential to help traders and investors.

The Power of Elliott Wave and Time Cycle Analysis

Elliott Wave analysis is a method that helps predict market trends by studying patterns in investor behavior and price movements. Time Cycle analysis focuses on the timing of these trends and market reversals. Together, they create a powerful tool for making smart trading decisions.

Why Elliott Wave?

1. Predicting Future Moves: It helps forecast future price movements by understanding market sentiment and patterns.
2. Spotting Trends: It identifies long-term and short-term trends, aiding in strategic decision-making.
3. Managing Risk: By understanding wave patterns, traders can set better stop-loss orders to minimize potential losses.

Why Time Cycle?

1. Timing the Market: It helps determine the best times to enter and exit the market.
2. Learning from History: By studying past market cycles, traders can better anticipate future movements.
3. Better Predictions: When combined with Elliott Wave, it enhances the accuracy of market forecasts.

Thank you for your support! Each win inspires me to improve my market analysis and strategies. I'm committed to helping traders navigate the market's challenges. With the right tools and knowledge, anyone can succeed in trading. Here's to more successes and continued excellence in trading!

Kaal Chakra – Learn to trade the time cycles that can be applied on any index, stocks right from 5 minutes to 15 minutes, daily and weekly time frame for trading using concepts of Hursts Time cycles, Centred Bollinger Bands, price forecast using FLD, Pring Special K indicator, Gann and Lunar cycle scheduled on 20^th – 21^st July 2024. Early bird ends soon, Limited seats only, Know more

Feel free to share your thoughts and experiences with Elliott Wave and Time Cycle analysis in the comments below. Let's continue to learn and grow together!, Fill out the below form to learn more about Elliott Wave and Mentorship

Gold, A True Rally? – Time Cycles Cannot be More Accurate!

Time Cycles is a very important Technical Analysis study and is surprising that such basic concepts are rarely focused by traders.

It is simply amazing to see how easy Trading becomes if one is aware about such reversal time areas with exact date to the very minute.

MCX Gold Daily 51 Days Time Cycle:

We used the concepts of Hurst’s Time Cycles and found actual cycles working on Gold prices. It is amazing to see it can be applied simply across Daily, Hourly, 15 minutes time frame and all working extremely well.

We can see that all the major lows formed on Gold is near 51 days cycle including the recent one formed at the start of July 2024 near 71685 and a rally of more than 4% from there has already been seen, we can expect prices to continue moving upwards as long as the cycle low which is near 71685 remains protected on the downside. We have given hints about possible reversal on the upside in our short term commodity report. The next cycle is due in September 2024, till then we are expecting the cycle low to remain protected.

To summarize, once the trend is clear on bigger time frame a trader can then drill down to smaller time frame charts in order to time the exact entry using simple methods of Time and Candlesticks. Many traders complicate it by combining various indicators but it is not required as we can easily trade keeping things simple.

Brahmastra (Mentorship) on Timing the market - Learn to time the market and trade with me for the period of 3 Months including Live trading, stock selection, Momentum, and Multibagger stock identification, Timing the entry to the very Day, Hour, and Minute using Time cycles and Elliott Wave analysis. Get access to Kaal Chakra (Master of Cycles) as soon as you register for Mentorship. Know more

Intraday Trading Using GANN Square of 9 on Nifty

 

D. Gann methods for market forecasting is very unique and provides a different dimension to see the stock market.

Nifty has been touching lifetime high levels every other day. Prices have been moving from one Gann level to the next level.

Below chart of Nifty was shown on 29^th June when prices were near 24010 levels.

Nifty Gann square of 9 daily chart – Anticipated on 29^th June 2024

Happened: Nifty daily chartNifty Gann square of 9 requires to find out the angle which is providing support or resistance to prices.

We have researched 180 degree angle as an important parameter that has been providing resistance and support to prices on most of the occasions.

As shown on the daily chart when prices were near 23486 it was forecasted that we can approach to 24103 levels and probably above it to 24728.

Happened: prices showed sharp rise and crossed above 24103 and is now headed towards 24728 next Gann levels. There has been a move of more than 1000 points already from 23486.

By combining Time cycles with Gann it is possible to form powerful trade setup of price time reversal technique.

In a nutshell, Nifty has been following Gann square of 9 levels accurately and this is the simplest way of looking at price action and can time is along with Time cycle methods.

Brahmastra - Learn to time the market and trade with me for the period of 3 Months including Live trading, stock selection, Momentum, and Multibagger stock identification, Timing the entry to the very Day, Hour, and Minute using Time cycles and Elliott Wave analysis. Get access to Kaal Chakra (Master of Cycles) as soon as you register for Mentorship. Know more

Why Raymond shares are showing 35% fall today; what lies ahead?

 Raymond opened at Rs 1,906 on NSE, down 39.60% over its previous day's closing of Rs 3,156

Shares of Raymond Ltd nosedived 40 per cent at open on Thursday, as the stock turned ex-date for the demerger of lifestyle business of the company. The stock was trading at a value, excluding the lifestyle business. The demerged business has been separated and would now be listed separately on stock exchanges around August-September. Existing investors of Raymond would be offered four shares of Raymond Lifestyle for every five Raymond shares. Today is the record date for the same.

Let us look at the chart of Raymond and see the overall trend

Raymond Daily chart:

Raymond chart shows classical channelling technique that has worked out extremely well.

We can clearly see that the stock touched the upper end of the channel just before it goes ex-date.

For technical traders, they have to now adjust the past price and divide it in the ratio to adjust for the prices difference of 35%.

This will ensure the correct application on the charts.

Traders should not see this as a crash in stock prices but the fall as a result of corporate action.

The overall trend for the stock still remains positive and the low of today near 1852 is important support.

Time cycle of 55 days – is working very well and most of the lows are formed near this time cycle. The next date as per this cycle is on 23^rd August 2024 which will provide to enter into the stock from medium to long term perspective.

In a nutshell, trend for Raymond is still positive and the fall of 35% seen on 11^th July 2024 is just because of corporate action for which the traders will get the shares of demerged entity. Application of Time cycle can provide classic opportunity to enter the stock again.

Brahmastra (Mentorship) on Timing the market - Learn to time the market and trade with me for the period of 3 Months including Live trading, stock selection, Momentum, and Multibagger stock identification, Timing the entry to the very Day, Hour, and Minute using Time cycles and Elliott Wave analysis. Get access to Kaal Chakra (Master of Cycles) as soon as you register for Mentorship. Know more

Is it Possible to identify early reversals using 43 Time cycles?

 Is it possible to Time the market? Can we use methods that can predict when will prices reverse with exact date and time?

Look at the below chart of Nifty with time cycle applied on 15 minutes time frame chart that was anticipated on 6^th July 2024 weekly webinar with 1000s of participants.

Nifty 15 minutes chart: Anticipated on 6^th July 2024

Nifty 15 mins Happened as on 10th July 2024

J.M. Hurst is known as the father of Time Cycles. He identified that there are a set of standard cycles that work across markets. We need to identify the time cycle working on that stock or index.
For Nifty, 43 period of Time cycle works extremely well on 15 minutes time frame. Time trading has to be combined along with price action for precise entry.
Time trading needs to be combined with Price action as well for precise entry. It is also possible to derive price target using Time concept.
Currently the cycle is ongoing and the further price action will determine the future course of trend.

In nutshell, By combining this science of Time trading one need not worry about missing out the trend as if time is in favour then one can predict moves well in advance.

Brahmastra (Mentorship) on Timing the market - Learn to time the market and trade with me for the period of 3 Months including Live trading, stock selection, Momentum, and Multibagger stock identification, Timing the entry to the very Day, Hour, and Minute using Time cycles and Elliott Wave analysis. Greet access to Kaal Chakra (Master of Cycles) as soon as you register for Mentorship. Know more

HDFC Bank – Will It Reverse or Time to BUY?

 HDFC Bank touched lifetime highs on 3^rd July after Gap up opening. But is it Time to buy more or prices will reverse back?

HDFC Bank has been late to join the party but finally managed to show strong up move. Time cycle has turned on buy side and looks like the rally is here to stay.

 HDFC Bank daily chart:Hurst’s Time cycles – Time cycle helps to understand if the time is turning on the buy side. Majority of the traders only focus on prices ignoring the fact that time also plays a vital element to trading.

While buying a stock one is buying two parameters – price and time.

HDFC Bank follows a Time cycle of 53 Days which is derived using Hurst’s Time cycle method.

This cycle has resulted into prices turning on upside on most of the occasions.

Even the recent sharp rally started from the Cycle low period. The low near the cycle date is at 1680. We call this as Time support area.

Forecasting Prices using Time – FLD is a Time indicator that helps to derive prices using Time cycle. When prices intersect with this indicator it gives probable targets. Even the recent intersection near 1520 indicated the stock is going to continue its upward journey.

As long as the stock is sustaining above 1680 time will remain on buy side. Time starts turning post the mid cycle period and so for next 25 days we expect this low can remain protected.

For Options trader this is vital information and can form prudent strategy. Time alone can be used as a complete trading system without combining any other technique.

In a nutshell, HDFC Bank as long as sustains above 1680 will be on buy side. This can be combined by short term time cycles on 15 minutes chart for scalping or intraday trading as well.

Brahmastra (Mentorship) on Timing the market – Learn to time the market and trade with me for the period of 3 Months including Live trading, stock selection, Momentum, and Multibagger stock identification, Timing the entry to the very Day, Hour, and Minute using Time cycles and Elliott Wave analysis. Get access to Kaal Chakra (Master of Cycles) as soon as you register for Mentorship. Know more

Nifty Elliott wave with Time Cycle – Are we entering topping Zone?

 Nifty has continued to touch lifetime high levels and is approaching near 24500 levels. Is it near topping zone?

Let us look at the Time cycles along with advanced Elliott wave – Neo wave to understand the maturity of the ongoing move.

Nifty daily chart:

Elliott wave analysis –

Nifty has been moving in the form of Diametric pattern. We turned super bullish on 5^th of June 2024 when index was near 22400 levels expecting lifetime high levels to be touched.

Prices moved up and exactly as expected and touched lifetime highs near 24440 levels as on 9^th July 2024.

As per Neo wave, Diametric pattern consists of 7 legs and we are in the last leg of the rise as per this.

Wave g usually tend towards equality to that of wave a and we have already achieved that percentage target if we measure from the lows of election day low. Giving little leeway we get targets of 24494 which is very near as well. So we can be in matured stage of up move as per Neo wave logics.

Time cycle – From 55 Days of Time cycle perspective, we have completed nearly 29 trading days from the last black cycle period. If we see from the low of 4^th June we have completed 24 trading days. Usually cycle tops out around 28 to 35 trading days. So we can see few more days of consolidation of positive price action but it is not necessary.

Channeling technique - Prices are now also near to the upper channel resistance from where we have seen past 3 peaks. So the upside room is now getting limited.

In a nutshell, over short term prices remains buy on dips unless we close below prior day’s low but the overall trend looks matured. We turned super bullish near 22400 on 5^th June 2024 and now we are getting cautious as the prices and time are entering into the topping zone. We will update it in short term research report when the support breaks.

Brahmastra (Mentorship) on Timing the market - Learn to time the market and trade with me for the period of 3 Months including Live trading, stock selection, Momentum, and Multibagger stock identification, Timing the entry to the very Day, Hour, and Minute using Time cycles and Elliott Wave analysis. Get access to Kaal Chakra (Master of Cycles) as soon as you register for Mentorship, Know more

Is it Possible to Time Bank Nifty & Capture 1000 points?

 Is it possible to Time the market? Can we use methods that can predict when will prices reverse with exact date and time?

Look at the below chart of Bank Nifty with time cycle applied on 15 minutes time frame chart that was anticipated on 29th June 2024 webinar with 1000s of participants.

Bank Nifty 15 mins chart: Anticipated on 29th June 2024Bank Nifty 15 mins chart: Happened on 4^th July 2024J.M. Hurst is known as the father of Time Cycles. He identified that there are a set of standard cycles that work across markets. We need to identify the time cycle working on that stock or index.

For Bank Nifty, 89 period of Time cycle works extremely well on 15 minutes time frame. Time trading has to be combined along with price action for precise entry. Bank Nifty made low precisely near our cycle and from there, Index witnessed rally of more than 1000 points!

Time trading needs to be combined with Price action as well for precise entry. It is also possible to derive price target using Time concept.

Next date and time to track is on 8th July 2024, 11pm. Around this time one can see the pattern and price action and if favourable can pull the trigger to capture another move in Bank Nifty.

In nutshell, by combining this science of Time trading one need not worry about missing out the trend as if time is in favour, then one can predict moves well in advance.

Kaal Chakra – Learn to trade the time cycles that can be applied on any index, stocks right from 5 minutes to 15 minutes, daily and weekly time frame for trading using concepts of Hursts Time cycles, Centred Bollinger Bands, price forecast using FLD, Pring Special K indicator, Gann and Lunar cycle scheduled on 20^th – 21^st July 2024. Early bird ends soon, Limited seats only, Know more

Brahmastra (Mentorship) on Timing the market – Learn to time the market and trade with me for the period of 3 Months including Live trading, stock selection, Momentum, and Multibagger stock identification, Timing the entry to the very Day, Hour, and Minute using Time cycles and Elliott Wave analysis. Get access to Kaal Chakra (Master of Cycles) as soon as you register for Mentorship Know more 

Multibagger Stock – 4,700% rally in 3 years!

 The data from Lloyds Metals & Energy shows that stock from the BSE 500 universe has surged up to 4700% in three years.

Lloyds Metals & Energy: This iron and steel manufacturing company is the biggest gainer in the BSE 500 index. Lloyds Metals & Energy's share price has surged 4775% in the three-year period to Rs. 716.65 on April 29, 2024, from Rs. 14.7 on April 29, 2021. It has a current market capitalization (m-cap) of Rs. 36,209 crore. This stock jumped 122% in the last one year.

Below is the chart of the stock along with the earnings –

Lloyds Metals & Energy daily chartLloyds Metals & Energy Earnings & PE chart:

Lloyds Metals and Energy chart shows sharp rise in stock prices from below 10 to now near 738 levels. This has given an exorbitant move of more than 4700% in 3 years and more than 122% in last 1 years.

Stock is still managing to protect its 50 and 200 days Moving average. It is important to also see of this rise in stock price is associated with rise in earnings or not. Price to Earnings ratio measures the how expensive is the stock compared to the current price.

Above EPS and PE chart shows the rising momentum in earnings over past 3 years. The PE ratio has continued to stay around 27 despite of sharp jump in stock prices. This indicates the earnings momentum is still good in the stock.

In a nutshell, by combining technical analysis like Elliott wave along with earnings momentum one can form strong combination of fusion analysis for identifying such multibagger stocks.

Kaal Chakra – Learn to trade the time cycles that can be applied on any index, stocks right from 5 minutes to 15 minutes, daily and weekly time frame for trading using concepts of Hursts Time cycles, Centred Bollinger Bands, price forecast using FLD, Pring Special K indicator, Gann and Lunar cycle scheduled on 20^th – 21^st July 2024. Early bird ends soon, Limited seats only, Know more

Brahmastra (Mentorship) on Timing the market – 3 months of trading with me know more

Bank Nifty Target using Neo wave and Time cycle

 Neo wave along with a simple price indicator helps to form powerful setups with a good accuracy. In the previous monthly report dated on 14^th June 2024 we anticipated possible rally in Bank Nifty. Bank Nifty moved precisely as expected!

Bank Nifty Weekly chart anticipated as on 14^th June 2024

Bank Nifty Daily chart anticipated as on 14^th June 2024

Wave analysis anticipated as on 14^th June 2024

In the month of May 2024, Bank Nifty witnessed minor profit booking at the start of the month and later moved up and made fresh highs. However, due to Lok Sabha Election outcome which is a big event for Indian Markets, we have seen higher volatility since the start June month. On the event day, prices showed a sharp correction of 4900 points and later within next two days prices showed a sharp recovery of nearly 8-9% from the lows of 46077.

As shown on the 1st daily chart, we can see the entire rise from the lows of Covid 2020. Momentum was strong in the earlier legs of the Diametric pattern but now the momentum has been slowing. The ongoing primary wave G is looking like a wedge-shaped formation with lack of momentum. Nifty has managed to touch lifetime highs but participation from Bank Nifty is still awaited.

This is also in sync with the ongoing interest rate cycle. Since we are at high interest rates scenario the financial sector usually underperforms other sector. As mentioned earlier as well it is better to stay with defensive sector that can outperform banking stocks.

Nevertheless, overall trend for Bank Nifty is positive as there is no negative reversal yet.

On the next daily chart figure 6, we have shown Bollinger Bands. Wherein, prices are gradually moving towards the upper bands which is near 50800 levels. As per wave perspective, the fall that we saw on the Election Day was in form of wave f and now prices are moving up in form of wave g which is a last leg of a Diametric pattern. This leg has retraced more than 76.4% of prior leg which was wave f.

In a nutshell, overall outlook for Bank Nifty is positive for move back to 50660 followed by 50800 levels with support on downside at 48800 levels. Any breach below this support will indicate a triangle pattern possibility. As long as support holds use dips to buy but momentum can remain a concern.

Bank Nifty Daily chart happened as on 1^st July 2024

Happened:

In our monthly report we mentioned about possible more up move towards 50800 levels and gave hints above possible fresh highs in index! Bank Nifty moved precisely and achieved our target in just 2 days of span! Later Bank Nifty showed a classic rally and made a fresh high near 53180 which is more than 6% in short span of time.

For now, one should avoid catching tops and can use buy on dips method to ride the trend by keeping as long as 51900 level holds on the downside.

Kaal Chakra – Learn to trade the time cycles that can be applied on any index, stocks right from 5 minutes to 15 minutes, daily and weekly time frame for trading using concepts of Hursts Time cycles, Centred Bollinger Bands, price forecast using FLD, Pring Special K indicator, Gann and Lunar cycle scheduled on 20^th – 21^st July 2024. Early bird ends soon, Limited seats only, Know more

Brahmastra (Mentorship) on Timing the market – 3 months of trading with me know more