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!

Nifty has been moving precisely as per Elliott wave pattern! What is next?

Nifty has given a break below the mark of 10330 in today’s session. So will the downtrend continue?

Nifty selloff seen over past few days might have caught many by surprise but trust me this has been as per the channelling technique and Elliott wave methods I have been talking about over past few days.

We have also published our latest monthly research report “The Financial Waves Monthly update” and mentioned the following:

From trading perspective, it is important to keep a tab on 10500 – 10550 levels where there is confluence of channels which can be seen on the monthly chart in Figure 1. Since this is a big channel the resistance will keep shifting higher with each passing day but the best of the up move might be over and it is time to be alert and not complacent like majority. Keep a tab on ……. levels on downside as move below it will be first sign of weakness… BANG ON!

Look at the trading strategy given over past two days in our “The Financial Waves trading update”

Trading strategy given on 7^th November 2017 - Short positions can be created on move below 10400 with day's high as stop and target of 10370 or lower. BANG ON! Nifty broke below 10400 and selling pressure intensified on 7^th November

Trading Strategy given on 8^th November 2017 - Short positions can be created on move below 10340 with 10390 as stop and target of 10290 or lower. BANG ON! Nifty moved precisely as expected and is moving below 10290 levels.

If you would have subscribed to our Intraday / Positional Stock tips, following are the few calls given in today’s session

REPCOHOME FUT SELL BELOW 585 SL 591.4 TGT1 581.1 TGT2 574.7 – Target 2 achieved

CASH CHAMBALFERT SELL BELOW 141.55 SL 142.95 TGT1 140.75 TGT2 139.25 – Target 2 achieved

MRPL FUT SELL BELOW 129 SL 130 TGT1 128.4 TGT2 127.4 – Target 2 achieved

IBULHSGFIN FUT SELL BELOW 1186.2 SL 1196.2 TGT1 1180.2 TGT2 1170.2 - Failed

Please note the above is only for reference and the accuracy cannot be 100%. There will be a few calls that will not be in favour but if we use systematic method of trading then on net basis there is high probability of closing in positive.

Nifty daily chart: published on 2^nd November 2017

Following is a part of research report published in morning of 2^nd November 2017 - Let us see if this euphoric rise can continue beyond the daily channel resistance which is slowly shifting higher everyday but it is not very far away. On upside 10500 is next hurdle that prices have to cross to continue this momentum ongoing….

The above was published in daily equity research report “The Financial Waves short term update”

Here again is the webinar of last Friday for reference - In my latest webinar published on 3^rd November 2017 I mentioned clearly why it is prudent to not get carried away and stay alert. You can see this yourself: How to trade Nifty from here? Will confluence of channels work again?

The above shows the various Equity research products we offer and how they have worked out during the scenario when majority have been complacent. I am not saying we are going down in vertical way but it looks the distribution has started and it is time to be alert and not get carried away in the euphoria!!!

Subscribe NOW “The Financial Waves short term update” that provide detailed Elliott wave analysis on Nifty, Bank Nifty, stocks with important support and resistance levels. In case you would like to get Intraday / Positional Stock tips register now and get research free along with it.

The Financial Waves Monthly update is now published. See yourself various methods of forecasting across Nifty, Metal Index, Crude, INR and much more in this comprehensive report. Subscribe NOW annually at 30% less price.

Is Nifty uptrend in danger? Time to stay alert!

Nifty came close to 10500 levels but failed to take out the highs. It is very important for you to look at the objective Technical analysis methods like Elliott wave, Channels.

In my latest webinar published on 3^rd November 2017 I mentioned clearly why it is prudent to not get carried away and stay alert. You can see this yourself: How to trade Nifty from here? Will confluence of channels work again?

It seems the confluence of channels that I talked about in the video update worked out very well so far. It is now time to keep a close tab on the important short term support levels to see if the same can be protected or not.

Nifty 60 mins chart:

Over past few days we have been alerting our subscribers of daily equity research reports – The Financial Waves short term update to keep an eye on important levels and not to leverage much.

In 6^th November morning we mentioned that “In short, price movement in this week is important. Let us see if prices can manage to build momentum even above 10500 – 10550 levels where multiple trendlines are intersecting. Failure to do that might result into distribution action. Keep a watch on …….. as short term support in this week.”

We have been using Channelling technique along with indepth analysis using Advanced Elliott wave – Neo wave to understand the maturity of trend. If the support levels are now broken decisively we will get another set of selloff similar to that seen in August and late September.

So, it is now time to be alert and monitor closely if the support levels mentioned in the daily research report is taken out for short term reversal confirmation. The confluence of channel has worked out brilliantly and it has helped us to caution our readers and subscribers when majority of others have been complacent.

Subscribe NOW “The Financial Waves short term update” that provide detailed Elliott wave analysis on Nifty, Bank Nifty, stocks with important support and resistance levels. In case you would like to get Intraday / Positional Stock tips register now and get research free along with it.