Nifty trend- What is next post GST?

Look at what should be Nifty trading strategy post GST? Also see various technical analysis methods like Channels, RSI, Elliott wave applied on charts of Nifty.

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Is Nifty in danger zone? Technical analysis applied with Elliott wave

Nifty is flirting at very important level from technical analysis perspective. Refer Elliott wave channel for more videos

Elliott wave pattern, Time cycles, Channels, indicators, most of the advanced concepts are all getting aligned together.

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Bank Nifty: Amazing predictable movement as per Neo wave - Diametric Pattern!

Neo wave and Hurst’s Time cycles have helped to capture the movement on Bank Nifty precisely. Here is the research that will give complete insight into this index.

Before trading or investing in any asset class it is important to understand its market behavior and structure. This will help in managing the risk factor to survive in any market for traders. Nifty has continued its uptrend and is now trading near the level of 9700. You might want to also have a look into a very detailed analysis on Nifty Hurst’s Time cycles

The major support in this rally has been witnessed from the Bank Nifty which has moved higher from 23311 to 23890 level in last few days. Bank Nifty has continued to follow Neo wave pattern along with basic technicals very well.

Bank Nifty daily chart:  (Application of Time Cycles for capturing lows)

Bank Nifty 60 mins chart:  (Anticipated in the morning of 19^th June 2017)

Bank Nifty 60 mins chart: (Happened till now)

(Below research is taken from “The Financial Waves Short Term Update”)

Wave analysis:

“Bank Nifty and Nifty both these indices have been moving in corrective fashion on downside from last few days. This sideways to negative action has brought prices at the important juncture and price action of next 1 or 2 days is going to be vital.

(Weekly chart has been removed purposely which is shown in research report), the up move started from the beginning of 2016 is corrective in nature which is intact in black upward moving channel. As per this black channel prices still have more room to cover on upside. As of now there is no break of crucial support levels which is going to keep trend on positive side. 10 weeks EMA is proxy for the same which has provided support in the entire uptrend. After the consecutive of up move of 7 weeks, in the last week prices have taken out the low of prior week however in the end it managed to recover. This has protect the low of prior bar on closing basis and any move above 23620 will suggest that trend has started on upside.

As shown in daily chart, here we can see that double correction pattern is under formation in which second correction is forming Diametric pattern. Last few days of price action is in form of wave f of pattern and post the same upside trend should start in form of wave g. Time cycle of 20 days is working well which has formed important lows in the past. The same cycle is due in current week and prices are at the channel support along with 20 days EMA. Hence sharp up move cannot be ruled out.

As shown in 60 mins chart, the recent sideways action resembles the earlier downward correction and post which sharp upside trend was witnessed. Now move above 23620 level will indicate that next leg on upside has started in form of wave g.

In short, Bank Nifty has arrived at channel support. Move above 23620 will take prices towards …… or higher levels where channel resistance is placed.”

Happened: Post taking out 23620 level, Bank Nifty has made high at 23890 level till now and it has been reaching towards the our mentioned target level.

The above research clearly indicates that advanced technical tools combined with basic techniques have continued to work well to capture the short to medium term trends. Get your copy of “The Financial Waves Short Term Update” which covers Nifty and 3 stocks with Elliott wave and important levels.

Attend the Most advanced training EVER on Technical analysis – Elliott – Neo wave combined with Hurst’s / Gann Time cycles to understand and pin point the reversal areas with strong confirmation using two stage confirmation techniques that virtually guarantees that the ongoing trend is over. For details about this two days seminar visit – Most Advanced training on Technicals

How to use bar technique for short term trading?

This video explains on how to use simple technical analysis methods like Bar techniques for trading.

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Nifty Hurst's Time cycle and Neo wave pattern!

Bottom Line: Nifty managed to sustain the Gap of 19^th and trade in a range in previous session. This will keep the short term trend positive with 9560 as very important support.

Nifty daily chart:

Nifty 60 mins chart:

Wave analysis:

In the previous update we mentioned that,“Nifty has given upside breakout from the downward moving channel of last 9 days which suggests resumption of up move. 9560 is the crucial support level”

Nifty had sideways action in yesterday’s session and prices oscillated between 9676 and 9643 levels. The Gap of the prior day had been protected so far which will keep the short term trend positive as long as 9560 level is intact. The top gainers across the sectors were Tata group stocks and it seems that fresh momentum can be seen in the group companies given a synchronized move.

On daily chart, you can see two very important moving averages – 20 days and 5 days Exponential Moving average. Since the trend started from the lows of 7900 levels in December 2016, the shorter blue moving average has managed to sustain above the red moving average. Whenever the distance between the blue and the red averages reduces it provides good opportunity to trade in the direction of the medium term trend which is on upside. Even recently the blue moving average came very close to red one and prices have reversed back. This will keep the trend positive as long as we do not see decisive break of blue line below the red. This is one of the simplest trend following method.

Given the above and looking at maturity of trend, position sizing is important and Time cycles are helping us to understand that. As the cycles still remain in sell mode atleast till 1^st week of July it is prudent not to leverage much and use a strict stoploss levels. Booking partial profits as soon as possible and trailing the remaining with prudent stoploss is best method to use to ensure squeezing the most from ongoing trend.

In short, trend will remain positive as long as 9560 is intact but at the same time one should keep position sizing under check to ensure risk is less in case of adverse movement. At times it is better to stay cautious with lesser number of positions when all the indicators are not in sync and we will highlight it here when the majority of indicators get synchronized again for going in with full capacity. As of now stay long and use 9560 as very strict stoploss with less leverage.

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