Day Trading Stocks & Futures

[john302928]

I have analysed few charts and I thought of sharing it here for educational purposes. @nitingosavi you may please refer as the charts I am going to post are simple waves that you can relate to the rules of EW. Happy learning
ICICI Bank
View attachment 31033
Once it gives the reversal signal SL comes below the swing low and target as shown. This is for educational purpose only

As per the original trade plan, it gave the breakout confirmationa and then SL hit. But I was watching this stock when it was around the marked area and i had realised that ED was not yet over and I was prepared for a new low and then reversal. so its of no surprise to me. Now if it hits the swing low without target then would be failure in my count

 

[john302928]

Hind Zinc in 5 min chart.Education purpose
View attachment 31035

Hind zinc cleared the breakout level and moved higher a unit. but then fell down. In this case we should have moved the SL near to the breakout zone or cost to cost so that lost will be less. But in this case I would like to consider the analysis was a failure and I was wrong

ONGC in 5 min chart. Education purpose
Here if it breaksout both the targets are likely to be met. But the whether it is going to be regular impulsive wave or diagonal impulsive wave, only market can tell. If its regular impulsive then both targets will be achieved quickly. but if its going to be diagonal impulsive then target 1 will be achieved and target 2 may or may not be achieved in this diagonal impulsive but likely to be achieved in the next sequence of waves
View attachment 31037

SL hit on ONGC

 

[iwillwin]

Aap nahi the to... Aapki rally aa gayee
Mobile App Se itna buying mat Karo. Thoda bears ko bhi baksh do Bhai.

Sent from my vivo 1801 using Tapatalk

Lagta hai aaj St da ne hdfc bank buy Kiya hai

 

[HEM]

One of the good day so far in NF & BNF in intraday.................


HEM

 

[john302928]

Sun Tv
If it breaksout the Sl comes below the swing low and target as red wave proceedings. Education purpose
View attachment 31036

Sun Tv cleared the breakout level and moved approximately 1% but I would like to consider this as a failure because it fell down and made a new low. Looks like consolidation is still in place when it breaks out it will breakout by getting support around the middle line of the channel.No need to cling on this stock unless we see clear reversal signal with impulsive action

 

[john302928]

Banknifty made a new high around 26400. I will be the most happy person because of that. I was wanting for that move on 22 nov. But it was falling. It took me a day to admit myself that I could have been wrong in my counts and considered the top was truncated wave 5. Though wave 4 never had time correction I had to force myself that correction might have started.And I had to start making some adjustments in my trade plans Thanks to market. Now Wave 4 looks like a wxy correction (typical confusion at wave 4 position) and wave 5 is as it supposed to be.
Below is the updated chart of Banknifty. there will be some fantastic trade set up in the coming sessions.
Scenario1: Either red wave 5 is developing as regular impulsive as shown in green or Scenario:2 green 123 will become wave 1 and 2345 is still due with an expectation of Ending diagonal(marked in red color lines). tomorrow we will get a clue with the help of current wave 4 green. Result of ED will pay the patience with great reward.I vote for ED since the current green 123 doesnt satisfy me with the behavior red wave 5. But then who knows green wave 5 could satisfy me for red wave (5). Until then my vote is for ED.Lets wait and see what market has to offer us.

@niftyoption and @nitingosavi
Adaptability & adjusting of waves and admitting that counting could have been wrong (we need to admit to ourselves first) are 2 main factors we should always keep in mind while doing EW analysis.(Also in other types of analysis). Without these 2 one will never be able to succeed in Elliot wave analysis. No book will ever tell you that. it comes from understanding the theory and essence of it.
Even now I could be wrong in my updated count. I dont know about that. Until market gives me a clue that I could be wrong, I can say that I am correct. Once market gives you clue that you are wrong you just need to admit that you are wrong and proceed with what market presents you with new waves and its structure. that is the way it works.

Banknifty Education purpose
This count is slightly differ from the counts I have been posting in general trading chat thread. But mostly structures are kept the same.
Here red wave(5) likely could have been truncated. I should have expected that. But i really didnt expect it to get truncate like this. I was expecting this wave 5 to be quicker and achieve above 36400+ but I failed because of wave truncation.The current fall has many sub divisions. I dont want to confuse you with them now. it looks like 25800 is coming that is 200 points from cmp. once it reaches we could reassess based on the the strength of the fall.
View attachment 31039

 

[john302928]

My 2 cents on Biocon. I feel it had already given the breakout direction hew hours back. Today we might witness it.I am eager to witness it.
View attachment 31046

No change in Biocon analysis. SL could be tightened theoretically. If it breaksout we will be in profit and if it doesnt we will not lose anything

Here is another chart which I had analysed yesterday IRB infrastructure. Once it breakout above wave 1 SL comes to wave 2 with an expectation of 160 and +. Education purpose.
View attachment 31048

No change in IRB analysis. analysis is very much intact, If it breaksout we will be in profit and if it doesnt we will not lose anything

NIFTY
Target for Nifty is shown on the chart. Currently the downward blue impulsive can further push the index down to reach the target quickly or it can bounce back for abc and then crash to reach the target or the blue waves might become diagonal pattern. Once it reaches the target then next target of 50% and 61% could be expected and that is the place where we could assess whether it is going to make a yearly low or going to reverse from there .Education purpose
View attachment 31038

There is no change in Nifty analysis and it is still very much on course.

Breakout confirmation has not yet come. and the level is raised to 460.4

There is no change in ZEEL analysis and it is still very much on course.

View attachment 31043
This is my 2 cents on Ambuja cements. It looks to me like ABC structure with B as triangle pattern and wave C also looks complete. but we need to wait for confirmation levels. I would be interested to check the chart if it breaks the initial confirmation level and reassess it if it just consolidating at that level. But if it moves to the breakout confirmation level directly then it is likely to meet target 1 and target 2 depends on the momentum. After breaking initial confirmation level if it falls and breaks below yesterday low then we could see some good fall today intraday. I have bullish bias but both the scenarios are presented here

There is no change in Ambuja cements analysis and it is still very much on course.

 

[Riskyman]

@john302928 Bhai, zara Reliance ke baare mein bhi kuch accha/bura bol dena

 

[john302928]

@john302928 Bhai, zara Reliance ke baare mein bhi kuch accha/bura bol dena

Bro, Engilsh please, I dont understand anything from your comment except the word "Reliance".

 

[vikas2131]

U will be shocked but only 18 of the Nifty 50 constituents are above 200 DMA

Only 253 stocks are above 200 DMA out of about 1700 stocks on the NSE