BankNifty - The runaway gap 📈
Its the Banking & Financial Serv day as they rally over 3%; thanks to the HDFC Ltd and HDFC Bank merger news which triggered over 10% rally in the stocks.
Technically, Bank Nifty was trading between the canals as I highlighted it in my Telegram post on 25th March 2022 (https://t.me/FastProfitsReport/466).
As I indicated the break of 35,000 or 37,500 will the breakout from the canals, it opened today at ~37,800 and rallied higher forming the bullish runaway gap confirmed by the short covering rally to 38,700+ levels.
The runaway gap is followed by an island reversal (red parallel lines on chart) signaling the bullish tone for the April series.
As per Seasonality analysis, April is the best month for Bank Nifty with 75% strike rate on bullish close in the last 16yrs with an average gains of 4.99%.
The minor hurdle is placed at previous highs of ~39,500.
Summing up the structure, Bank Nifty is ready to head higher with runaway gap & bullish April data.
#KeepItSimple
Its the Banking & Financial Serv day as they rally over 3%; thanks to the HDFC Ltd and HDFC Bank merger news which triggered over 10% rally in the stocks.
Technically, Bank Nifty was trading between the canals as I highlighted it in my Telegram post on 25th March 2022 (https://t.me/FastProfitsReport/466).
As I indicated the break of 35,000 or 37,500 will the breakout from the canals, it opened today at ~37,800 and rallied higher forming the bullish runaway gap confirmed by the short covering rally to 38,700+ levels.
The runaway gap is followed by an island reversal (red parallel lines on chart) signaling the bullish tone for the April series.
As per Seasonality analysis, April is the best month for Bank Nifty with 75% strike rate on bullish close in the last 16yrs with an average gains of 4.99%.
The minor hurdle is placed at previous highs of ~39,500.
Summing up the structure, Bank Nifty is ready to head higher with runaway gap & bullish April data.
#KeepItSimple
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Buy Bitcoin – Sell Gold – Trading Opportunity
Gold was the flavor of Q12022 as US inflation saw an uptick followed by Russia-Ukraine war news.
Gold prices rallied from $1,800 to the high of $2,078 in COMEX futures. At the same time, Bitcoin and Equity markets have corrected and reversed indicating the worst is over.
The comparison chart of Bitcoin Futures and Gold Futures (right chart) indicates the gold may lose its shine over Bitcoin. The slope of Gold prices is in a negative biased while an inverse price action on Bitcoin.
The daily chart of Bitcoin Futures (left) has just broken out from the bullish pattern called double bottom. The prices broke above the neckline at $45,000 mark, retest and resumed its bullish momentum.
What is more convincing for me is the double bottom breakout is right at 62 trading days which is the Fibonacci time-cycle breakout too.
Additionally, it is now trading above its long-term 200DEMA multiplying our stance on Bitcoin over Gold.
#KeepItSimple
Gold was the flavor of Q12022 as US inflation saw an uptick followed by Russia-Ukraine war news.
Gold prices rallied from $1,800 to the high of $2,078 in COMEX futures. At the same time, Bitcoin and Equity markets have corrected and reversed indicating the worst is over.
The comparison chart of Bitcoin Futures and Gold Futures (right chart) indicates the gold may lose its shine over Bitcoin. The slope of Gold prices is in a negative biased while an inverse price action on Bitcoin.
The daily chart of Bitcoin Futures (left) has just broken out from the bullish pattern called double bottom. The prices broke above the neckline at $45,000 mark, retest and resumed its bullish momentum.
What is more convincing for me is the double bottom breakout is right at 62 trading days which is the Fibonacci time-cycle breakout too.
Additionally, it is now trading above its long-term 200DEMA multiplying our stance on Bitcoin over Gold.
#KeepItSimple
👍34❤3
The D-street witness profit booking in blue-chip stocks as Nifty ends at 17,957 losing 0.53%.
The flavor of cash stocks is back on D-street as Midcap and Smallcap index gains 1.4% and 0.85% respectively.
Bearish Black Swan harmonic reversal pattern is visible on short-term chart of Nifty. The reversal is supported by overbought Relative Strength Index (RSI). The test of 17,794-17,737 zone can be on cards this week.
Bitcoin can be an excellent trading opportunity as it breaks out of double bottom pattern. Read my note here https://t.me/FastProfitsReport/485
Brijesh Bhatia
Research Analyst, Fast Profit Report
The flavor of cash stocks is back on D-street as Midcap and Smallcap index gains 1.4% and 0.85% respectively.
Bearish Black Swan harmonic reversal pattern is visible on short-term chart of Nifty. The reversal is supported by overbought Relative Strength Index (RSI). The test of 17,794-17,737 zone can be on cards this week.
Bitcoin can be an excellent trading opportunity as it breaks out of double bottom pattern. Read my note here https://t.me/FastProfitsReport/485
Brijesh Bhatia
Research Analyst, Fast Profit Report
👍11❤2
Bank Nifty @ Demand Zone
After the gap-up opening on Monday on the back of HDFC twins, index broke out of the canals with gap.
The gapping play pattern has been retested in today's dip at ~37,500 levels. The gapping play pattern is the candlestick pattern with large body candle after the gap-up opening.
As market is trending bullish, the support will be the demand zone at 37,500-37,600 levels.
The slope of 50HEMA is in the northwards momentum strengthening the bulls.
Stochastic, the momentum indicator has moved into the oversold territory while price at support is an opportunity for bulls.
Traders can grab this opportunity and expect resumption in an upward momentum.
#KeepItSimple
After the gap-up opening on Monday on the back of HDFC twins, index broke out of the canals with gap.
The gapping play pattern has been retested in today's dip at ~37,500 levels. The gapping play pattern is the candlestick pattern with large body candle after the gap-up opening.
As market is trending bullish, the support will be the demand zone at 37,500-37,600 levels.
The slope of 50HEMA is in the northwards momentum strengthening the bulls.
Stochastic, the momentum indicator has moved into the oversold territory while price at support is an opportunity for bulls.
Traders can grab this opportunity and expect resumption in an upward momentum.
#KeepItSimple
👍39
Nifty slips below 17,800 to retest the breakout level and gap area; ends at 17,807 losing 0.83%.
As I highlighted in the yesterday’s closing note, the bearish harmonic pattern suggested the test of 17,794-17.737 zone.
Index is likely to take the support at gap area and resume it bullish momentum towards 18,000 levels.
Bank Nifty has retested the gapping play pattern and bullish momentum might resume soon. Watch chart here https://t.me/FastProfitsReport/488
Brijesh Bhatia
Research Analyst, Fast Profit Report
As I highlighted in the yesterday’s closing note, the bearish harmonic pattern suggested the test of 17,794-17.737 zone.
Index is likely to take the support at gap area and resume it bullish momentum towards 18,000 levels.
Bank Nifty has retested the gapping play pattern and bullish momentum might resume soon. Watch chart here https://t.me/FastProfitsReport/488
Brijesh Bhatia
Research Analyst, Fast Profit Report
👍12
Hi,
If you are a subscriber of Fast Profits Report, do not miss out on this month's edition scheduled to hit your mailboxes later today.
In this edition, I will discuss:
An unknown but profitable financial marriage.
When interest rates go up these stocks go up too.
One of the best trading opportunities in the market.
We are also making a new reco on one of the most outperforming utility company in the country.
So do keep an eye out for a mail in this regard.
If you are a subscriber of Fast Profits Report, do not miss out on this month's edition scheduled to hit your mailboxes later today.
In this edition, I will discuss:
An unknown but profitable financial marriage.
When interest rates go up these stocks go up too.
One of the best trading opportunities in the market.
We are also making a new reco on one of the most outperforming utility company in the country.
So do keep an eye out for a mail in this regard.
👍52
Fast Profits Daily
Bank Nifty @ Demand Zone After the gap-up opening on Monday on the back of HDFC twins, index broke out of the canals with gap. The gapping play pattern has been retested in today's dip at ~37,500 levels. The gapping play pattern is the candlestick pattern…
Bank Nifty - The Bulls are Commanding
As I highlighted the demand zone in yesterday's post, Bank Nifty after opening with gap-down reversed from demand zone.
Index opened at 37,500 and slides to the low of 37,346 in the first couple of minutes but holds the demand zone support and turns northwards to hit the high of 37,975.
It took support at the gap area and 50HEMA which was placed at 37,252. Though index resisted at the key psychological level of 38,000, it has managed to cross previous day high of 37,868.
As we are on weekly expiry day, 38000CE holds the highest OI (7th Apr expiry), the writers are managing it to keep below 38,000.
Any move above 38,132, index may witness short covering rally in the later hours of the day.
The stochastic indicator is also trending bullish suggesting the bulls are in control of the momentum.
If 37,200-37,350 zone is not broken, traders can even expect 39,000-39,500 zone in the coming weeks.
#KeepItSimple
As I highlighted the demand zone in yesterday's post, Bank Nifty after opening with gap-down reversed from demand zone.
Index opened at 37,500 and slides to the low of 37,346 in the first couple of minutes but holds the demand zone support and turns northwards to hit the high of 37,975.
It took support at the gap area and 50HEMA which was placed at 37,252. Though index resisted at the key psychological level of 38,000, it has managed to cross previous day high of 37,868.
As we are on weekly expiry day, 38000CE holds the highest OI (7th Apr expiry), the writers are managing it to keep below 38,000.
Any move above 38,132, index may witness short covering rally in the later hours of the day.
The stochastic indicator is also trending bullish suggesting the bulls are in control of the momentum.
If 37,200-37,350 zone is not broken, traders can even expect 39,000-39,500 zone in the coming weeks.
#KeepItSimple
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Nasdaq - In the Bulls territory
The US markets are retracing after the March end rally.
Nasdaq has hit the highs of 15,265 after I posted the bullish harmonic pattern when it reversed from ~13,100 mark. Watch chart here https://t.me/FastProfitsReport/425
Index have retraced by 38.20% Fibonacci level of the previous rally at ~14,300 levels and entered into the bulls territory.
The bullish Dow theory structure of higher high - higher low has been retested and the momentum has reversed back to 14,500 levels.
Index is taking supported at 200HSMA which is placed at 14,245 levels.
The bullish or positive divergence on RSI strengthens the view of reversal from demand zone which could index back above 15,000 mark.
#KeepItSimple
The US markets are retracing after the March end rally.
Nasdaq has hit the highs of 15,265 after I posted the bullish harmonic pattern when it reversed from ~13,100 mark. Watch chart here https://t.me/FastProfitsReport/425
Index have retraced by 38.20% Fibonacci level of the previous rally at ~14,300 levels and entered into the bulls territory.
The bullish Dow theory structure of higher high - higher low has been retested and the momentum has reversed back to 14,500 levels.
Index is taking supported at 200HSMA which is placed at 14,245 levels.
The bullish or positive divergence on RSI strengthens the view of reversal from demand zone which could index back above 15,000 mark.
#KeepItSimple
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Nifty - Getting ready for 18K
The week have been volatile with the gap-up opening and reclaiming 18K levels, but the rally faded back to ~17,600 levels.
Bulls are grabbing the dip as it retests the support zone of 17,600-17,650.
The reversal momentum from support zone indicates the resumption in bullish trend. It is supported by northwards slope of RSI.
Bulls are in control of the momentum and 18,000 levels can be on cards in till 17,545 levels is held.
(CMP-17,715)
#KeepItSimple
The week have been volatile with the gap-up opening and reclaiming 18K levels, but the rally faded back to ~17,600 levels.
Bulls are grabbing the dip as it retests the support zone of 17,600-17,650.
The reversal momentum from support zone indicates the resumption in bullish trend. It is supported by northwards slope of RSI.
Bulls are in control of the momentum and 18,000 levels can be on cards in till 17,545 levels is held.
(CMP-17,715)
#KeepItSimple
👍37❤3
Fast Profits Daily
Nifty - Getting ready for 18K The week have been volatile with the gap-up opening and reclaiming 18K levels, but the rally faded back to ~17,600 levels. Bulls are grabbing the dip as it retests the support zone of 17,600-17,650. The reversal momentum from…
Nifty 17,715 to 17,820.....More to come for Bulls 📈
👍45❤15
Fast Profits Daily
Bank Nifty - The Bulls are Commanding As I highlighted the demand zone in yesterday's post, Bank Nifty after opening with gap-down reversed from demand zone. Index opened at 37,500 and slides to the low of 37,346 in the first couple of minutes but holds…
Bank Nifty - Short Covering rally can be on cards
Bank Nifty has been resisting around the key psychological mark of 38,000 after correcting from 38,700 levels.
As we are in the truncated week and Thursday being holiday, the weekly expiry is scheduled on 13th April 2022 and it seems to be the writers delight so far.
The premium for 38000CE has lost 80% from the highs of Rs.1,016 to Rs.176 in a week.
Technically, index is in the bullish trend with lack of momentum as its trades in a narrow range.
The momentum will trigger on the technical breakout above 38,042 as multiple highs are visible between 37,900-37,975 zone.
Also, the momentum above the technical breakout may put CE writers under pressure and the short covering rally may take index higher towards 38,500+ levels.
(CMP-37,850)
#KeepItSimple
Bank Nifty has been resisting around the key psychological mark of 38,000 after correcting from 38,700 levels.
As we are in the truncated week and Thursday being holiday, the weekly expiry is scheduled on 13th April 2022 and it seems to be the writers delight so far.
The premium for 38000CE has lost 80% from the highs of Rs.1,016 to Rs.176 in a week.
Technically, index is in the bullish trend with lack of momentum as its trades in a narrow range.
The momentum will trigger on the technical breakout above 38,042 as multiple highs are visible between 37,900-37,975 zone.
Also, the momentum above the technical breakout may put CE writers under pressure and the short covering rally may take index higher towards 38,500+ levels.
(CMP-37,850)
#KeepItSimple
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Nifty Media Index - A tortoise in a race
Media sector had a painful 3years between 2018-2020 but the reversal in 2020 was the light at the end of the tunnel.
The falling trendline (red) connected from the highs of 2018 acted as resistance till the price broke out in 2020, retested and slowly but steadily heading northwards.
I always love the trend with tortoise moves as they strengthen the rally. The sharp rise like rabbit moves are always dangerous as you are not sure when he will go to sleep.
As a tortoise move in Media index, the recent rally is trending between the rising channel (blue) and heading higher with upper level of channel placed above 2,700 which is over 10% far; an opportunity for bulls.
The bullish crossover of averages and rising histogram above integer line on MACD in the lower panel indicates the bullish momentum on weekly scale.
The slow and steady winning race can be on cards for Media sector as 2,700-2,750 can be the target lines for tortoise.
(CMP-2,415)
#KeepItSimple
Media sector had a painful 3years between 2018-2020 but the reversal in 2020 was the light at the end of the tunnel.
The falling trendline (red) connected from the highs of 2018 acted as resistance till the price broke out in 2020, retested and slowly but steadily heading northwards.
I always love the trend with tortoise moves as they strengthen the rally. The sharp rise like rabbit moves are always dangerous as you are not sure when he will go to sleep.
As a tortoise move in Media index, the recent rally is trending between the rising channel (blue) and heading higher with upper level of channel placed above 2,700 which is over 10% far; an opportunity for bulls.
The bullish crossover of averages and rising histogram above integer line on MACD in the lower panel indicates the bullish momentum on weekly scale.
The slow and steady winning race can be on cards for Media sector as 2,700-2,750 can be the target lines for tortoise.
(CMP-2,415)
#KeepItSimple
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Nifty slips below 17,500 on the back global markets; settles at 17,530 losing 0.82%.
Midcap hits the most as it correct by 1.92%; Metals and Realty fell over 2% in the sectorial indices.
Nifty fills the gap at 17,450 and reversed the momentum. Being a truncated week, traders can expected the bullish momentum towards 17,700-17,745 levels.
Bank Nifty seems stronger than Nifty. The break above 38,050 (spot) can trigger the short covering rally towards 38,500-38,600 zone.
Brijesh Bhatia
Research Analyst, Fast Profit Report
Midcap hits the most as it correct by 1.92%; Metals and Realty fell over 2% in the sectorial indices.
Nifty fills the gap at 17,450 and reversed the momentum. Being a truncated week, traders can expected the bullish momentum towards 17,700-17,745 levels.
Bank Nifty seems stronger than Nifty. The break above 38,050 (spot) can trigger the short covering rally towards 38,500-38,600 zone.
Brijesh Bhatia
Research Analyst, Fast Profit Report
👍10❤1
Nifty - At the Law of Averages
The gap are such a threat to overnight traders but they offer a great trading setup for intraday traders.
As index opens with gap-up today and reversed from the technical resistance level of 50HEMA (Hourly Exponential Moving Average).
An icing on cake for intraday traders was the falling channel (black parallel lines) resistance placed at 17,700.
Index is stuck between the 50HEMA & 200HEMA with multiple gap support & resistance.
Additionally, the breakout from channel will now act as a deciding trend for the next week.
RSI in the lower panel is resisting at falling trendline. Any move above 60 on RSI may trigger bullish range shift.
For intraday traders, the gap is filled at 17,530 and the momentum may shift back to the higher levels towards 17,600-17620 zone. The open interest structure indicates the rangebound day between 17,472-17,639.
(CMP-17545)
#KeepItSimple
The gap are such a threat to overnight traders but they offer a great trading setup for intraday traders.
As index opens with gap-up today and reversed from the technical resistance level of 50HEMA (Hourly Exponential Moving Average).
An icing on cake for intraday traders was the falling channel (black parallel lines) resistance placed at 17,700.
Index is stuck between the 50HEMA & 200HEMA with multiple gap support & resistance.
Additionally, the breakout from channel will now act as a deciding trend for the next week.
RSI in the lower panel is resisting at falling trendline. Any move above 60 on RSI may trigger bullish range shift.
For intraday traders, the gap is filled at 17,530 and the momentum may shift back to the higher levels towards 17,600-17620 zone. The open interest structure indicates the rangebound day between 17,472-17,639.
(CMP-17545)
#KeepItSimple
👍36❤2
Nifty slips below 17,500 in a truncated week; ends at 17,475 losing 0.31%.
The lackluster week trades as index trades in a range. The multiple support zone is placed at 17,350-17,400 which can be an opportunity for bulls. Watch chart here https://t.me/FastProfitsReport/499
IT drags the market this week but the Infosys quarterly result can surprise markets next week.
Brijesh Bhatia
Research Analyst, Fast Profit Report
The lackluster week trades as index trades in a range. The multiple support zone is placed at 17,350-17,400 which can be an opportunity for bulls. Watch chart here https://t.me/FastProfitsReport/499
IT drags the market this week but the Infosys quarterly result can surprise markets next week.
Brijesh Bhatia
Research Analyst, Fast Profit Report
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FMCG Index - 102 Not Out
FMCG have underperformed against the Nifty50 since the pandemic lows as ITC and HUL which collectively contribute over 50% to FMCG index have been hovering in the range.
But, the things are changing on charts....
FMCG Weekly Chart
Index took support at the long-term trendline at 33,500-34,000 zone and reversed in the last few weeks. The hurdle is placed at 38,500.
If the index moves above those levels, the bulls will accelerate the momentum higher.
Another indicator is that the bullish range-shift on RSI strengthens the bullish trend.
FMCG/Nifty50 Ratio Chart
An underperformance of FMCG index ends after 102 weeks over Nifty as the ratio is turning the tide in last few weeks.
The lower higher - lower low bearish trend ends on ratio chart indicating the trend is reversing for FMCG index.
As FMCG index is trending bullish and ratio chart indicates the beginning of an outperformance over Nifty50, FMCG stocks should be on watchlist for traders and investors.
#KeepItSimple
FMCG have underperformed against the Nifty50 since the pandemic lows as ITC and HUL which collectively contribute over 50% to FMCG index have been hovering in the range.
But, the things are changing on charts....
FMCG Weekly Chart
Index took support at the long-term trendline at 33,500-34,000 zone and reversed in the last few weeks. The hurdle is placed at 38,500.
If the index moves above those levels, the bulls will accelerate the momentum higher.
Another indicator is that the bullish range-shift on RSI strengthens the bullish trend.
FMCG/Nifty50 Ratio Chart
An underperformance of FMCG index ends after 102 weeks over Nifty as the ratio is turning the tide in last few weeks.
The lower higher - lower low bearish trend ends on ratio chart indicating the trend is reversing for FMCG index.
As FMCG index is trending bullish and ratio chart indicates the beginning of an outperformance over Nifty50, FMCG stocks should be on watchlist for traders and investors.
#KeepItSimple
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Fast Profits Daily
Fast Profits Daily - Paper Stocks Are on Fire Paper Stocks are looking bullish on the charts. Should you trade them? Watch this video first... http://www.eqtm.in/f9YRy
Paper Stocks are back in action.
Do not miss the rally!
Do not miss the rally!
👍7❤1
Nifty IT Index - Do-or-Die for Bulls
IT index have corrected over 10% in the last 8 trading sessions, the biggest in today's session as Infosys opens and trades over 7% down on NSE at 12pm IST.
The recent fall is awful for bulls as the technical structure signs of more correction on cards, if 32,000 is taken out.
Technically, the structure defines the distribution as per the Wyckoff theory.
The recent fall if prolongs below the previous low ~32,400, it confirms the Sign of Weakness (SOW) and the previous swing high will be the Last Point of Selling (LPSY) as per theory.
It means the future bounce will be the short-on-rise setup for IT index.
But, there is something for bulls too.
The 262DMA (Daily Moving Average) acts as major support and resistance for the long-term trend and index is trading right around the average.
Additionally, the RSI is trending in an oversold territory.
Bulls need to protect the 32,000-32,400 zone, else its will be the bears year for IT index.
#KeepItSimple
IT index have corrected over 10% in the last 8 trading sessions, the biggest in today's session as Infosys opens and trades over 7% down on NSE at 12pm IST.
The recent fall is awful for bulls as the technical structure signs of more correction on cards, if 32,000 is taken out.
Technically, the structure defines the distribution as per the Wyckoff theory.
The recent fall if prolongs below the previous low ~32,400, it confirms the Sign of Weakness (SOW) and the previous swing high will be the Last Point of Selling (LPSY) as per theory.
It means the future bounce will be the short-on-rise setup for IT index.
But, there is something for bulls too.
The 262DMA (Daily Moving Average) acts as major support and resistance for the long-term trend and index is trading right around the average.
Additionally, the RSI is trending in an oversold territory.
Bulls need to protect the 32,000-32,400 zone, else its will be the bears year for IT index.
#KeepItSimple
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