NIFTY HARMONIC REVIEW

• Nifty daily has formed two harmonic pattern on its daily chart.
• Bearish ABCD
• Bearish Butterfly
• These two patterns gives us three important resistance level 
• 8156
• 8165
• 8185
• Considering these levels, i am seeing the 8150- 8190 as supply zone.
• If this zone surpassed than a swift rally can be seen towards 8240, 8340, if not than index can  correct till  8080 and 7980 levels.

TVSMOTOR: HARMONIC REVIEW

TVS Motors daily chart carries a probability of Bearish ABCD Pattern, according to that probability currently stock is in the formation of pattern's CD leg.

On daily chart it's riding a trend line very well, as of now price action respected it 3 times.

RSI on daily weekly monthly chart is above 60 levels, however some divergence can be seen on daily and weekly time frame.

DAILY CHART

If the said pattern unfolds , stock can see- 364-365 levels till 30 May,16.

However within the CD leg , we observed a bearish Butterfly Pattern ,of which 3.14 BC( 329.56) projection stock got resisted and corrected as well, however it retraced only 23.6% of the Bearish Butterfly pattern .

EXTENDED BUTTERFLY

and stock again resumed its rally however price action thereafter was in the form of higher high, lower low bullish gaping spinning candles with an increase in volume, hence price action suggesting only mixed signals.

Now, if we move down to the hourly chart i can see is a Bearish ALT BAT pattern on it, posing near term resistance for the stock{ PRZ 330.5-332), so watch out for this zone carefully.

HOURLY CHART

HENCE IT WOULD BE WISE TO FOLLOW THE PRICE ACTION TO RIDE THE PROBABLE TREND.

IMMEDIATE RESISTANCE :330.50-332, 338, 343

MAJOR MAJOR: 362-364-365

IMMEDIATE SUPPORT: 319-320, 316-317

MAJOR SUPPORT: 307-310

Arvind Followup: Bearish Bat on 30 min chart

“Arvind currently at 276.5  which is the pattern prz and is approx 3.5 point away from the extreme number of the pattern, thus risking 3 points stop loss”

• Previous close at 273.35
• Today’s Price Action :
  • Gap-up opening at 275.1 ( gap support : 273.35-275.1)
    High made 277.1
  • Stalling action visible on 30 min chart, thus Short initiated@ 276.7( future level).
  • Look if stock tries to take support near 273.35, if goes through this level, next target is 270.

Nifty Harmonic Review

 NIFTY daily chart has two harmonic probabilities

• Cypher : prz 7713-7813 ( look for reversal signals in the zone)
• Bullish 5-0 :7680-7781 ( if unfolded can see sharp 400 points correction)
• Nifty 15 minutes chart has shark pattern probability
• 1.13@7761, 2.24@7724.
• 
• hHourly chart suggests 7580  & 7534-36 as good supports, break below same, can see sharp correction.

DLF HARMONIC REVIEW

• There is a probability of Butterfly and AB=CD pattern on DLF daily chart.
• If unfolds stock can see 82, 80.79, 79.87.

YESBANK, SBIN and RCOM Harmonic Patterns

NIFTY HARMONIC REVIEW

In our Last post , we have talked about nifty is close to three drives Pattern targets coming at 7233-7221 levels and markets may reverse from the those levels.

Since we have the pattern way before showing where the market could take support and we know the low point is near and at the same time markets are oversold ,alerting existing shorts.

Then the market decides to respect the structure and took support near prz levels and started rallying up.

At Now ,Hourly Nifty had two patterns setting up

The first one in red is a shark pattern and  another one in green is AB=CD.

Nifty already tapped the .886 retracement of shark pattern which was coming at 7563.80, at now nifty continued to press higher so the idea is that it probably going to hit another Imp numbers that are coming at 7602.6 {1.618 of BC leg} and 7652{ 1.13of xa} levels.

Another pattern setting up is a clear nice AB= CD pattern, wherein the nifty rallied from 7241.60 lows then resisted at 7487 levels, forming AB leg, took support near 7420-7400 levels  forming BC leg and at now nifty broke the structure to the upside opening room, for CD leg, if does, it gets complete somewhere around 7655.