MoneyMunch.com

Link to Moneymunch

NSE IDFCFirstBank Bullish Cycle Started

Posted: 12 Dec 2021 09:54 PM PST

Free NSE IDFC First Bank Stock Chart Tips

IDFCFirstBank Turning Green – EWT

Preface:
IDFC First bank is ready to march upward. After making the high of 69.30, the Price has started the corrective wave four and took 179 days to complete. The ending point of wave 4 is the starting point of impulsive wave 5.

Wave Formations and Fibonacci relationships:
Wave 1 is a Leading diagonal which has a 3-3-3-3-3 sub-wave structure.

Wave 2 is a combination where wave ‘W‘ is a zigzag & wave ‘Y‘ is a triangle. Fibonacci retracement of wave 2 is 38.2% of wave 1.

Wave 2 is not exceeding the starting point of wave 1.

Wave 3 is an extensive impulse. 3rd wave has 261.8% retracement of wave 1.

Wave 4 is a zigzag correction with a 5-3-5 wave structure.
Sub-wave of wave 4 fulfilled the rule of equality (wave A= wave C).
Wave 4 retraced 78.6% of wave 3.

What will happen next?
Completion of sub-wave C indicates that the corrective wave has ended. Price has started forming sub-waves of wave 5.
Wave (ii) retraced 78.6% of wave (i).
If the IDFC First Bank breaks the high of wave 1, it will confirm the impulsive behavior of wave (iii).

(Note that the ending point of the corrective wave is the starting point of an impulsive wave.)

A trader can expect the following targets: 64-74.64- 86.2+

Target 1: 64
[Clusters: high of wave B,161.8% of wave (iii), 78.6% of reverse Fibonacci retracement of wave 4]

Target 2: 74.64
[Clusters: 2.618% of wave (i) through (iii), 161.8% of wave 1 through 3]

Target 3: 86.23
[Clusters: 78.6% reverse Fibonacci retracement of wave 4]

I have also recommended this stock for a portfolio on Nov 24. Here, 8 Indian Stocks That Can Turn 1 Lakh Into 10 Lakh by 2030

UPDATE: Today I have updated Nifty (Nifty technically short-term bullish, but…). It’s all target done after opening the bell.

Would you like to get our share market updates instantly?
Click the link to join: Free Stock Tips

Do you want to get premium NSE calls?
Click the link to subscribe: Premium NSE Stock Tips

If you have any questions or concerns about the stock market, don’t hesitate to contact me:

Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.

The post NSE IDFCFirstBank Bullish Cycle Started appeared first on Moneymunch.

Nifty technically short-term bullish, but…

Posted: 12 Dec 2021 07:28 PM PST

free nifty intraday chart tips

Nifty hasn’t given a continuous breakout of the lower high. If nifty couldn’t give consecutive closes above lower high, there can be a failed swing low and signals resumption of the trend.

In 30 minute timeframe, the price has made a value area box where supply equals demand. If nifty gives a continuous break to the upper band of the value area, traders can initiate a buy position for the target of 17554-17586-17618.

Strong closes above 17621 indicate a good time for bull traders.
Swing failure may drive the price lower. Bear traders can look for 17465-17408-17312.

Would you like to get our share market updates instantly?
Click the link to join: Free Stock Tips

Do you want to get premium NSE calls?
Click the link to subscribe: Premium NSE Stock Tips

If you have any questions or concerns about the stock market, don’t hesitate to contact me:

Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.

The post Nifty technically short-term bullish, but… appeared first on Moneymunch.