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ADANIPORT: Price Action Perspective

Posted: 10 Jul 2022 10:42 PM PDT

Timeframe: Daily
Adani Port has been forming in the corrective channel for more than 14 months. Adani port has given 18 touches to the control line. The lower band proved it as a strong demand zone.

Currently, the price is at the control line of the parallel channel.
If the price breaks the control line, traders can long for the following targets: 751 – 778 – 795.

However, Adani Port has reached nearly 200 EMA. It indicates that if the price fails to break the control line, it can fall for the following targets: 700 – 678 – 605.
Please note that 200 EMA indicates strong resistance to the price. But after the breakout, it acts as support.

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BANKNIFTY Is Marching Towards The Reversal Zone

Posted: 10 Jul 2022 04:40 AM PDT

The critical reversal zone: 35288 – 35600

Banknifty has broken out their parallel channel, but without making support levels. As per price action, the sharp move should boomerang sharply. Bank Nifty already reached 71.8% of the reversal Fibonacci level.

If the price declines from the reversal zone, traders can short for the following targets: 34650 – 34160 – 33364. Nifty can also fall without reaching the critical range, as the price has already reached 78.6%. Price excess can be beneficial for sellers to adjust their stop loss.

I will update further information soon.

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NIFTY: Strange Reversal Or Trend Continuation

Posted: 10 Jul 2022 03:40 AM PDT

I mentioned in my previous idea that the price has bearish sentiments, but it can go up to 16200, which is a strong resistance level.
Click Here: IS NIFTY PREPARING FOR 14800?

After making a low of 15202, nifty has given a sharp price rise. Nifty has accomplished corrective wave B at 15513, and we are now in wave C. Wave c has traveled a distance up to 100% of wave A. Hence, Wave A = Wave C at 16246.30.

According to the Elliott wave principle, if the price breaks the lower band of the ending diagonal, traders can trade for the following targets: 16072 – 15941 – 15840.

Please note that this setup can occur only after the breakdown of the lower trend line of the diagonal. If nifty breaks the upper band of the channel, Price can rise up to 16600. our critical reversal range will be 16449 – 16610.

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