Skip to main content

Bank Nifty EOD Jan 11 Update

Bank Nifty opened 100+ points Gap Up and moved up another almost 400 points to hit day's high of 18889.
In last 2 days Index moved almost 600 points. Hourly RSI is in overbought zone(above 70). We may see correction up-to 18600 level (Upper channel line-shown in Brown color). The wave started from 17607 may take pattern of 5 wave complex triangle correction(ABCDE). Tomorrow being weekly expiry we may see some volatile movement.

Inside Pitchfork:

Inside Pitchfork is showing breakout. So further up move after some correction possible.
Inside Pitchforks with different coordinates showing resistance at median line. So possibility of correction is high. If Index breaks out above median lines then further up move till 19200  is likely.

Labels:

Comments

Post a Comment

Popular posts from this blog

Bank Nifty for Week Starting Jan 16, 2017

Last week Bank Nifty made big up move of 650 points. High made is 18966. It looks like it is ready for further up move. On hourly chart Middle BB line(RED color) is providing support and Index may again move up towards upper line of  Blue Channel.  The Best trading strategy is now to go Long when Index is bouncing from Middle BB line and Exit when it is near upper line of Blue Channel. Hourly RSI shows Resistance at 85 level and Support at 59 level. So Blue channel along with RSI levels are good indicators for trade.  It is not good idea to go short as Up Momentum is strong. If Index breaks Middle BB line then only short positions should be taken. If Bank Nifty breaks 18850/18800 then we may see it reach quickly to 18650/18600. Also it may break RSI support level of 59 for major correction. We may see Index moving along Upper BB line (Blue color) on Daily chart. Index may face resistance at 19150/19200 level. If it crosses 19200 it can reach to 19500/197000. Daily RSI is
Post a Comment
Read more

Bank Nifty EOD Feb 7 Update!

Bank Nifty is in consolidation/correction mode. Today it moved in a very narrow range and it seems that it is under time correction before a BIG move. It is awaiting RBI monetary policy decision due on Feb 8 and bank Nifty may make Big move on Feb 9 in either direction depending on market's reaction to RBI decision. Bank Nifty 15 min chart shows wave a and wave b completed and wave c is in progress. It may take triangle pattern of correction as uncertainty of event outcome is playing out. It may correct to 20250/20030 levels.
Post a Comment
Read more

Hindalco - On the Verge of Break-Down?

Hindalco Daily chart is posted below: Daily chart shows prices are facing resistance at Gann level 183 and now prices are near lower band of Bollinger Bands(BB) that are expanding. Hence, a big fall is expected in next 2-3 trading sessions with target of next Gann level 157. Daily RSI is also broke 50 level coming from upside overbought  70 level that signals further fall in coming days.
Post a Comment
Read more