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

VIX Analysis

The daily VIX chart shows the formation of Doji candles at the bottom and reversal. The daily RSI crossed the previous resistance level of 40. The MACD signal gave bullish crossover suggesting bullish move in VIX. So the daily chart shows the possibility of VIX moving towards 28 levels in the coming days. The weekly chart shows the formation of wedge and reversal from the bottom. VIX may move towards the upper wedge line @ 29-30. So VIX suggesting the bearish mood of the market and hence the high possibility of fall in Nifty-50 and Banknifty in the coming days/weeks. VIX Gann Box: The daily Gann Box shows a reversal from the mid-zone of time factor points. The next time factor date is Jul-21. So will VIX continue to move high till Jul-21 or it will reverse from angle point? Wait and watch. Using VIX to spot Intraday Reversal on Indices: VIX is a very useful indicator to spot reversal during day trade. If the price of an index moves up and @ resistance zone watch values of VIX. If VIX s...
Post a Comment
Read more

Intraday Index Options Trading by Degree Gann Number System ! E-book available on Amazon - Download FREE!

  For the next 3-days, E-book is available FREE for download! Take advantage of this promotion. Requesting to write a review on amazon. Download link:- https:// amazon.in/dp/B09DHFS5KJ
Post a Comment
Read more

BankNifty Update For Jul-09,2020 - Weekly Expiry

Banknifty opened Gap up @ 22700 and then achieved all our bullish targets of 23900/23000. But the upmove was very choppy and looked like terminating pattern and was not easy to trade. So I did not take a trade on the upside. My observation was Banknifty good up (250-300 points) while Nifty was not at all moving up and was just 10-15 points up and VIX was increasing. That was a signal that there is a high probability of reversal. (I twitted this around 12.30 pm). Banknifty continued its upmove and VIX was not falling, so I was sure that reversal is on the card from the strong resistance zone of 23900-23000/50. In yesterday's post, I mentioned about daily RSI @ resistance. That was another reason I was expecting a high probability of fall after it moved higher levels to come to at least yesterday's close levels or below. I got down-trade from almost 23000 to 22700 (got out earlier as it was intraday and not much time left though I was expecting at least 22600. It gave a much lowe...
Post a Comment
Read more