BEL Analysis - Apr 17 to Apr 30

BEL formed Doji on the Monthly chart in Mar. The monthly chart shows RSI is also in support zone. MACD momentum is slowing in the down move.

In the Weekly chart, we can clearly see that for the last few weeks all candles have long wick on the downside and most of them are Doji candles, suggesting bullishness. All weekly candles also facing resistance at the upper trendline. So breaking and closing above this trendline on the weekly chart will be a signal bullish move.

Daily chart showing retracement of the up move from 56 to 76.75. Stock is consolidating in the range of 65-73. For the last few days, volumes are very low and the candles are mostly red.

Today volume picked up though the green candle is not Bullish (rather Doji one). But if we see an hourly chart, we see a big hourly bullish candle with good volume and following red/retracement candles with low volume. Volume delivery % is high today (67.19%).

So we can expect a good up move in the coming days.

Resistance is at 79-80 and strong resistance @86-88.

Gann Angles

In the above Monthly, the stock does not sustain below the pink angle fan. Stock exactly bounced from this angle and formed Bullish Doji candle.

Gann Angle Resistances @ 76/79/81/86/88 Supports @ 68-69 followed by 66.

Future OI analysis

Long positions were built between Mar 23-25 in the price range 56-63. These positions are not yet squared off.

Option Chain Analysis

Option chain activity is no that great. On Apr-8, there was good option writing in 50, 60 and 65 PE. Also huge writing is seen in 80 & 90 CE on Mar 27-31.

Long positions are added in 75 CE on Apr-8 and in 100 CE on Apr-3 and Apr-13. So squaring off positions in 80/90 CE will confirm the bullish signal.

Comments

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

Bank Nifty EOD Update Feb 15

Bank Nifty today move down sharply after opening Gap up and making Top of 20368 just near Gann No 20364 and reversed sharply making Low at 20115 and closed at 20163. It seems wave B is completed at 20368 and wave C is started (confirmation only when Bank Nifty crosses 20000). We may see bank Nifty moving sharply to 19700/19500. Daily chart shows RSI crossing 70 level from top that shows possibility of down move. Also Bank Nifty broke lower channel lines (Blue as well as Red). So Bank Nifty may fall sharply in wave C.

BanknIfty Update for Jul-15, 2020

Banknifty opened Gap Down and continuously moved down. In the last 2 days, it almost falls more than 1200 points. We are able to capture this move from almost the top of 23000. The daily chart shows Banknifty took support at 30-EMA levels. MACD signal gave a bearish crossover signaling possibility of further fall in the coming days. RSI @ significant levels of 50. Break of 20900 could lead to a sharp fall towards 19700/19500. On the hourly chart, the MACD signal gave bearish crossover yesterday, and we saw a good fall in Banknifty. Gann Box: Weekly Gann Box shows Banknifty exactly changed the trend from the time factor zone. Also, the weekly opening was near the angle and it reversed after hitting angle and gave a good fall. It signaling a bearish trend for the coming weeks. On the daily Gann Box chart, we can see today Banknifty opened near angle, hit angle, and reversed sharply giving good down move. FNO Data: The future OI decreased by 7% signaling short covering with fall. The spot

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