Detailed analysis of VEDL for coming week (Apr 14-17)

Detailed analysis of VEDL for coming week (Apr 14-17) - Looking Very Bullish!

VEDL is under my radar from last week and I was expecting resistance at 80 on Monday though overall structure is very Bullish as there was writing in 80 CE on Apr 8 and 9. VEDL reversed from 79.45, but hold on 77, closing @78.30.

Let's see what it hold for the coming days. Monthly chart shows the formation of Double Bottom around 60 zone and prices are showing reversal.

The weekly chart shows Doji formation in Mar 30-Apr 3 week at a support zone of 60. RSI also took support and reversed along with good up move in VEDL next week. Now MACD also showing slow momentum on the downside. So the weekly chart suggests further up move possibility.

The daily chart shows good consolidation from Mar 23 - Apr 3 in the 60-69 zone. MACD is given bullish crossover too! The daily chart shows resistance at 86-92 that is the GAP zone and above 92 @ 105-106.

The chart shows up move is backed by good volumes.

Gann Angles

Gann Angles resistances 82/88-90/92-93/96-97/101-102/104-106 (Not all angles shown here).

Future OI analysis

On Mar23-25 good Long positions built up when price was in the range of 60-68. These positions are not yet squared off. So OI in future is Long positions.

Option Chain

Option chain suggest resistance 90/100 once 80 is taken out. If we analyse past data, it seems LONG positions were built up in 80 CE on Mar23-27, in 90 CE on Mar 26 and Apr 7 and in 100 CE on mar26-27 and Mar 31.

The following table summarises Reistances/Targets for VEDL in the coming days.

	Standard TA	Gann Angles	Option Chain	Remarks
	80		80
		82		Minor
Gap Zone	86	88		Strong
W-9MA	90	90	90
Gap Zone	92	92-93		Strong
Strong Reversal	96	96-97		Strong
prior to GAP		101-102	100
	105-106	104-106		Strong

Support is at 72-73 followed by 68-69.

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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