BankNifty Update for Jun-24. 2020

Banknifty consolidated for a few hours with a bullish bias. The hourly chart shows all first 3 candles though of Doji pattern closed above 21800. Then it started moving up and last hours it gave explosive move to make a new high breaking Apr-30 high. High made today @ 22322 and closed @ 22264. So above 21800, we achieved all our intraday targets and now very near to the 3rd swing target of 22500.

Look at how MACD histogram (line plotted) took support @ the "0" level and the MACD level bounced from the MACD signal before giving big impulsive move.

The daily chart showing Banknifty above the Upper Bollinger band. The possibility of bullish move continuation very likely. The daily chart shows trendline (RED) resistance @ 22900.

Weekly chart resistance @ 22800 (We discussed this chart in Update for Jun-17 post)

Gann Box:

Gann Box showing next resistance levels @ 22550-650 (Weekly chart) and 22950-23000 (Daily chart)

Trade Plan:

We may get tomorrow our 3rd Swing target of 22500

Intraday:

Above 22300 targets are 22500/550/650/22800/22900

Below 22000 targets are 21800/21650

Comments

DAX analysis for a client

DAX Index Analysis For upto Feb 29, 2020 : Daily chart shows prices are at Strong resistance zone at upper trend line (red color). On Friday (Feb 14, 2020) it formed a Doji candle that is a sign of reversal as it formed at top and at resistance zone. So correction or reversal from this level is very likely. If prices cross above 13950 and sustains above then Breakout on upside is possible. But this looks very unlikely for at least few days as RSI indicator is also at resistance. At present it is in no trade zone. Best scenario is to wait for price to break 13600. Trade opportunities: Long Trade: Above 13950 for target of 14300. Short Trade: Below 13600 for target of 13450/13400 and below 13400 for target of 13100/13000 DAX Analysis for Swing Trade on Weekly Charts: Weekly chart shows price is at multiple channels and trend lines resistance. Trade opportunities: For few weeks or months holding Long Trade: Above 13950 for target of 14300/14800 and brea

Bullish Bets for coming week (Apr 13-17)

I have summarised my analysis in the following table. These are bullish stocks. Please do your own analysis and these are not recommendations but only for learning purposes Stock CMP Tgt 1 Tgt 2 Tgt 3 ITC 185.25 203 210 VEDL 76.8 92 96 NCC 20.15 23 26 28 RBL 120.85 134 140 SUNTV 338.3 360 365 390 CANBK 91.5 111 118 121 SBIN 187.75 194 202 211 RECLTD 89 101 106 INDIGO 1041.95 1100 1140 1160 HINDPETRO 207.85 218 223 227 Hindalco 107.55 113 127 134 CHOLAFIN 171.75 185 204 225 BHARATFORG 245.55 277 288 299 SRTRANSFIN 675.95 730 785 840 .

Bank Nifty Bigger Time Frame Analysis

I have posted following weekly chart of Bank Nifty in my Dec 15 post. This chart shows similarity in patterns. The pattern started in Aug 2013 and completed in Oct 2016 as shown below: This is "Extracting Triangle Pattern" as per Advanced Elliott Wave (Neo Wave). Ongoing pattern looks similar to Extracting Triangle Pattern and as per this pattern wave D seems to be in progress. After completion of wave D, index will move towards upward channel line(RED) in wave E. Once the pattern gets completed, we should expect index to go below wave D. I am just aware about Neo wave patterns but do not have knowledge about its calculations/counts. In Extracting Triangle pattern, each successive wave in the direction of trend contracts while corrective waves expand (wave A< wave C < wave E, wave D > wave B) It looks similar to Head & Shoulder pattern So possibility of Down move is quite high post Jan 2017.

MoneyNaad

Search This Blog