BankNifty Update for Jul-08,2020

Banknifty gave excellent trade today. It corrected on the downside in the initial hour and consolidated for the next 2 hours before it gave sharp upmove and completed our targets of 22450/22550 and almost done 22700 (top made today was 22674).

Today it broke Jun-24 top of 22479. Now it would be interesting to watch whether today's top will be broken and upmove continues or we get a reversal from here.

The Daily chart shows RSI @ resistance. The upper line of the wedge is @ 23000-23050, which may act as very strong resistance. MACD is still not showing strong momentum. We need to be cautious at higher levels from here.

Even the Weekly chart shows Banknifty @ strong resistance zone.

FNO Data:

The future OI increased by 9.7% with an increase in price suggesting a long buildup.

Trade Plan:

Above 22700 targets are 22900/23000

Below 22500 targets are 22350/22200/22000

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 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.

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.

MoneyNaad

Search This Blog