15.6.23 - 5 pm
Disclaimer - I am not a trained or registered analyst. I do this only for my learning.
I am not responsible for anyone's losses or profits.
Analysis - On daily TF
1. Has closed below rising trendline, so looks like a breakdown.
2. Has closed below 200 EMA
3. Seems to break lower trendline also.
4. RSI also is heading towards oversold zone.
Lot of confluences towards downside.
Possible to reach lower swing at 1556 levels and if breaks further then 1530 levels are possible.
Disclaimer - I am not a trained or registered analyst. I do this only for my learning.
I am not responsible for anyone's losses or profits.
Analysis - On daily TF
1. Has closed below rising trendline, so looks like a breakdown.
2. Has closed below 200 EMA
3. Seems to break lower trendline also.
4. RSI also is heading towards oversold zone.
Lot of confluences towards downside.
Possible to reach lower swing at 1556 levels and if breaks further then 1530 levels are possible.
Comment:
Update 21.6.23 - 12.30 pm
Looks like broke out of falling wedge and also took trendline support to move upside.
Looks like broke out of falling wedge and also took trendline support to move upside.
HDFC Bank went in opposite direction.
View will be negated on upward breakout of rising parallel trendline support.. And it has to be confirmed after breakout candle.
It also looks to have formed an INSIDE BAR CANDLE...
N.B. WIth Nifty reaching higher levels today and possible upside next week, looks like this view will get negated.
Good learning for me...