The idea here is about IDBI Bank Ltd:
IDBI Bank Ltd. engages in the provision of commercial banking services to retail and corporate customers. It operates through the following segments: Corporate and Wholesale Banking; Retail Banking; Treasury; and Other Banking and Group Operations. The Corporate and Wholesale Banking segment includes corporate relationship covering deposit and credit activities other than retail, as well as corporate advisory and syndication, project appraisal, and investment portfolio.
My view is bullish (Swing trade) for the below observed News & technical factors.
News: There is a potential merger up news in air at the moment of publishing this idea. Do your own research to find out more information.
Points as per TA on a Daily & Weekly chart:
1.Downtrend channel breakout & retested & trading above 200 EMA & 20 EMA support established on daily chart as per below:
2. Trading below 200 EMA & 20 EMA support established on a weekly chart as per below:
3. Anti Cypher pattern completed on weekly chart, Target 1 achieved from entry point & due to lack of momentum or global uncertainty price has been pushed below Target 1. Price has taken support on 20 EMA as per below:
4. Bat Pattern completed on daily chart, Entry point confirmed price towards target 1 as per below:
5. MACD Converging towards signal line on daily as well as monthly chart which is a signal for upward momentum as per below(daily MACD):
MACD above signal line on weekly chart.
6. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily chart is strong upward momentum at the time of publishing. However on weekly it’s neutral.
7. RSI is at 53.68 on a weekly Chart and 52.63 on daily chart at the time of publishing.
8. Hull Moving average and other moving averages on weekly & monthly chart is a strong buy & on Daily Hull Moving average is sell.
9. ADX (Average directional index ) trend strength is at 20.54 on weekly & 16.58 on daily, which indicates a absent or weak trend (ADX between 0-25 is a Absent or weak trend) and 31.81 on monthly chart which indicates a strong trend .The trend seems to be picking up.
10. It is also suggested to keep a look on Bank Nifty, as its taken support on 20 EMA on Weekly and below on daily as per below :
11 Ichimoku cloud is strong upward moment for Bank Nifty on weekly and daily chart as per below :
Projected Target with %: provided in the chart as per Bat Harmonic pattern, coincidentally Target 4 of Bat is almost aligned with Target 3 of Anti Cypher.
Stop Loss: Provided in the chart for Bat .
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & to subscribe for more analysis.
Do leave your valuable feedback & comments for any improvisations.
Cheers.
IDBI Bank Ltd. engages in the provision of commercial banking services to retail and corporate customers. It operates through the following segments: Corporate and Wholesale Banking; Retail Banking; Treasury; and Other Banking and Group Operations. The Corporate and Wholesale Banking segment includes corporate relationship covering deposit and credit activities other than retail, as well as corporate advisory and syndication, project appraisal, and investment portfolio.
My view is bullish (Swing trade) for the below observed News & technical factors.
News: There is a potential merger up news in air at the moment of publishing this idea. Do your own research to find out more information.
Points as per TA on a Daily & Weekly chart:
1.Downtrend channel breakout & retested & trading above 200 EMA & 20 EMA support established on daily chart as per below:
2. Trading below 200 EMA & 20 EMA support established on a weekly chart as per below:
3. Anti Cypher pattern completed on weekly chart, Target 1 achieved from entry point & due to lack of momentum or global uncertainty price has been pushed below Target 1. Price has taken support on 20 EMA as per below:
4. Bat Pattern completed on daily chart, Entry point confirmed price towards target 1 as per below:
5. MACD Converging towards signal line on daily as well as monthly chart which is a signal for upward momentum as per below(daily MACD):
6. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily chart is strong upward momentum at the time of publishing. However on weekly it’s neutral.
7. RSI is at 53.68 on a weekly Chart and 52.63 on daily chart at the time of publishing.
8. Hull Moving average and other moving averages on weekly & monthly chart is a strong buy & on Daily Hull Moving average is sell.
9. ADX (Average directional index ) trend strength is at 20.54 on weekly & 16.58 on daily, which indicates a absent or weak trend (ADX between 0-25 is a Absent or weak trend) and 31.81 on monthly chart which indicates a strong trend .The trend seems to be picking up.
10. It is also suggested to keep a look on Bank Nifty, as its taken support on 20 EMA on Weekly and below on daily as per below :
11 Ichimoku cloud is strong upward moment for Bank Nifty on weekly and daily chart as per below :
Projected Target with %: provided in the chart as per Bat Harmonic pattern, coincidentally Target 4 of Bat is almost aligned with Target 3 of Anti Cypher.
Stop Loss: Provided in the chart for Bat .
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & to subscribe for more analysis.
Do leave your valuable feedback & comments for any improvisations.
Cheers.
Trade active:
Target 1 & 2 Completed 🚀🚀
Target 1 & 2 Completed 🚀🚀
