THE INFORMATION IN MY IDEAS IS PROVIDE FOR EDUCATIONAL OR INFORMATION PERPOSES ONLY.
THIS IS NOT FINANCIAL ADVICE.
ENJOY SOME PROFITS
MAKE SURE TO HIT THE LIKE/SUPPORT FOR MORE
THANKS A LOT
WISE YOU SUCCESS
Banknifty closed below a crucial multi day reference, spot below the 30650 areas and Futures below 30900 .
a follow through or a hold is needed and we are likely to test the marked regions ( blue dashed ) in coming sessions.
Tripple top and made a rounding top. Tripple top is an indication for a bearish move and rounding top is bullish. so clearly TCS is trading on indecision Point.
Book profit if you were in long and wait for a clear move for short term swing
Bank Nifty is at its highs and there's a possible sell setup forming there. The risk reward seems to be in favor of short positions than for long positions. My view is a downside- either for a deeper pull back or for a major correction to the downside. Either ways, I am looking more at the market going down than inching up.
Though there is positive RSI divergence Bank Nifty 30 min and 60 min charts, BNF is still struggling to go up.
Today's (14-May) open high is proving difficult.
This suggests that BNF is still far from bottom and we may see a fall today or tomorrow before recovery starts.
Bank Nifty gave a good fall today. But, now BankNifty index is nearing long term support levels.
Thus, the question is will Bank Nifty fall more or the low today is near term bottom?
As, we can see in hourly chart, RSI is showing positive divergence with lows made by Bank NIfty spot.
It shows that maybe we will see a limited down movement right now and may...