Market Bytes 27-Apr-2016
Nifty futures: NIFTY Futures formed a perfect technical case of a double bottom set up and pull back. We had time and again emphasized that 7850 holds a support range and is the key. Once that level was sustained for the second time we saw a massive pull back. Yesterday's pull back in the late hours was witnessed with high volumes with...
First of all thank you to tradingview for intraday Banknifty charting
BankNifty has a history of making very violent corrections when it finds a trendline and right now we have banknifty at a 1 month strong support trendline in a crucial demand zone. In addition the selling from 16k+ levels made the last week the largest volume week of the past few years :...
Hello
This is an update from my BANKNIFTY Long call from 13700
and my BANKNIFTY short call which is at a breakeven point. The first scenario I had foreseen was a reversal at this lvl. The second was retrace to 17k and then back down. Now I notice a 3y long pattern of consolidation that has been in development ever since BANKNIFTY rallied from 8k to a 200%+ high...
This is a revision of my prv BANKNIFTY chart "https://www.tradingview.com/chart/BANKNIFTY/Qr1NFlnT-Bank-Nifty-Oversold/". I explicitly stated "Oversold" as I viewed the retrace that I had called till 16k as just a retrace and not any strong sign of resurgence in the banking sector. The channel has proved to be strong. 1st Tp 13.2k 2nd Tp 12.3k.
BankNifty has taken a near 20% hit since the beginning of this year due to bearish economic outlook as well as a massive burden of 7 lakh crore + NPA. The budget has been published and the government has pledged to recapitalize PSUs by a measly 25k crore for now. I believe that the banking sector is yet to see its real lows however for the time being a...
After a long and bleeding down retracement which ends at 1.618 extension, I expect to see a rally from these levels to target 1 and moving onto to Target 2 within 1-2 weeks.
As per the fundamentals, it is trading lower than its intrinsic value which makes it a long term buy opportunity.
HDFCBANK is forming a perfect descending triangle pattern over last 3-4 months and desperately need a breakout from the pattern.
Descending triangles can breakout any side so lets wait till the breakout happens and it became more valid with 3 touches on flatline.
Keep HDFCBANK in your list to look out for shorterm and if it gives ample opportunity to enter after...
Looking at supply area and trend line resistance banknifty is not good candidate for long, risk to reward is not good.
On down side there may be a opportunity waiting. Will have to wait for trad. levels are mention on chart.
Banknifty opened below the congestion zone range of 17880-17740. This provided the entry point for the short trade.
Could only enter the trades around 17700 range. downside targets are about 17570 and 17440 levels. Rest can be trailed.
Bank Nifty uptrend is running out of strength, we can expect volatile move ahead and resulting in down move in coming days or weeks. Trading on short is safe at this levels.
I have mentioned levels at which one can take short keeping stops and targets as mentioned in chart.
