Nifty may correct from the current 15400 levels to 14200 levels in the coming days due to strong resistance in 15400 levels.The previous weak correction followed by a weak bounce back doesn't encourage the nifty to go up furhter.
Bitcoin to find initial support at 40 k before gradually falling below 30k. As already mentioned, Bitcoin is risk on asset and will go up only if all other assets classes go up. Currently the macro economic environment seems to favor bears and hence all teh asset including bitcoin to move south wards. Also as per Fibonacci and wave pattern for Bitcoin in daily...
On monthly chart USDINR is at key support and has higher chance of reversing up to 75 in coming months. The support is from 20 Month moving average and trendline from 2012 low. hence for long term traders better be on the buy side as dollar is also seen strengthening in coming months.
Bitcoin after hitting 12400 is stuck in a bearish channel. RSI is also beaten and it is very low providing a gloomy scene. However the on 4H plot , Bitcoin might take support of trendline and break the bearish channel upward. Stochastic is showing nascent bullishness . if RSI move above 50 with Pirce crossing 11850 , one can expect BTC to go up til 12300.
From Hourly chart it seems Bitcoin will be crossing 12000 hurdle comfortably within 1 or 2 days and trend higher. As the deviation in RSI and prices show bullish trend is intact and prices taking support at 20MA .
Nifty Put option shows the trend is turning bullish and may cross 11300 intraday and very good chance of closing above 11300. initial resistance 11285 once crossed , Nifty will pursue its bullish trend.
Bitcoin is forming triangle in hourly chart with 11400 as the base resistance.A definite close above 11420 will take BTC to 11650. Both RSI and Stochastics are emerging from the over sold condition and is a bullish for BTC. Traders need to wait for close above 11420 to go long aggressively.
Bank nifty closed above 21500 as expected. RBI has not cut the rates in today's MPC . However Governor has talked about the loan recast with some riders. Though the loan recast is positive for Indian economy as even personal and credit cards are covered under the loan recast scheme, it may not be positive for Banks. Also loan recast comes with its own red tape. I...
Banknifty has reached its support of 21050 which also the daily Bollingers lower band.one can expect the RBIs dovish policy along with surge prices of SBI and ICICI bank should push the BN higher.In addition , there is a hidden BULLISH divergence in RSI and BN prices. Immediate target would be 21500 by Thursday expiry and 23000 by month-end if global factors support.
Banknifty has reached its support of 21050 which also the daily Bollingers lower band.one can expect the RBIs dovish policy along with surge prices of SBI and ICICI bank should push the BN higher. immediate target would be 21500 by Thursday expiry and 23000 by month-end if global factors support.
The ICICI bank has been trading the range of 340-390 in the entire month of July and I do expect the range will persist between 330 to 390 on the on the August. At the current market condition buy ICICI bank 340CE and sell 325 PE if you have a lot of margin money else buy 340CE and sell 390CE.
As mentioned in the previous chart, NIFTY has corrected to the the support level around 10900. 200DMA comes around 10860 and other trendlines also state that nifty could get support form current level to 200DMA level. the global market are trading mixed which may decrease the downward momentum in NIFTY. Result season was mostly better than expected. However the...
On weekly charts , the bitcoin is at .5 Fibo level from all time high around 19k on weekly closing basis to level recent low 3k. Also it was also the hard level which Bitcoin failed to cross in Jan 2019. Also BTC has reached overbought condition in daily and weekly charts. There is a higher chance that BTC may fall from this level to 10400 key support . Also BTC...
As I said earlier , Nifty resistance is as at Fibo .786 level and it is correcting from that level of 11300.
Nifty may close the Gap at take a support @ 10900 if it doesn't hold , Nifty may go all the way to 10550 levels.
Global markets are slowly receding and so bulls need to wait ..
Nifty is in its resistance level which also the previous high , upper band of Bollinger band on daily charts and at .718 level of Fibo retracement.
Also Stochastics and RSI are clearly showing that nifty is overbought. So better to be on short side tomorrow as tomorrow also a weekly expiry and may be a high volatile day .
In 4H chart for Bank Nifty , Right shoulder seems to be forming . Though H&S formations are rare and should considered in long time frames, this time even external factors of US-China tussle and COVID may really help in the completion of the formation.
So the strategy to handle the H&S is to first wait for the confirmation if the BN levels don't cross upwards of...