Stock is in consolidation phase a breakout in any direction will give lead to the next move.
Stock Name: Muthoot Finance
Sell below 626 SL 637 Target 620 614
Buy Above 637 SL 624 Target 655
Trend Moderately Bullish
OI Analysis: Long Unwinding
Inverted Flag Pole pattern seen in Bank Nifty (BN)
Till Bank Nifty breaks 28500 and gives a closing above 28500 the trend continues to remain bearish
Inverted flag pattern is seen in Bank Nifty if the BN breaks the pole we may see new lows.
Price is below 22 EMA and Vortex also indicates bearishness in stock.
Nifty trading in a falling channel and is near very crucial zone.
11125 is a strong resistance and supply zone if it breaks this resistance and channel we may see a good move.
For Now Nifty is in no trading zone. It is a sell below 10980 and buy above 11125
Muthoot finance has moved from 370 levels to 650 and is now consolidating in a channel but accumulation seen in stock so we can expect some reversal if 640 is breached we may see MUTHOOTFIN hitting new highs.
The price broke the 22EMA which is a very strong support since the last leg of movement
The fast moving has crossed the slow moving from above
Vortex Indicator VI also shows a crossover of the green line from above
RSI: RSI shows a bearish divergence.
Bearish engulfing candle chances of some pain in markets possible owing to trade...
There was a shooting star formation followed by big sell of in last 10 mins in HDFC bank. If it breaks 2430 it can be shorted for 2380 targets and if it breaks 2370 it will be trading below Pivot, 22EMA and 50 SMA which will initiate next down move.
The chart shows strength on daily and weekly chart. With hourly and minute the chart appears weak.
The only thing thatgives confidence is that 22 EMA has breached the 50 day SMA and till 390 level is sustained no need to panic.
If breaks 390 we may see 365 level.