Bank Nifty witnessed a very volatile session and ended day with a cross Doji pattern, Technically bear still have a hold, but this doji suggesting they grip has loosen a bit. Being a weekly closing tomorrow, it going to be a very important session and to see how it will open and how it will close tomorrow. Support zone for tomorrow : 22267- 22225 , if held index...
#banknifty - prices landed at support zone 22400-22300, Rsi is oversold, hence might see some pullback, since the structure is still weak, the pullback can be short-lived and would mostly be used for creating further shorts in the index.
Mcdowell, if sustains below 590 can see 540 levels initially and further selling may trigger if it closes below it ,which can take prices to 500 levels
#BANKNIFTY : This week Banknifty opened on a positive note but did not see a follow-through move and tumbled down and formed Dark Cloud Cover on the weekly chart which is a bearish reversal candlestick pattern. The Bearish candle formed this week opens above the previous week's close and closes below the middle of the previous week’s candle. The rejection of the...
Nestle has been trading in a range since April 2020. In technical terms, this particular range formation is called descending triangle, this patterns generally forms in downtrend and acts as continuation pattern, but in this case the structure of the stock is of uptrend, this bearish pattern may act as reversal pattern, because it indicates distribution , so i...
Banknifty - Pullback over Rest self explanatory chart
In yesterday's session , bank nifty slightly closed below the levels , that i have discussed in my previous post, but that break was not convincing enough for me to short and hold trading positions overnight. Considering global markets , index will open gap down, and any followup down move , keep these supports levels i.e 23058 and 22352 in mind. And if any...
In today's session, the index formed another inside candle, though the range gets smaller than yesterday's session. One thing to note here is that the index is continuously protecting the previous day's low, which is an indication that the index might be trying to create a base. This base formation can be clearly seen on the intraday charts ( 15 min). Yesterday...
#banknifty - Index formed a spinning candle in today's session, spinning candle is an indecisive candle, which indicates both bulls and bears are struggling to take prices in their direction. The important thing to note here is that the previous day low is still protected and prices did not go below it. Secondly, the support that I identified, can also be seen...
Do you think that a single candlestick pattern can reverse or change the previous trend ?? There are two main trends in the market, uptrend, downtrend, and there is also a trend where the market moves in a range and goes nowhere. Now the question we have is, if the market has to change its current change, can it be done in a single trading session, the answer...
In yesterday's post, i talked about crab patterns and likely price behavior around them. Snapshot of yesterday's post - There is also a crab pattern formed on the daily chart suggesting a resistance around 24560-24660. Price action near crab resistance is usually wild, by wild, I mean you can see spikes, large movements in the prices in any direction, so if the...
#MCDOWELL - Held support, formed bull candle with god volume. This time it might show some good movement towards the upside. View negates below 565 levels
Banknifty Monthy - Banking Index held its previous month low and also surpassed the previous month high and I am hoping it be closing above the previous month high tomorrow, and if it does and it is going to be a very good monthly closing, indicating likely continuance of the recent up move. Banknifty Weekly - On Weekly, it formed a Big Bull Candle closed near it...
Breakout from one month consolidation, and it may towards 160 - 166 levels on the upside.
#nifty fut Levels - 11300 Spot levels- 11310 Holding these levels, index probably be going higher. Pattern target is extended uptill 11500 Sl at 11290
Pattern completed as expected, Now waiting on sidelines for further direction will update when the price action unfolds and suggesting some clear direction.