NIFTY took nice support last week.
Then it came up and now again at resistance levels.
The look at chart patters is showing a immediate breakout about to happen.
We may see 11700 soon, within next few sessions and then even 12000 by end of this month is not ruled out.
The outlook is pretty positive about a strong up move.
NIfty is taking support at 11200 (spot prices).
Whereas more calls are being written at 11250 strike price (as per NSE website).
So, though the market is not moving much on up side.
It looks like unless 11200 is broken decisively, it is consolidating at current levels and we will see more within next couple of trading sessions.
In 30 min chart (also in hourly), NIfty has made a clear positive divergence.
The index is taking support 11100, which is second time since monday October 7, 2019.
The option data also suggests a good support at current level.
Looks like we may see a 80-120 points up move from here in NIfty.
Bank Nifty presented a very interesting set up on Friday 5th July 2019.
WIth higher high but sliding RSI, it shows a bearish setup.
For Monday 8th July,'19 unless the 5th July high is taken out, the outlook is bearish with 31000 as next support.
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...
The big red bar ( bearish engulfing in TA terminology) of Bank Nifty Index on 18th April, 2019 is showing sign of current bull run getting tired.
On top of that daily RSI is also showing divergence.
But, till BanK Nifty Spot any more weakness will be confirmed only after a close below 29630.