Banknifty formed a new channel which has target 31070 nearby.
This is also resistance and Pivot for changing direct for short term at 3020 nearby.
This new channel is not reliable as compare tight and bigger channel.
NSE:NIFTY got stiff resistance around 11860 levels, moving above head of hypothetical pattern will make the pattern invalid and holding above it for sometime will only push stock towards 11935/65/00 levels. If the H&S pattern comes into action, index may fall towards neck line of the pattern and if breaks and hold below neckline may push further down towards 11450...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=0.694.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=0.693.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
For tomorrow 11800 to 11820 level is very important. If Nifty will sustain above 11820 then it may test 11900 and if it will able to sustain above 11900 then because of short covering it may test 11940-11950
No trade zone will be 11780 to 11820.
Sustain below 11780 it may test 11750-11700.
Thank x :)
Axis Bank bounced off from rising channel support at 760. That price also seem to be a horizontal support area. If the stock holds on to the channel we can expect a considerable move upwards. Notable resistance is at 820 area where life time high falls as well.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general...
Decline from life time high 12102 is seems to be corrective and looks like double zigzag in which 12102-11770 as first abc, 11770-12000 as X and 12000-11625 as second abc. Now If correction is completed at 11625 as double zigzag then we will see new high above 12102 OR pattern could also turn in to Triple zigzag(In which one more low below 11625 is possible from...