CNXFINANCE-Nifty Financial Services - Long -Cup and Handle Daily

CNXFINANCE

Technical analysis of the Nifty Financial Services Index (CNXFINANCE) on a daily time frame, using candlesticks to show price movement.

Here’s a breakdown of the key elements:

Cup and Handle Pattern: The chart highlight a "cup and handle" formation, which is a bullish continuation pattern. The cup is seen as the rounded bottom part of the formation, followed by a small handle that tends to consolidate before a breakout.

Breakout Level: The breakout point is marked at 23,917.55, and the price has successfully broken above this level, now trading around 24,326.90, suggesting bullish momentum.

Target Levels:

The first target appears to be 25,329.60, as per the measured move from the height of the cup.
The calculation shows a 6.27% increase from the breakout level, projecting this target.
Support Levels:

Price Action: The candlestick shows a strong bullish move, and the index is testing higher levels, suggesting that the momentum could take it towards the 25,329.60 target.

https://in.tradingview.com/symbols/NSE-CNXFINANCE/components/


SCRIPTS

AU SMALL FINANCE BANK
AXIS BANK
BAJAJ FINANCE
BAJAJ FINSERV
CHOLAMANDALAM INVEST
HDFC AMC
HDFC BANK
HDFC LIFE INSURANCE
ICICI BANK
ICICI LOMBARD GENERAL INSURANCE
ICICI PRUDENTIAL LIFE INSURANCE
INDIAN ENERGY EXCHANGE
KOTAK MAHINDRA BANK
LIC HOUSING
MUTHOOT FINANCE
POWER FINANCE CORPORATION
REC
SBI
SBI CARDS
SBI LIFE INSURANCE