Reliance Industries has formed a clean bearish engulfing candle today.
any upside possible will be close above todays candle only
Daily Kijun test is possible which is around 1520, since 20 dma is near by we might see some support.
todays move shows bearish setup on daily charts
Still, my Bank Nifty 32330-32400 target is pending. Maybe it will test this level tomorrow.
I will avoid short positions and also both side Option writing is safe in a sideways zone not in a strong trend.
Please find the supply and demand zone levels in the chart.
Nifty Analysis
As I have mentioned in my earlier posts Nifty target 12195-12238 zone target is done.
Tomorrow I will buy Nifty if it will sustain above 12240.
I will avoid short even if it will trade negative.
After so many weeks I may not make any position in option writing because both side option writing is safe in a sideways zone.
Supply and Demand Zones are...
Bajaj Finserv is a classical example of why divergence can be tricky.
monthly RSI has been forming lower highs but PRICE has been making higher highs..
divergence works better on daily charts, especially triple or quadruple divergence
just something in noticed. please correct me if i am wrong.
NR4 DAY FOR YES BANK
CLOSES BELOW 20 DMA AND TWO TREND LINES
UNABLE TO CROSS 100 DMA IN TWO ATTEMPTS.
DEVELOPING HEAD AND SHOULDER PATTERN WHOSE BASE LINE MAY ACT AS SUPPORT INITIALLY.
INCASE OF ANY POSITIVE NEWS THIS TIME IT MAY TAKE OUT THE 100 DMA TO REACH RESISTANCE LINE ABOVE.
HOWEVER IF NO NEWS IS THERE IF MAY DECLINE TO THE LEVELS AS MENTIONED IN THE...
Bajaj Finserv has reached important trendline resitance in its long term chart. any big move up the trendline might give an accelrated up move which might be the last leg.. else like its previous nstnces it might grind along the upper trend line..
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