Bank Nifty still has room on upside.
Triangle formation on hourly chart, IF HDFC Bank starts moving tomorrow Bank Nifty is a buy.
KOTAK / ICICI Bank are in downtrend.
SBIN And Axis have just broken out of range.
Most importantly HDFC Bank has to come out of the range to perform and uplift Bank Nifty.
Infosys after that dramatic fall is still reeling under pressure.
On hourly time frame it has formed triangle which depicts uncertainty.
Body of candles formed is very small which indicates no buying interest.
Need to wait till the trade comes to us.
For this expiry 650 would be the key resistance to watch out for.
Om the put side highest OI is at 600
Triangle Formation on Nifty.
Any pullback to 11800 levels should be bought.
NIFTY IT is pulling up should support nifty with this push.
Bank nifty should support in this endeavor as well.
With whole market breadth so positive it is the best time to create a long.
Levels mentioned in the chart.
Hind Petro has formed cup and handle formation.
Please note every cup and handle formation may not be bullish.
Stock has huge resistance at 340 levels.
OI analysis suggests the same as well.
In stock manages to close over 340 levels with good volume a buy can be initiated.
Or else stock is a sell at 340 levels as well.
Same pattern is devloping in IOC as well,...
Support Zone: 30950-3100
Strong Support Zone: 30750-30850
Resistance Zone: 31250-31350
Major Resistance Zone: 31600-31700
Fresh Buying Zone: 30950-31000
Create a Short Position Zone: AVOID
tgram at jtradingview
This is a classic example for explaining "tails". Price was nearing the support and both buyers & sellers were trying to take control. This was expressed by upper wick & lower wick candles formation. Support was at 462 - 464 levels. Whenever we saw battle between buyers & sellers, we have to wait for few minutes so that we can get trend direction confirmation....
Yes bank after massive rally of 150 % from bottom of channel
is consoldating in a trading range.
As long as the price remains above 66.75 we can see higher levels.
Immediate resistance is seen at 74.70