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Bharatjhunjhunwala

Bank Nifty close to 31000. It's a important support level.In my last Friday’s update I mentioned that we may see banknifty trading at 31000 levels. The index registered a close at 31160 today. Now it’s trading close to a support level the KS line. A major support is at 30600. Most of the time KS acts as a very good support for prices, so a bounce from it is not ruled out. 31600 will be the decider level for coming sessions, a strong close above it will only result in trend resumption. The RSI is pointing down while MACD lags upside momentum.
NSE:BANKNIFTY
by BharatJhunjhunwala
Nifty breaks below an important pivot support. 11700 may supportNifty left behind an important support level. After giving away 12000 levels which was a physiological support level this will act as an important pivot in the coming sessions. Next support can be seen at 11700 (Lead 1) on the charts, expecting some bounce from these levels. Major area of demand is 11420 (hopefully we may visit it). RSI is moving towards 40 levels & MACD as turned neutral with positive bias.
NSE:NIFTYShort
by BharatJhunjhunwala
Trading close to a very important level. NIFTY: Nifty took beating from the bears in the last two sessions. Now at a very key juncture, a break and close below the 12000 levels have shattered the physiological support levels, still the bullish nature is not wiped out fully, if the fall continues the index may tumble to 11420 levels, again the levels I am mentioning may be vague & outrageous but still they are valid as long as selling in prominent. A minor support may be seen at 11790 below which the above targets on the downside is open.
NSE:NIFTY
by BharatJhunjhunwala
If bulls don't come to rescue then 29500 is quite evident. BANKNIFTY: Selloff was dominant on the last two sessions on daily charts. After the RBI policy, weakness took over resulting in a sell off. Prices closed below the TS line almost after 45 days of holding it. A minor support has been given away. The next key support zone is close to 30790 levels, the index is expected to take support here, breaking this key level will push the banknifty into deeper corrections and it may drag itself towards 29500 levels. Giving such deep targets is not feasible as of now, the important thing to consider is the key levels mentioned above. On the weekly charts RSI is just at 60, the price action in the coming week will be decide the final fate of the index.
NSE:BANKNIFTYShort
by BharatJhunjhunwala
CONCOR gaped up with forming bullish candle & closing at highs.CONCOR: The stock opened with a gap up and the prices continued up during the day. The prices closed near the highs. The prices have been making a falling wedge pattern with falling volumes. The RSI took support at the 40 levels and bounced up, MACD turned positive (though it is below zero line) there is a minor resistance at 585 levels, the stock is expected to retrace to 565 – 570 levels, watching price action entries can be planned for higher targets of 604, 619 & 625 levels. However a move below 540 will negate the bullish view.
NSE:CONCORLong
by BharatJhunjhunwala
HUL retraced from an importan resistance zone. Fall to continue?HINDUSTAN UNILEVER LIMITED: The stock had a fabulous run in the last few months. In the last few weeks, the stock displayed a loss of momentum and correction occurred. Now the stock took a hit at an important pivot and corrected. The stock has minor support at 1995 – 2000 levels below which there may be a further correction to 1920 levels. However, a move above 2100 will negate the corrective view and the stock may continue the trend up.
NSE:HINDUNILVRShort
by BharatJhunjhunwala
Nifty at an important point. Holding 12000 will be positive!NIFTY: The index corrected in the last session and closed just at a support level. The TS line serves as a good support to strong trends, in the coming sessions 12000 will play an important role for the index, as long as the level is safe the index is expected to move higher however giving away 12000 may install weakness in Nifty and drag it to 11800, this is another strong support level. On the positive side, Nifty is expected to move to 12270 – 12440 if the support levels hold.
NSE:NIFTYLong
by BharatJhunjhunwala
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Canbank has approached an important zone! Watch HereCANBANK: Recent rally in public sectors banks have been good and strong. Almost every public sector bank rallied more than 20% from their recent lows. Canbank is now hovering at a resistance point. There is a strong supply area ahead, if the stock fumbles here, there may be a small correction which may rest close to 208 -205 levels, if a breakout is successful then it can scale to 275 levels in coming months. The overall trend & sentiment is positive and healthy. RSI and MACD has not displayed any signs of weakness.
NSE:CANBK
by BharatJhunjhunwala
Symmetrical Triangle & NR formation indicating weaknessAPOLLO HOSPITALS: Prices are ranging between a symmetrical triangle pattern, this leg up missed the upper boundary of the pattern indicating weakness probably. Symmetrical patterns are neutral patterns, let’s have cues from the indicators. The RSI is into neutral zone has formed a NR, MACD is just at neutral zone. The prices have faced resistance at important levels forming a bearish candle pattern on the chart. Any push below 1440 will be sign of further weakness and the stock may start to descend down. A close above 1490 is required for the bulls to get control.
NSE:APOLLOHOSP
by BharatJhunjhunwala
Tri Star Doji! Will it allow nifty to make a new high? 11800 ...The movement of Nifty was directionless this week. From last three weeks Nifty has kept traders on the edge and has been teasing both buyers and sellers. We can see a tri star doji formation on the weekly charts at resistance, tough doji does not mean outright sell, it depicts chaos and confusion. We should not discount the fact that the trend is up and yet no confirmation of any selling pressure is seen on the charts. 11800 will be acting as a strong support breaking it may lead to correction to 11570 – 11370 levels. The RSI is flat on the weekly charts, though on the daily charts we notice RSI taking a hit at the 60 levels.
NSE:NIFTY
by BharatJhunjhunwala
Taking support a very important level. Price action positiveThe stock has made healthy retracement and have now it’s resting on the Kumo. Today’s price action was quite convincing to re-establish the buyers into the stock. The RSI is taking support on the bullish extreme levels with MACD curling up indicating momentum is picking up. If ONCG gets overall support from Nifty, the stock is expected to pull up strongly from these levels the short term targets may be set at 149-154 zones. 125 levels are important support levels for the stock.
NSE:ONGCLong
by BharatJhunjhunwala