TGT-1:2300, TGT-2:2200, SL: 2375
$2 Bn Market Oppurtunity in Danger!
2400: High CE OI
2300: Highest addition in OI
Short Buildup possible in next session
Today Nifty NSE:NIFTY broke the crucial support at 10488 levels with a large Bearish candle.
It is possible that new shorts may have been initiated by big players on the break of this support (As the stop loss is very small giving a good Risk Reward ratio).
This level can now act as a potential resistance if any short covering rally occurs.
Staying below 10488 ...
Today BankniftyNSE:BANKNIFTY broke the crucial support around 26000 levels with a Bearish candle whose close was almost at the low of the candle.
With PSU banks’ results (SBI NSE:SBIN, Bank of Baroda NSE:BANKBARODA) lined up in the coming week, looks like the selloff in banknifty will continue.
If Banknifty continues to stay below 26000 levels, we might witness ...
Pls see the chart. Double top formation going on in 1 hr chart based on double top 1060 is support level. Based on triangle, support line mentioned in chart. Choose which one is prefer to you. Both breakdown gives the same target.
Vijayaraghavan,
Kovilpatti.
Bandbollinger lower band breakdown and indicators are weak in daily and weekly chart. These helps to reach the target range.
Vijayaraghavan,
Kovilpatti.
Head and shoulder and triangle breakdown happened and these two pattern shows the same target ranget between 488-498. Indicators also weak on this.
Vijayaraghavan,
Kovilpatti.
Federal bank looks weak after reached the head and shoulder target. Support 91 is strong. if it breakdown, it may go around 84 range. It may take few weeks or upcoming week. indicators are in bearish mode only so it helps to breakdown the support level.
Stoploss: Stright line mentioned in chart keep that on closing basis
Vijayaraghavan,
Kovilpatti.
Indicators are slowly turns to bearish side from bullish. One can expect up to 280 range.
Stoploss: above 357(closing basis)
Vijayaraghavan,
Kovilpatti.
In weekly, price broke horizontal support, then it bounced back to retest the broken support, which is acting as a resistance now.
also price is at descending channel resistance.
also double top pattern confirmed here,
https://in.tradingview.com/x/R5Vw2KER/
it can slide down to 670, 640, 560 levels.
We never know whether the support is taken & infy revives to upside or not, only after it happens we will know that. But our trade plan is if at all the support breaks lets try short on Infy towards 930's
