Looks like banking sectors are go take a ride down.
Good head n shoulders formed after a one way bull run from October - November 2019.
**WATCH OUT FOR BUDGET**
Budget will play a key role in this trade.
Budget Special:- Bank Nifty Trading Strategy for 1st Feb'2020:-
I am neutral for 1st Feb'2020 due to the big event.
** Tomorrow Supply / Resistance Zone:- 31,020-31,085
** Tomorrow Demand / Support Zone:- 30,474-30,522
Pivot Zone:- 30,762-31,803 Above +ve below -ve
IMPORTANT LEVELS FOR BANKNIFTY
S: 30714, 30786, 30580, 30480, 30356, 30229
R: 30907, 30999,...
Strong bullish stock currently pullback towards 640 around can give good buy opportunity with the targets of 670 on the upper side.
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Do check previous charts :) in profile.
The stock registered a breakout this week and have managed a close above the clouds. The RSI has moved into the bullish zones with MACD above zero. The stock has become a long candidate an pullbacks. Levels of 560 – 545 may provide support to the stock and it may move up to 580, 590 & 620 levels. If the stock fails to hold itself at 545 levels then it may further...
Trade this budget with me
with very low risk entry and huge reward !!...
Big moves coming in banknifty.
Know the Forecast in Advance!
Based on Elliott Wave Analysis!
move starting soon!
For more details plz contact
Telegram : t.me
#BankNifty #Budget #Sureshot #Elliiott Wave
A "Spike" can generate after breaking-out area between Value High to Contro Price. The "control price" always attract value toward it.
The intraday Resistance 12003 nearby and Support 11936.
There is actually two channel, One is a "major channel" which is still exist because its an excess. If the price starts to fall then, we can more and more fall.
Pre & Post Budget movements are most rewarding if captured correctly. Since the last two budgets, we are seeing a sharp fall post budget. This time it seems, this may not repeat. Renko charts says so! The market may either continue its upward journey or may trade in a narrow range. So I will either suggest going long on NSE:NIFTY or just SELL PUT options of Nifty...
Nifty 50 is in a upward trend. To sustain it a correction is necessary. Between feb and march Nifty 50 might retrace to 0.618 fib levels. That would be around 10500. RSI shows a down trend and MACD is also moving towards a cross over.
However we need to keep a close look as budget on Feb 1 might influence the direction of Nifty 50.
Do your own research before...
It is been observed that the price action breakout out from consective trendline indicating buyers in control and shall move up the price action from current levels.
It is been observed that the price action moving up in a trend and now it breaks an important resistance breakout at 545 levels. Now, it shall reach further up to next resistance levels.
It is been observed that the price action was trending up after consolidation. Now, it has made a new breakout, which shall take the price action further up to the next resistance levels.
Target : 1460
Attention please ...
tomorrow is budget day and lot of movement is expected.
You'll get a lot of calls/ideas saying this will happen, that will happen, go long, go short, etc.
But, as professional traders, we know that predicting is not our job, our job is to make money.
Believe me, whoever tells you that he knows what all will be announced in budget and how...
ITC always suffers due to budget. Increased taxation on cigarettes is expected this budget, as every other budget.
ITC also has tested resistance again. And a powerful bearish piercing pattern with above average volume.
Short futures or buy cheaply ppriced OTM puts for quick profits after budget.
ITC reacts to budget as every year tax imposed on tobacco products are increasing. Anticipating the same from upcoming budget as well. Also given an example of Cup and Handle pattern, just for educational purpose only.
This time around the budget is more special than usual years, it is the budget after demonetisation and is coming one month earlier than usual. As seen in the chart and the green boxes the volatility usually peaks during the budget, this time we should expect no different. Another point is the strong negative correlation between the India Vix and Nifty. So good...