Get started

Candlestick Analysis

Banknifty weekly analysis for 05/02/24.Banknifty has given a nice move after the budget day and closed 200 point lower on daily close and 1000 points lower from the day's high. The weekly chart is showing a rejection from golden fib ratio of 61.8% around 47k zone. Though, it has closed above the 20 WEMA buy still it is trading below 20 DEMA. The market has given much move in the last week but volatility was high which helped option seller to create position while taking a hunt on option buyers. Major support levels :- 45860-900, 45300, 44550 Currently, nifty tested it high but banknifty is still lagging in testing the high by 1800 points. If the market remain positive and give some bullish momentum there are chance for the index to retest the high. It will face resistances while testing the higher highs around round number figure and resistance zone. Resistance zone :- 46550, 47000 No trading zone is marked and there is possibility of market easing of with the volatility to create a trend or sideways movement. Wait for the market to decide whether it sideways or trending. Must watch for the price action formation near the zone and trade accordingly.
NSE:BANKNIFTY
by Mambotrade
FEDERAL MOGUL - Bullish Swing Reversal with VolumesNSE: FMGOETZE is closing with a bullish swing reversal candle supported with volumes. Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days. The stock has reversed at key support area which is indicating demand. One can look for a 13% to 19% gain on deployed capital in this swing trade. The view is to be discarded in the event of the stock breaking previous swing low. #NSEindia #Trading #StockMarketindia #Tradingview #SwingTrade
NSE:FMGOETZELong
by BrahmaBull31
Gail going for a dip after ATH. Bearish move expected.Gail has given a nice bullish rally after crossing the previous ATH of 131.5. There has been a 30% bullish rally. It has formed a double top and once it starts trading below 155.80 level it will confirm a "M" pattern too, Today there was a nice sell of in the stock and it closed 5.5% lower with good volumes. Even the RSI indicator is showing a bearish divergence on the daily charts. Chances are thereof it testing the lower levels around 151 and 147. Target levels :- 151.7, 147.5, 142 It has closed below 38.2% fibonacci level, will come to test 50% and further targets of 61.8%. Wait for the stock to cross today's low after a flat or slight gap up opening. The retracement after forming a new high is remaining in the stock. And profits will be booked by the swing trades. Keep in mind the R:R ratio and SL while entering the trade.
NSE:GAIL
by Mambotrade
ABCAPITAL - Bullish Swing Reversal with VolumesNSE: ABCAPITAL is closing with a bullish swing reversal candle supported with volumes. Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days. The stock has reversed at key support area which is indicating demand. One can look for a 16% to 24% gain on deployed capital in this swing trade. The view is to be discarded in the event of the stock breaking previous swing low. #NSEindia #Trading #StockMarketindia #Tradingview #SwingTrade
NSE:ABCAPITALLong
by BrahmaBull31
1
SWARAJ ENGINES - Bullish Swing Reversal with VolumesNSE: SWARAJENG is closing with a bullish swing reversal candle supported with volumes. Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days. The stock has reversed at key support area which is indicating demand. One can look for a 10% to 15% gain on deployed capital in this swing trade. The view is to be discarded in the event of the stock breaking previous swing low. #NSEindia #Trading #StockMarketindia #Tradingview #SwingTrade
NSE:SWARAJENGLong
by BrahmaBull31
Voltas moving in green. Intraday trade for 01/02/24.Voltas on the daily close has given a break out of the resistance zone around 1050-60. It made a base around the 20 DEMA and given a nice move with good volumes. Bullish entry can be made in the stock for positional trade for a ultimate level fo 1230. Intraday entry with 1140 as target can be initiated and a stict SL should be kept as tomorrow is budget. Target :- 1140, 1230 Support :- 1082, 1055 Enty :- Starts trading above 1095 levels. Crossing the resistance level of 6 month can give some buying momentum. Wait for the price action near the levels before entering the stock.
NSE:VOLTAS
by Mambotrade
Nifty weekly expiry on BUDGET day (01/02/24).Tomorrow is nifty weekly expiry and financial budget. There will be much volatility in the market as both the events are on the same day. Nifty has given a nice move in the first half and consolidated in the second half. If the market opens flat or slightly lower, after the break out bullish trade can be initiated and heavy quantities should be enter only once it starts trading above 21800. Major resistance levels :- 21750-810, 21970 Gap filling trade can be made on the break out. Support for bearish targets :- 21660, 21480, 21250 Watch for the option premiums flactuations as there will be decay and movement at the same time. Price action near the levels for setup must be watch before entering. Straddle or strangle may give some profits. Keep a strict loss and target fixed.
NSE:NIFTY
by Mambotrade