Reversal Candle at good areaOver Sold
Near Long term Support
with powerful reversal Candle..
Buy wiht stoploss of 6162 Loss Expected (6.17)
Candlestick Analysis
Nifty weekly analysis for 23/01/24.Nifty on weekly and daily time frame has formed a engulfing candle and chance are there of market going down if it breaks below 21500 level for intraday.
It has been taking support from the daily 20 moving average and rejection from 50% fibonacci level.
If market tries to move up side it will hit the resistance levels of 21800. In case the level is crossed and sustained, it can test 22000 level.
Up move targets :- 21800, 21970.
On the other hand, market can test the support levels of 21500 and 21350.
Even the hourly 200 ema will also act as a support i.e. 21430.
Support levels :- 21500, 21430. 21350
Chances are there that market can retest the support levels and if the last support levels of 21350 is breached, bearish trade targets can be 21020-21110.
Wait for opening of the market as much of the movement is decided after the price action.
Banknifty weekly analysis for 23/01/24.
Banknifty is taking support from the weekly 20 ema and has formed a bearish engulfing candle on the charts.
The movinga averages are being respected by the market, it is hovering between both 20 and 200 ema on daily charts.
A consolidation is there in between 50-61.8% fibonacci levels. It has been trading in a similar range for last 3 trading session and this week is only of 3 days.
In case, market starts moving up it will face resistance around the rejection levels of 46610 and 46900-47050.
Resistance :- 46230, 46610, 46900-47050.
The market is showing some negative sentiments and there are chances of it hitting below 45k levels once the support zone of 45500 is breached.
Bearish trades can be initiated once 45450 level is gone and market starts sustaining below it. There are buyers around this level and lower targets of 45000 and 44600 can be capture on the break down.
Support levels :- 45450-500, 44930, 44550(daily 200 ema).
Mark the no trading zone of 45450-46100 as the market is volatile in this range.
Wait for the price action and candle closing below or above the levels before initiating a trade.
RELIGARE - Bullish Spinning Top with VolumesNSE: RELIGARE is closing with a bullish spinning top 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 been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 15% to 23% 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
Huge selling in HDFC. How to trade it tomorrow.One side fall in the stock has impacted the indices too.
HDFC bank, is heavy weight in index, fell 140 point or 8.5% created a sell off.
It took a retest of 200 ema and has closed below both the averages. It may give another red candle tomorrow.
There stock has closed around a support zone and chance of testing 1500 levels are high.
Short position can be created below 1535 levels and targets can be trailed if the market remain in red.
Support levels:- 1505, 1470-80
The results are not that bad to make the stock fell so much. Some long term investors can accumulate some quantity.
Wait for a price action and enter only confirm trades.
Bullish move on SBIN charts (08/01/24). SBIN is trading around the highs and if forming a bullish flag and pole pattern.
For last 3 weeks it is holding on to the higher levels. A nice bullish trade can be capture for a 10-12% move in near future.
A nice move it has already given and it can touch another milestone of 700 in this quater.
Break out can provide a nice up move in the stock. Positional trades in the stock and derivative can be initiated.
Fundamentally the stock is good. A nifty50 stock is always good for investment purpose.
Major levels are 660 & 700 on the higher side and support is around 620 levels.
Wait for the break out to trade. In case of a break down avoid a trades as the lower side R:R is not suitable.
BANKNIFTY showing signs of REVERSAL around trendline..?As we can see BANKNIFTY is showing signs of REVERSAL around trendline which has been respected by BANKNIFTY in bigger TIME FRAME. Hence if BANKNIFTY opens flat and crosses 46200 then we might see another strong unidirectional upmove in BANKNIFTY so plan your trades accordingly.
JAI SHREE RAM
FinNifty weekly expiry for 23/01/24FinNifty on the hourly candle is forming a bearish flag pattern and the weekly candle is also showing some negative sentiment.
It has taken support from 20 ema on weekly charts and is trading between the daily moving averages.
The hourly resistance of 20 ema is also being respected. Bearish setup seems clear in the index.
Resistance levels :- 20640, 20920
In case market starts trading above 21630 or there is a gap up above the levels, avoid trading as there can be a volatile weekly expiry again.
Bearish trades can be initiated below 20450 levels for targets of 20250 and 20070.
Support levels :- 20450, 20250
Tomorrow is the weekly expiry of FinNifty. So trade less qty as markets are volatile.
Wait for a price action and trade only confirm setup.
METROPOLISMETROPOLIS
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“Disclosure : I am not Sebi-registered.” This channel is for only educational purpose. Any profit/loss, I am not responsible.
Before taking any trade on our charts /calls , please consult your financial advisors. Thank you
TEJASNET - Bullish Consolidation with VolumesNSE: TEJASNET is closing with a bullish consolidation 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 been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 8% to 12% 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
Nifty weekly expiry analysis for 18.01.24.A heavy sell off in the markets and a single stock down by more than 8% has brought nifty down.
The closing is ,below 20 SMA and EMA, around the day low.
MAJOR SUPPORT :- 21500
If the above support is gone nice 100 point first target can be achieved. To carry on with the bearish move trail SL for finally target around 21280.
Nifty is 2% down while banknifty is more than 4%.
Tomorrow is the weekly expiry keep targets and SL tight. VIX is up by 11% which means option premiums will be high.
Target levels :- 21365, 21280
Either it will go for another dip or it will halt in case of gap up opening (minimal chances). Avoid entering any bullish trade for intraday.
Price action is the key. Keep it in watch.
Strong Breakout - Continue the previous trendBreakout with strong volume -
1. 5 mo uptrend
2. Flag breakout awaited
3. Sideways for more than 2 mo
4. Falling volume during sideways - accumulation
5. Respects 50 DMA for support
JKLAKSHMI | Cup & Handle setup - Looks potential for doublingJKLAKSHMI | Cup & Handle setup - Looks potential for doubling based on depth of the cup
CMP : 862
SL : 730
Will this SUPPORT will NOW act as a RESISTANCE..?As we can see NIFTY finally showed unidirectional fall after resisting from our previous acting SUPPORT but managed to recover almost in V SHAPE. Since looking at chart it makes very evident that NIFTY should resist from here and continue its fall but market also does opposite of what’s most expected hence we can expect NIFTY can show temporary weakness but finally RECOVER breaking the RESISTANCE which acted as a SUPPORT previously and could be a SIDEWAYS to BULLISH day so plan your trades accordingly.
NESTLEIND - Evening StarNESTLEIND - Watch out for a good breakdown/ shorting opportunity in 1D timeframe.
A few points to note:
1. There is a weekly reversal sign (bearish - Evening star pattern)
2. The stock is below 50DMA
3. Ascending wedge pattern - Usually is a bearish sign.
4. Overall on a higher timeframe, the stock is rallying - hence it is wise to be cautious and have a hedge.
Career Point Ltd has broken out🔥🚀Career Point Ltd has broken out-Broke Supply Zone. It may soon act as a demand zone.
Good Volume Buildup is seen. Expect a retest to 240 levels.
Huge selling in Banknifty. Analysis for 18/01/24.Single day fall of 2k points in banknifty is showing a bearish sentiments.
A break out of the consolidaiton box is confirmed. Now the market is standing at 46050 and a clear support of 46k can be seen.
If 46k levels is gone another day of selling may be there.
Major support :- 46000, 45650
Market closing below the 20 ema and near to day low. Watch market price action for 1 hour as after a huge selling overnight positions will be initiated and in the first 15 minutes there will be profit booking, in case of gap down opening.
Avoid bullish trades for tomorrow.
The banking sector is down because of the HDFC bank single handed fell 8%, almost 150 points lower.
Gap up will create confusion. In this case avoid trading.
Wait and watch price action.
HOMEFIRST - Bullish Consolidation with VolumesNSE: HOMEFIRST is closing with a bullish consolidation 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 been moving along the horizontal support for the past few days 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
MGL | Multi year channel breakout - Has potential to doubleMGL | Multi year channel breakout - Has potential to double
CMP : 1300 (Dip : 1150)
SL : 1000
UBL A GOOD BUY Stock has given the BO of the 1800 level in first week of 2024 and made W pattern. Stock has retested this 1800 level last week which is a good sign. This 1800 level is a strong resistance from last 3 years, since 2021 and now acting as a support. This makes a good swing trade opportunity.
TGT : 1950, 2100, 2250
SL : 1650
This analysis is just for educational purposes. Do your own research before investing in any securities.
Capri Global-A breakout you shouldn't miss!Stock has been consolidating in a range from many days.Volume breakout has happened today.
Stock should sustain above 850 for couple of days for confirmation.
Levels mentioned on chart. Highly risky trade.
Another BIG FALL coming up..?As we can see NIFTY has shown strong bearish candle but managed to close above our given level but this level has been tested many times now making it very weak hence if NIFTY manages to open above 21450 and breaches our level we may see another 200-300 points unidirectional fall and agressive short positions can made with great R:R so plan your trades accordingly guys
Balkrishna Inds Cmp 2480 Bullish Piercing Candle @ supportBalkrishna Inds Cmp 2480 dated 21-12-2023
1. Bullish Piercing Candle @ support (Reversal)
2. RSI reversal
Buy above 2486 target 2540-2575-2590-2620-2650 SL 2425
It is just a view, please trade at your own risk.
