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Candlestickpattern

Though we have a bullish candle formation – piercing pattern on Similarly like Nifty the banking index also took support at the last extreme levels established by us at 22900 and bounced back. Individual banking stocks were battered down. Though we have a bullish candle formation – piercing pattern on the daily charts, the resistance weighs more. 25700, 26750 & 28250 are immediate resistance levels, price action needs to be studied when Bank nifty approaches these levels. On the downside if the index breaks 22900 then 20300 may provide minor support. Banknifty is also into sell on rise course as of now. The momentum indicators like RSI and MACD are not providing any cues.
NSE:BANKNIFTY
by BharatJhunjhunwala
RSI being heavily oversold the stock may pullbackThe stock 1101 during the day pulling back to close at 1134. Comparing close to close the stock corrected 1.43% compared to Bank Nifty overall. Now the stock is at a support. RSI being heavily oversold the stock may pullback from the current levels to 1160 – 1180 levels, however failing to cross them or creating bear candles at the levels may result into further selling. If selling beings again then the stock may find support at 1095, 1050 levels below which the target is deep towards 890 zones.
NSE:HDFCBANK
by BharatJhunjhunwala
We may notice that there are multiple of factors supporting SAILIn the coming weeks metals may witness a pull back, like tata steel SAIL is also enjoying a hammer formation on a very strong support level. We may notice that there are multiple of factors supporting SAIL here. The hammer formation further confirms buying here. RSI is just at the bullish oversold extreme though MACD has fallen below 0, a bounce may not be ruled out. 45, 47 & 50 are the most probable target zones while falling below 40 will not be a good news for buyers.
NSE:SAILLong
by BharatJhunjhunwala
Nifty - Where Does It Goes Next ?Trading Strategy Plan A Buying strictly above 12120-12130 only for 12150-12160 / above 12160 for 12200/12250 Plan B Selling close to 12250 with strict stops above 12275 for targets 12200 / 12150 / 12100 / 11980 Plan C Selling close to 12080-12100 – Strict stops above 12130 for 11980 / 11750 / 11650 & lower targets in days to come Plan D Selling below 11980 for 11750 / 11650 & lower targets. No selling if Index holds or moves above 12000 level.
NSE:NIFTY
by WaveTalks
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