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Double Top or Bottom

02 Aug ’23 Post Mortem on BankNifty | Bearish trend continues From yesterday we were bearish, so the moves in the forenoon session gave us some validation. But it was nothing like Nifty, the cuts in banknifty were not aggressive even though we lost similar points. The options flow was not indicating that deep a fall till afternoon - the premiums on nifty was far superior than banknifty (which has been unusual lately). Sometimes cannot really differentiate which has a higher beta - nifty or banknifty. Banknifty fell 612pts by 12.00, then 412pts between 12.50 to 14.20 and the final recovery of 361pts in the last hour ensured the final loss was only 1.31% ~ 596pts which is not bad at all. If we stay like this, then banknifty will have to take leadership in the bearish trend. Since it has a 38% weightage - the institutions may target the financial sector to drive down the prices on Nifty too. The 2 horizontal lines is a safe zone for banknifty, a strong break of 44598 will give bears total control and the double top would have given some bulls to take a breather. We will continue to have a bearish bias till proven wrong.
NSE:BANKNIFTYShort
by viswaram
02 Aug ’23 Post Mortem on Nifty + Start of a new TREND 🐻Maybe it was the news that Fitch cut the US rating from AAA to AA+ that sparked the reversals in Asian markets. Our market too started to fall but had a decent recovery in the last 1 hr (just as usual). The global markets were staying at elevated levels for quite some time now. Our market is at the APEX with the outperformance unchecked. Even with such a strong news flow - the downward impact was not that much, but we did take out some important levels which shows the down-ward rally may be just starting. Nifty opened gap down and then fell till 11.35 with no signs of slowing down or pull back. We lost 218pts ~ 1.1% in the process which I think is the greatest loss in a 2hr window in recent times. From 11.35 to 12.45 we traded sideways before the 2nd leg of fall started, we fell 132pts ~ 0.68% in leg2 And just as usual we had a dip-buying or maybe a profit taking from the shorts in the last 1hr, where we recovered 90pts ~ 0.47%. The total fall was just 1.05% ~ 207pts which is in no measure a major impact. In yesterday's report we mentioned a bias shift to neutral from bullish. When the main support level got taken out, it made sense to go short. And then in round2 the next pivot level was taken out which prompted another round of selling. The failure to take out the 19400 level and a 90pts pullback did take out some confidence of mine. India VIX although went up 10% today, staying at 11% does not show any fear. For mass participation we need a strong rising VIX above 16 within the next week. Nifty has made a triple top on a descending channel - till the channel holds the bias is now changed to bearish!
NSE:NIFTYShort
by viswaram
03 Aug ’23 Post Mortem on BankNifty Weekly Expiry Analysis 🐻🐻BankNifty Weekly Analysis Banknifty has fallen an impressive 3.18% compared to just 1.89% of Nifty. The major reason for that is Banknifty always acts as leading indicator in a trend change NiftyIT and Reliance were supporting Nifty in the last week. Once the US market started falling due to the Fitch rating downgrade, NiftyIT started correcting which ensured Nifty’s breakdown. Now why BankNifty chart pattern screamed a bearish opportunity before Nifty - I really dont know. The price action of 27th Jul was very strange and unusual. BankNifty Daily Analysis Today’s price action was in perfect harmony with yesterday’s. The ease with which the chart pattern could be plotted was as simple as going short in today’s expiry. The day started pretty ordinary for OTM options, but after 10.00 the premiums started jumping indicating a market trending opportunity. The real move came only after 11.30 wherein we dropped 591pts ~ 1.32% till 14.10. Overall we fell 754pts from High to low of which ~80% came after 11.30. There was also a decent recovery of 325pts ~ 0.73% in the last 1hr 20mts. The final close of just 1.07% ~ 482pts loss is not a deal breaker at all. Basically the market participants are still euphoric and the fear level is absolutely near zero. The VIX falling today even after a 6% surge intraday is proof. For push down of prices - we would need more intense selling on HDFCBK, ICICIBK, SBIN, AXISBANK which has a decent FII exposure and has seen a one-way rally. The double top pattern from yesterday has now changed into a head and shoulders further reconfirming our short side possibilities. Until proven wrong, we prefer to go short.
NSE:BANKNIFTYShort
by viswaram
Dollar Industries Intermediate Term looks bullish!It appears that the price of Dollar Industries Ltd. has reached its lowest point after trying and failing to go below a certain level. Instead, it started going up again, which is a sign that a new upward trend may be starting. the price seems going above the highest point between the two lows, it confirms that the trend is changing to a more positive one and looks like Double Bottom . The Double Bottom is a reversal pattern of a downward trend in a stock's price. Note for everyone who came across this reference: This chart analysis is only for reference purpose. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
NSE:DOLLAR
by hardeepssethi
HIMATSEIDE Analysis(Double Bottom)!HIMATSEIDE Analysis on Weekly Timeframe Bullish view on HIMATSEIDE Double Bottom Pattern Formation in HIMATSEIDE Neckline Breakout HIMATSEIDE has made double bottom patten on Weekly Timeframe. The price has given breakout to the neckline 85.45 and now it is trading above it. We can see the breakout has happend with the good volume. We can expect further upmove upto 107.80. Trade Psychology and Setup = Entry = Between 85 - 90 but it will good if we can enter with lower price Target = 107.80 Stop Loss = Below 75.80 Disclaimer = All my analysis are for Educational Purpose only. Before entering into any trade - 1) Educate Yourself 2) Do your own research and analysis 3) Define your Risk to Reward ratio 4)Don't trade with full capital
NSE:HIMATSEIDELong
by Avinash9087
BHEL Analysis(W Pattern)!BHEL Daily Analysis/b] Double Bottom (W) Pattern formation in BHEL Will it move as per Double Bottom Pattern Analysis? Will See!! BHEL has made double bottom pattern on Daily Timeframe and also it has given neckline breakout 79.85 with good volume and successfully able to close above it. BHEL is trading above 50 EMA which is also a confirmation of bullish trend. Trading Psychology and Setup = Entry = Entry will be between 80-82 Target = Target 1 will be 87.60 which is also a 1.618 fib level and will acts like a possible resistance and 2nd will be 95.50 Stop Loss = Below 76.75 Disclaimer = All my analysis are for Educational Purpose only. Before entering into any trade - 1) Educate Yourself 2) Do your own research and analysis 3) Define your Risk to Reward ratio 4)Don't trade with full capital
NSE:BHELLong
by Avinash9087
9
BAJAJFINSV Analysis(Double Bottom)!NSE:BAJAJFINSV ANALYSIS! BAJAJFINSV Daily Analysis! Double Bottom Pattern Formation and Breakout in BAJAJFINSV! RSI Divergence in BAJAJFINSV! Double Bottom Pattern analysis with RSI Divergence BAJAJFINSV has made Double Bottom Pattern on a daily timeframe it has given a breakout to the neck level and retested it's support level at the neckline only. If we see the RSI we can see the clear Divergence, while price making falling bottoms RSI making Rising Bottoms. We can expect price to move in the upward direction. Entry = Aggressive investors can buy at current levels, Conservative investors can wait for small retest. Stop Loss = Below 1393.90 Targets = 1) 1486.40 3) 1570.35 3) 1665.25 Disclaimer = All my analysis are for Educational Purpose only. Before entering into any trade - 1) Educate Yourself 2) Do your own research and analysis 3) Define your Risk to Reward ratio 4) Don't trade with full capital
NSE:BAJAJFINSVLong
by Avinash9087
2
Banknifty ( 31/07/2023 )Banknifty for ( 30/07/2023 ) Enter once after " Breakout and Retracement " . . For " long " entry: 45530 target: 45760 stoploss: 45450 . . For " Short" entry: 45380 target: 45250 - 45020 stoploss: 45510 . . Enter only if market Breaks "Yellow box" mentioned. . Wait for proper reversal and conformation. . Don't make complicated trade set-up.📈📉 Keep it " simple, focus on consistency "💹 Refer our old ideas for accuracy rate🧑‍💻 Valuable comments are welcomed-✌️ . refer old ideas attached below
NSE:BANKNIFTY
by TheNuraTrading
2
ORIENTCEM Double Bottom | Opportunity Hello Everyone, Here one good opportunity in this stock ------------ Pattern: Double bottom Recent it has given break out and also consolidate near break out , So it good time to take entry and try to make good profit. Entry : 150 SL : 140 and Profit can be : 180 Its my point of view for this stock so, review it on your own and do your best. I am just try to give what i think on it. Please give me your comments on this stock what is your point of view. Like | Comment | Share Thank you.
NSE:ORIENTCEMLong
by apstockanalysis
2
Double top pattern formed in 1D timeframe of HINDPETRODouble top pattern formed and neckline broken in 28th July 1D timeframe. It has taken support on 50 EMA line. It has good potential to be a swing trade if it stays down below 50 EMA line on next trading session. Go short for a good swing trade if price breaks 276.30 which is a good resistance level. Target for swing traders can be - 263.70 If price forms bullish candle in 50 EMA line then that can act as a good support level if the price is taking a pull back currently, swing traders can go long. Long targets can be 290 and 303 respectively.
NSE:HINDPETRO
by bikramkeshari11
Banknifty Intraday. (Next week)Banknifty for ( 30/07/2023 ) Enter once "Breakout and Retracement" . . For " long " entry: 45530 target: 45760 stoploss: 45450 . . For " Short" entry: 45400 target: 45250 - 45020 stoploss: 45510 . . Enter only if market Breaks "Yellow box" mentioned. . Wait for proper reversal and conformation. . Don't make complicated trade set-up.📈📉 Keep it " simple, focus on consistency "💹 Refer our old ideas for accuracy rate🧑‍💻 Valuable comments are welcomed-✌️ . refer old ideas attached below
NSE:BANKNIFTY
by TheNuraTrading