As highlighted yesterday 13413 was a key level and Nifty tried to get support at this level many times but failed to close above it. This signals that there is a consolidation and some profit booking happening at these higher levels. The global cues were also weak adding more of the selling pressure. Tomorrow if Nifty has to breakout there is a need for a gap up...
Long position can be initiated at the CMP as long as it holds on the support which can be confirmed in a couple of days.
May break out if it is able to cross 107 in intermediate term
Tomorrow has trade and close above 270 for breaking the minor resistance. Bullish in short term and will break out above 341 in short term.
Although it has broken out of the bearish shadow, but will still may tend to move around the resistance line till 21st January,'21 and may go down up to a level of 745. Good time for entry at low's.
A deformed cup handle with a clear Gann ascending angle break out could be a deadly combination. My take out is a level of 400 (398 to be precise) in the intermediate term. I will not be surprised to see the level in say a month.
Kpit has broke it's previous resistance on to a trendline. It broke and then retested at its level back. Now started again it's move . There was a strong pullback and had started its upmove with a strong candel on a upside. Short term target is 185 as per fibo levels and gann levels both
Support 457, target presently can not be estimated, but should give very good yield.
Support 875 and is an entry point, target in intermediate term will be 1140.
Presently consolidating around resistance line. May break out which is above 196, in a couple of weeks.
for now stay short until it reaches the demand zone then keep a close eye on the Gann fan levels if they are providing support to the investment then go long keeping the nearest swing low as the stop loss
a few marked demand zones have been given here the overall picture is given on a Gann fan setup drawn on the daily timeframe and that will help us check whether the breakout will be successful or not also an important Fibonacci level is coming around 520 of 0.886 retracement of the high made in 2019. no so called supply zone is clearly present in the market.
respective demand zone has been made where one could go LONG it also concurs with the gann fans support area and is also in around the 1.272 projection of the recent downtrend seen. note there has been two supply zones also marked where there must have been an immense dissproportionate selling so if price goes there before then do consider shorting hdfc bank also...
Now it has opened the doors for 30480/31120/31759. Check previous bank nifty ideas. Regards
IBULHSGFIN all set for upside rally
Shackles will be broken if it closes past 92.50 today.