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Narrow Range : Bank Nifty Analysis for 19th'FEBRecap : After a 2 days bullish run from 14 & 15 bank nifty was cooled down in a tight range between 46300 to 46500 on 16th FEB'24 Also some profit booking was done after 1pm at strong resistance 46500 also happens to be round number. lastly BN stalled at 46300. Insights for tomorrow: BN Ranging at resistance on daily time frame previously touched twice and gave big bearish moves already BN was weak on 16th after 1PM. Forming Bearish wick reversal candle on hourly time frame at 2.15pm candle. Also profit booking can be seen by tomorrow Gap Up opening above 46600 can give us buying momentum to continue #Support : 46300-350,46100 #Resistance : 46600,46800-850 Note: Do your own analysis before making any trading decesion
NSE:BANKNIFTY
by Price_actiontaker14
CAMS Stock: Still in Correction, Wait for Wave 5 to CompleteNSE:CAMS is currently in a correction phase, according to the Elliott Wave Theory. The stock has completed wave 3 of the correction, and wave 5 is yet to complete. This means that the stock is likely to continue to decline until it reaches the Fibonacci level of 0.618, which is around ₹1,863 per share. Once the stock reaches this level, it is expected to start a new uptrend. The Elliott Wave Theory is a technical analysis tool that uses wave patterns to predict future price movements. The theory states that stock prices move in five waves, with three waves up and two waves down. The waves are labeled as A, B, C, and so on. In the case of CAMS, the stock has completed wave 3 of the current correction, which is a downtrend. Wave 5 is yet to complete, and it is expected to be a downtrend as well. The Fibonacci level of 0.618 is a common support level, and it is likely that the stock will reach this level before it starts to rally again. Therefore, investors who are interested in buying CAMS stock should wait until it reaches the Fibonacci level of 0.618 before they buy. This will help to ensure that they are buying the stock at a good price.
NSE:CAMS
by Ajay7871
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