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Moving Averages

Evening star in SBIN, can it take stock lower?SBIN has given a fall of 7% in this week after forming a double top pattern. An evening star pattern has been formed on the weekly time frame and stock has closed below the 20 ema. After trading around the ATH stock has given a nice fall and in the last trading session too it has given 3% fall. Volume indicator also confirms the pattern as the volume of the red candle is higher than the doji candle formed previously. A short trade can be initiated in the stock once it starts trading below today's week low. The stock can test 550 levels so as there are high chances of froming lower lows lower highs. The stock may take a halt candle on the daily charts, as it has formed 4 red candle and is trading between both the moving averages. If the stock retest higher levels before giving another bearish leg, sell positions can be created once there is a negative candle formation near golden ratio of fibonacci series. Entry :- Below 571, On bearish candle around 600 levels. Targets :-555, 505 Stop losses should be created on 1:2 or 1:3 basis. Positional trades can be initiated in the stock as it may take time to test the levels. Next expiry future or options can be sold as August expiry option will take profit due to time decay. Wait for the price action near the levels before entering the market.
NSE:SBINShort
by TheMamboMomentum
Banknifty weekly analysis for 07/08/23.Banknifty in the last week has traded below the previous swing low and is taking resistance from 50% fibonacci levels. It has closed 590 points lower on the weekly charts. The market gave a nice fall in 2 trading session and in the last trading session tried to sustain above 45k level but couldn't. The market on the daily charts, is giving doji after doji and has closed around 44900 levels. Banknifty tried to sustain near the new high but seller overtook the buyer and brought market to test 44300 levels losing 1100 point in just two tradin session. On the daily chart, market had started trading below the 20 ema and has closed below it too. It has started forming lower low lower high formation and chance of testing lower levels is high. Market cycle is of sell on rise for the short term. Banknifty formed a nice bearish flag patter before and gave nice targets. On the hourly charts, market has formed a bearish moving averages cross over and has closed below both the moving averages. Support :- 44620, 44310 Resistance :- 45080, 45500 The lower low lower high formation can be followed by the market in the coming week. Watch to sell the market on high with confirmation. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
Nifty weekly analysis for 07/08/23.After a halt candle, market has given a nice fall in this week and recovered some points after a gap up opening. Nifty has closed 130 points lower this week forming a dragon fly doji on the weekly chart. The market fell for 3 days and tested 19300 levels after making a high of 19800 this week. The market is creating a bull trend and this is a healthly retracement for another up move. On the daily charts, market is facing resistance from 20 ema which coincide with 50% fibonacci levels. Market is now making a lower low lower high formation. Bullish trades should be avoided until the price start trading above 19600 levels. For confirm bullish trades enter only when market crosses above the previous swing high. A 2 days fall and a halt after the gap up opening is quite good for the upcoming week. There are chance of market testing another low as sell on rise is the market cycle these days. On the hourly charts, it traded between both the moving averages and closed near the 20 ema. Nifty was volatile and remained in a 100 points range in the last trading session. Support :- 19420, 19300 Resistance :- 19550, 19730 Nifty too has formed a new ATH of around 20k and is trading around 19500 levels. The round figure levels can act as support or resistance. Wait for the price action near the levels before entering the market.
NSE:NIFTY
by TheMamboMomentum
Banknifty daily analysis for 04/08/23.Banknifty in 2 days have lost more than 1000 points and today has given a doji candle after testing 44300 levels. On the hourly charts, a bearish moving averages cross over has been formed. Banknifty has given a nice fall and can take halt for a day before giving a fall. Market now after 1000 points fall may take a halt or retest before another fall. On 15 minutes chart, there was a serious rejection from 20 ema and gave 600 point move after getting resistance from the levels. It has closed near the 20 ema. Support :- 44270, 43960 Resistance :- 44750, 45090 Today being a weekly expiry market reversed from 44300 levels and gave a up move of 230 points. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
Nifty daily analysis for 04/08/23.Nifty on the daily charts has given a doji and closed below 20 ema. The market remained for selling from the initial hour. Due to the weekly expiry today there was buying in the closing hour and market closed below both the moving averages on the hourly charts. The market for 2 day has lost 350 points or 1.8%. Today nifty touched 19300 levels and reversed from the levels closing at 19381. On 15 minutes charts, it took rejection from 20 ema and gave a fall of around 1% from the levels. Support :-19300, 19200 Resistance :- 19420, 19550 The market has given a nice fall after consolidating and forming a bearish flag and pole pattern. Bearish or sideways market can be there. Wait for the price action near the levels before entering the market.
NSE:NIFTY
by TheMamboMomentum
Nifty daily analysis for 03/08/23.Nifty has been trading in a parallel channel and is respecting the channel on the daily charts as it has closed above the support line. On the hourly charts, after testing the 200 ema, nifty reversed and closed above 19500 levels and between both the moving averages. Market today was in a bearish trend from the moving and even after the gap down opening it continued to fall, giving a 1% bearish move on the daily charts. On 15 minutes time frame, nifty closed below both the moving average. There is a cup formation during the second half of the session. Support :- 19420, 19350 Resistance :- 19565, 19650 If nifty starts trading below 19350 levels, tomorrow being expiry gap filling trade can be seen along with retest to 19180 levels. Wait for the price action near the levels before entering the market.
NSE:NIFTY
by TheMamboMomentum
Banknifty daily analysis for 03/08/23.Finally market has closed below 20 ema and closed below 45k levels. There is a doji candle on the daily charts after touching a low of 44750 levels. RSI is also showing bearish divergence on the higher time frame and after testing the new highs Banknifty is retesting the lows. On the hourly time frame, a tweezer bottom pattern has been formed after touching the support levels of 44750 and closed below both the moving averages. After crossing the 45100 levels market sell upto 44750 and reversed quickly and closed near 45k levels. On 15 minutes time frame, market has closed below both the moving averages and is close to 20 ema after a nice fall of 600 points. Support :-44750, 44565 Resistance :- 45100, 45310 After a 200 points gap down opening market continued to fall and if market starts trading below 44550 level, there are chance of market testing 44k levels. Tomorrow is weekly expiry and today's fall may continue. Sell on rise market is on. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
Nifty daily analysis for 02/08/23.Nifty has given a flat closing after gap opening and remained jittery through out the trading session. There was a profit booking initially and after that neither buyers nor sellers took over and formed doji after doji. On the hourly time frame, market took support from the 20 ema and closed near the levels. Market took money of option buyers and consolidated whole day just cutting option premiums of both call and put. On 15 minute charts, it has closed above both the moving averages and has closed near to a support zone. Support :- 19720, 19650 Resistance :- 19790, 19860 Market hasn't moved either side in previous trading sessions and there are chances of market giving a nice move either side. Wait for the price action near the levels before entering the market.
NSE:NIFTY
by TheMamboMomentum
Banknifty daily analysis for 02/08/23.Markets are forming inside candle and has closed flat losing only 58 points. Banknifty has been taking resistance from 50% fibonacci levels and is taking rejection from it. It is respecting the fibonacci series and is forming a bearish pattern A fall and now retest of 50% fib levels shows some bearish move prediction. For last 3 trading session market has taken option buyers into losses and sideways market cycle is on. On the hourly time frame, market has closed below the 20 ema, even after a gap up opening. On 15 minute charts, opening was above both the EMA's but it couldn't sustain above the levels and closed between them. 200 ema has been giving resitance to the market. Support :- 45500, 45310 Resistance :- 45690, 45850 Market has been trading in a range and in not giving any significant move on either side. Today's weekly expiry of Nifty Finance service was also confusing and took a lot of money from option buyers. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
Ambuja Cement | Fake breakdown | Upmove before resultsAfter a breakdown below 50DMA and 200DMA stock consolidated. This formed an Inverse Flag and pole Pattern. This pattern if continued would have led to downside. But this pattern failed and now with the price disregarding Inverse flag and pole pattern trying to close above 50dma and 200dma and with MACD crossover all happening at the same time Upmove should last. Risk: Quarterly Result Coming Up. B,S,T,SL, Levels Mentioned in Chart.
NSE:AMBUJACEMLong
by kushalnit