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Moving Averages

Banks showing consolidation near ATH.Banknifty is trading in a 2% range for last four weeks. Before it the market has given a 4000 points move in 7 weekly candles. Creating a new ATH and consolidation near it shows the strenght of the buyer. Whereas, selle are trying to sell near the high but seems to be weak. The index has travelled more than the 9% move in Nifty. Chance of end of bearish trend can be there is the market break the support zone of 43900 as there will also be chance of 20 EMA break down on daily charts. It will be a short term bear trend as fibonacci, Weekly 20 EMA and BOS. The markets have formed a lower high and can form a lower low. Crucial level for swing trader is the levels of 43900 with a nice 500-600 points target. Bearish Hedge Positions can be created, if markets start trading below the support zone. Bullish position can only be created above 44400 levels. Technically, markets are showing some negativity and the candle formed on the daily charts, shows a bearish move and a halt. A sell on rise can be the market cycle for June expiry and watching market creating new highs in July. Intraday opportunities will also be of sell on rise and wait for the price action near the levels. Big target can be achieved if position and trail stop loss is ready. Next week option can be taken for creating bearish hedge positions. Put credit spread and Backeven hedging strategy will work giving small losses and big profits with little adjustment in trailing stop loss and position creation. Watch for market to start trading below 43900 and hitting 43450-500 as support zone.
NSE:BANKNIFTY
by Mambotrade
Is market forming new ATH or getting ready to retrace?Nifty closed below the area where major trading is happening and the seller are really hit on the game selling markets at high. Though, it is a short term bear market. For last two weeks, market has consolidated and has formed another doji near the high. Markets are in confusion and the buyer-seller fight is still on. There is a confirmation as a double top patter is also beening formed. 1600 points or 9% move in nifty without a serious retracement on weekly charts. Though, markets have given good bullish move forming Higher Highs Higher Lows and is standing near the ATH but is losing the strenght for another up move as RSI is showing a divergence. People see a up move but before the move the markets will give a dip to hit the stop loses. Look for a Break Of Structure (BOS) forming a Lower Low. The major level of swing trades is below 18450-500 as there will be a BOS and 20 EMA will also give a break down on daily charts. For positional traders, there is an opportunity on the weekly charts where the next support seems to be around 18k levels. Fibonacci levels, support zone and moving averages all are converging creating a strong support near the levels. Enter trade only after there is a pattern formation or a retest and adapt for trailing stop losses to carry on with the trades. MA setup can also adopted for targets and stop loss as Daily and weekly moving averages are around the support zones. High chances are of a retest before Nifty creating a New ATH. Buyer have wait as per the technical analysis predicts. Wait for a confirmation and break down.
NSE:NIFTY
by Mambotrade
Banknifty daily analysis for 09/06/23.A great bearish move in banknifty, it has broken the recent support of 44000-50 and closed below it. The market has given a bearish engulfing candle engulfing 3 previous day's candle. Banknifty was trading around ATH in the morning session and in the second half has given a nice move of more than 350 points. Being a expiry, there was a good opporunity in the last hour. On the hourly charts, market has broken the 20 ema and closed well below it. Support :- 43850, 43710 Resistance :- 44050, 44200-240 Market has given both side move today. It can take a halt or fall futher to test lower levels. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by Mambotrade
Nifty daily analysis for 09/06/23.Nifty has given a beautiful bearish engulfing candle. The market gave momentum both the side. In the first half it tried to get close to 18800 but couldn't sustain and gave a 150 points move from the high. Market has closed below the 20 ema on the hourly charts, and there is possibility of testing the 200 ema i.e. 18340(at present) in coming sessions. The market even tried to trap the retails by giving a fake out above 20 ema, on 15 minutes chart. Support :- 18550, 18490 Resistance :- 18700, 18800. Both side momentum has been there in today's trading session. The market may take a halt of fall further. Watch support and resistance. Wait for the price action near the levels before entering the market.
NSE:NIFTY
by Mambotrade
Banknifty daily analysis for 08/06/23.Banknifty has given a dragon fly doji candle and closed above the resistance zone of 44250. After gap up opening, market gave a fall and recovered in the second half of the market. On the hourly time frame, the market took support around 20 ema and consolidated in the mid trading hours. There was a "W" pattern, on 15 minutes charts. Support :- 44250, 44150 Resistance :- 44350(today's high), 44500 The market have supports close by and is ready to travel in bullish momentum. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by Mambotrade
Nifty daily analysis for 08/06/23.Nifty today has given a nice move and closed above the resistance zone of 18680. It remained strong whole day and gained momentum in the second half after the gap up opening. On the hourly charts, market seems to consolidate in the first half and gained points in the second half closing above 18700. Market seems to touch the high and create new ATH. Support :- 18680, 18550 Resistance :- 18800, 18870 Wait for the price action near the levels before entering the market.
NSE:NIFTY
by Mambotrade
Banknifty daily analysis for 07/06/23.Banknifty remained above 44k whole day and during the last hour gained some points giving close above 44150. Market consolidated for 4 hours and gave a nice break out. DJI seems to be flat till now and there can a chance of a bullish break out as the market has closed. Watch the global markets in market to get a clear view and trend of the market. On the hourly charts, the market closed above both the moving averages and is near a resistance zone of 44250. Support :- 44050, 43850 Resistance :- 44260, 44450 Currently, the market is trading in a range and break out can give nice target. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by Mambotrade
Nifty daily analysis for 07/06/23.A perfect dragon fly doji has been formed on the daily charts. Markets recovered in the last hour of the session. On the hourly charts, the market has closed above the 20 ema. Nifty fell slowlu and recovered quickly during the last hour and closed flat. The market has closed above both the moving averages on 15 minutes charts. Support :- 18560, 18490 Resistance :- 18680, 18800 The market has been trading in a range and can give nice up move as it is holding the upper levels. Bullish trades should only be initiated once the market crosses the major resistance area of 18700. Wait for the price action near the levels before entering the market.
NSE:NIFTY
by Mambotrade
JSW steel at interesting levels 05/06/23.JSW steel on the weekly charts has been consolidating in a range and trading around the 20 ema. The stock has taken support from 0.618 fibonacci level but unable to close above 0.382 levels. It is consolidating in the same range. Stock can give either side movement and is currently trading near the resistance levels. On the daily time frame, the stock is trading around 20 and 200 ema. The moving averages are close enough. There will be a confirm long or short trade as moving averages will also be giving a break out or down. Intraday and swing trades can be initiated if the stock starts trading outside the box. Wait for the price to retest the break out or break down levels. Swing trades are there on the charts. Must watch for a price action near the levels before entering the trade.
NSE:JSWSTEEL
by Mambotrade
Nifty weekly analysis for 05/06/23.Nifty for the last 3 trading session has been trading in a range and next week trade in nifty can give good points. On the higher levels the market has given a bearish doji candle. There can be a double top formation as the market prevoiusly reversed from 18680 levels. The market has given a rally of 1600 points in 2 months time. There will be a retracement before another up move. Markets on the hourly charts, trading around 20 ema. Support :- 18490, 18420, 18280 Resistance :- 18585, 18680 The market has consolidated for ample time. There are chance of a break down, if entered a bearish trade good target can be achieved. Wait for the price action near the price levels before entering the market.
NSE:NIFTY
by Mambotrade
Banknifty weekly analysis for 05/06/23.Banknifty is sustaining at the higher levels and created a new ATH of 44500, Though on the weekly charts, a red candle is formed still the markets are around 44000. Markets have been taking support around 43500 previously and can test the same levels in coming week. The market has been testing 20 ema on the weekly time frame as a support and 20 ema as resistance on houly charts. The market has been forming lower low lower highs and is still on the higher levels. Support :- 43830, 43700 Resistance :- 44050-150, 44500 THe market has reversed from 44150 levels and if the market enters 44050-150 range enter on after it closed above or below the levels. Wait for the price action near the levels before entering the markets.
NSE:BANKNIFTY
by Mambotrade
Nifty daily analysis for 02/06/23.Nifty has closed below the round number figure of 18500. The market has given a nice fall in the second half of the trading session. On the hourly time frame, nifty has started trading below 20 ema and has given a negative closing. The market tried to sustain at the higher levels but couldn't hold long. Nifty still remained strong as compare to the finance sector. On 15 minutes time frame, the market has tested the 200 ema and closed between both the moving averages. Support :- 18440, 18280 Resistance :- 18580, 18690 Wait for the price action near the levels before entering the market.
NSE:NIFTY
by Mambotrade