The degree and nature of separation in bands are indicating the weakness in price.
Also the rsi is declined below 60.
For me the price is in the no trade zone.
Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
As the Momentum indicator suggest that momentum is capped now. And it has a book value of 82/- which is like 50% less than the current price. Usually steel shares trade near book value. The fundamentals are opposite to the movement of stock currently. Wait for the q4 results for any decision
BankNifty Analysis - Stance Neutral ➡️
BankNifty also gets a stance change today i.e. from bearish to neutral. All that is pending is to take out the 47465 resistance to go bullish. Most likely that should happen tomorrow and we are eagerly waiting to trade on another Saturday. BN closed the day with a gain of 1166 points ~ 2.53%. But unlike Nifty, BN is not near...
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: “Our stance for tomorrow is bullish and since these are all games of probabilities we reserve the right to be wrong as would like to keep the 21826 area as a good stop loss.”
4mts chart
Just when we thought things were swinging in our favor, Nifty took a U-turn and is now back in neutral territory....
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: “We are changing our stance from neutral to bullish as we had all 6 green candles today. Ideally, the stance change should come only after the 21913 resistance breach — but we are taking a bit of risk here. The pattern played out to be a W (double bottom). We would now look for bullish opportunities and the...
BankNifty Analysis - Stance Neutral ➡️
BankNifty also gets a stance upgrade - from bearish to neutral. The price action was not as beautiful as Nifty50 today. One reason would be the outlier performance by Reliance today +7%, whereas the main weightlifters for BankNifty were HDFCBK 1.38%, Kotak +3.08%, ICICBank 0.64%.
4mts chart
The support/resistance of 45399...
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: ”The issue for the bears from the 63mts chart is the W formation (double bottom). To prove they are still in the game, the Bears must create a big fall and ensure an M pattern supersedes the W. Due to the momentum the bulls got today, we are changing the stance from bearish to neutral. The first target...
BankNifty Analysis - Stance Neutral ➡️
BankNify opens above the resistance area of 47539 and then briefly falls below that till 09.59. When the entire IT sector was screaming GREEN, Banks were keeping lull. BN had its proper resistance break at 10.07. From there it made 2-legged rise to 47873 before giving away 270pts between 14.39 to 15.07.
4mts chart link
We...
A triangle chart pattern involves price moving into a tighter and tighter range as time goes by and provides a visual display of a battle between bulls and bears.
Script = MASTEK
Time Frame = 1 Day
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday “Interesting price action formed at the current levels. Seems like where we are right now is a crucial support/resistance zone that could decide the next trend. Our call of bearishness will continue until N50 can break through the channel top line.”
4mts chart link
Even without breaking the upper trend...
A triangle chart pattern involves price moving into a tighter and tighter range as time goes by and provides a visual display of a battle between bulls and bears.
Script = Larsen&Toubro
Time Frame = 1 Day
We have compiled the last 3 months of work into an Amazon Kindle ebook with the title “ 60 Post-Mortems on Nifty & BankNifty Q3 FY23-24 ” - request you to take a look and provide suggestions
Nifty Analysis - Stance changed to Neutral
Recap from yesterday: “Nifty is still way above the ascending channel showing bullishness. As long as the soft support level of...
1. Green Trend line: I would "carefully"
go LONG at "successful breakout".
(1 Qty at breakout, another at retrace)
2. Red Trend line: I would go short on
following 2 scenarios.
(a) Open gap down, wait for retrace and
go short at lower trend line.
(b) Open in-between trendline and breakdown;
I WILL WAIT FOR RETEST AT TRENDLINE and go SHORT
Points to check for tomorrow
Buyer are trying to get the momentum still but still sellers are present at 44600 to 44750
Might a Gap up opening can make buyers active for tomorrow
Sellers can be seen active at below 44400 to 44200
Buyer can been active at above 44700 or 44800
Note : Do your own analysis before taking trade.
Banknifty is showing unusual resilience to breakdown, instead its chopping around. The intraday swing range has narrowed in the last 2 days which means we could expect a massive move pretty soon. I am not very sure what is restricting banknifty from falling.
For example we had a good gap down today and hit the swing low of 16 Aug, but the recovery was so decent...
