Potential break out for Bank nifty if it sustains above 35500 in 1 hr candle. As you can see candle is at the top end of a wedge pattern in Long term and a reverse head and shoulder pattern in the short term. This can get Nifty to all time high in the coming weeks. Fingers crossed.
It looks like its about to start Wave 3 which should take it to 300+ and later to newer life time highs.
One can accumulate it at CMP 170/- with very conservative SL of 110/- and it shall give good risk reward opportunity.
Nifty View: Big boy RELIANCE delivered exactly when it mattered the most. It’s like how Virender Sehwag always tried to hit a century with a six. Nevertheless, the benchmark Nifty index has now hit a new life high on the back of high momentum and resilience. The gap up in today’s trade was held pretty well throughout the day’s session, which is a sign of...
Company With Good Fundamentals Having a Good Continue Uptrend Which Is Going To Breakout it's Own New High Level's,
It's Above The 15 EMA & 180 Simple Moving Average Line. Expecting A Huge Movement From This Point With A Target Profit @ 720
& A Stop Loss @ 578.
It is been observed that the price action is breaking out from the previous resistance levels of 430 and made a new high at 437, which is indicating bullishness and further prices should go up.
The price action is forming new highs and higher lows for a while that indicates buyers dominance which is taking up the prices higher. Now, I believe the prices shall reach to previous high at 888 or the resistance where sellers might enter into markets again and then the fight of dominance shall shuffle.
After a consolidating for a while, Today the price action breaks above the previous highs and made a new fresh high close. It indicates strength from buyers side and up ward shall continue.
Today, it was totally a buyers show. Buyers actively took the prices above the previous resistance level of 2940 and now it shall move further up and reach to 3000-3050 levels before the profit booking takes place. It is a good time to enter with stoploss at 2870.