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Holding the 30500 levels the index may move to 31900, 32800 Notice that we have marked a very bullish scenario on the index. We believe that the budget can be a vitamin for the expected move. The index has been displaying strength & have hold on to an important pivot point on the chart. 30500 is a very important pivot for the index, if it holds here then a good move up is possible. Below this a sharp correction may grab the banknifty. The RSI is into positive to sideways zone while MACD has tripped into bearish zone. Holding the 30500 levels the index may move to 31900, 32800 & 33200 zones. 31160 is a minor resistance.
NSE:BANKNIFTY
by BharatJhunjhunwala
31800 acid test levels for bulls...The overall index has been under performing since last two weeks. Mid Caps and small caps are outperforming the BankNifty. The RSI is into bullish range, so there is still no sign of weakness, this may just be a consolidation phase. The prices have taken support at an important pivot level, the candle formed is an indecisive one, we may expect bounce in the index above 31800 levels, this is an immediate resistance level in the short term. Above it 32600 & 33150 can be scaled in the coming weeks. However if Banknifty fails to maintain strength above 31800 it may correct further 31250 levels.
NSE:BANKNIFTYLong
by BharatJhunjhunwala
This can move Nifty.... Since couple of weeks this mammoth was taking a nap, today’s price action seems to wake it up. A bounce from the support area with a bullish candle is indicative of the underlying strength in the stock. The RSI is into bullish zone and MACD too into bullish area taking support on neutral zone. The momentum is turning up in the coming sessions the stock is expected to move to 1650 – 1700 levels, 1590 may create a little hurdle to the move up, the levels may be very much real above 1590.
NSE:RELIANCELong
by BharatJhunjhunwala
Nifty is creating a value area, moving above it is necessary...The index created a new high this week, failing to close above it. The small body candles are creating a value area at the highs, it’s very important for Nifty to move above this value area to establish strength, the rally is fueled by small and mid caps, Nifty should support this overall movement. While the RSI is displaying divergence, the major momentum doesn't seems to be affected. MACD is bullish above zero line with a minor divergence. A move above the value area 12400 shall push Nifty to 12545 & 12930 levels (this is unchartered territory) 12170 levels will serve as strong support to the index below which it can be dragged to 12000 levels, though 12170 is a very strong support.
NSE:NIFTY
by BharatJhunjhunwala
. A sustenance above 12290 may push up the prices to .....The index pulled back in a great way after the Middle East tensions. The prices halted at the previous highs. The momentum (RSI) is into a sideways zone and still diverging with the price. A sustenance above 12290 may push up the prices to 12360 – 12500 levels, however any failure to sustain above the levels may push nifty to 11930 where it may find support. The MACD is above zero line (bullish) while RSI has slided between 60-40.
NSE:NIFTY
by BharatJhunjhunwala
31450 levels will serve as a strong support to the index....Finally a eventful week ends. This week made trading the most difficult task. Price actions were impacted by the tensions between Middle East and US. In the end the indices did manage to sustain most of the losses that were made by the attack news. The last candle on bank nifty was undeceive though the weekly close resulted into a hammer.31450 levels will serve as a strong support to the index, if bank nifty sustains above this then 32460 – 32860 seems to be eminent targets. A move above 32200 will assure the above levels. However a failure to keep up above this level may result into a pullback to 31450. The MACD is into the bullish zone while RSI is neutral with bullish bias.
NSE:BANKNIFTY
by BharatJhunjhunwala
This 12200 levels will serve as minor supportThe index has been consolidating in a sideways range since last two weeks. A triangle pattern is visible on the daily charts, the breakout is yet to occur. The prices are holding the TS line support tightly. This 12200 levels will serve as minor support while 12070 the KS line is an important support. Any redound should take place from these supports. Nifty is set to move to 12310, 12380 & 12500 levels. But when we look at the RSI, the momentum seems to lose its strength, I would really like the RSI to break up from the 60 levels which it is tested a multiple number of times.
NSE:NIFTY
by BharatJhunjhunwala
Banknifty may attempt to correct. But......Banknifty is losing momentum gradually, we can notice a divergence on RSI with doji formation though divergence is not indication of trend change, a detour may not be ruled out. The MACD also displays divergence. Probable support at TK & KS confluence placed close to 31800. However there is no point in pre attempting correction, rather wait for price confirmation. Also to bring to notice there is a volatility divergence as well.
NSE:BANKNIFTYShort
by BharatJhunjhunwala
Bank Nifty close to 31000. It's a important support level.In my last Friday’s update I mentioned that we may see banknifty trading at 31000 levels. The index registered a close at 31160 today. Now it’s trading close to a support level the KS line. A major support is at 30600. Most of the time KS acts as a very good support for prices, so a bounce from it is not ruled out. 31600 will be the decider level for coming sessions, a strong close above it will only result in trend resumption. The RSI is pointing down while MACD lags upside momentum.
NSE:BANKNIFTY
by BharatJhunjhunwala
Trading close to a very important level. NIFTY: Nifty took beating from the bears in the last two sessions. Now at a very key juncture, a break and close below the 12000 levels have shattered the physiological support levels, still the bullish nature is not wiped out fully, if the fall continues the index may tumble to 11420 levels, again the levels I am mentioning may be vague & outrageous but still they are valid as long as selling in prominent. A minor support may be seen at 11790 below which the above targets on the downside is open.
NSE:NIFTY
by BharatJhunjhunwala
If bulls don't come to rescue then 29500 is quite evident. BANKNIFTY: Selloff was dominant on the last two sessions on daily charts. After the RBI policy, weakness took over resulting in a sell off. Prices closed below the TS line almost after 45 days of holding it. A minor support has been given away. The next key support zone is close to 30790 levels, the index is expected to take support here, breaking this key level will push the banknifty into deeper corrections and it may drag itself towards 29500 levels. Giving such deep targets is not feasible as of now, the important thing to consider is the key levels mentioned above. On the weekly charts RSI is just at 60, the price action in the coming week will be decide the final fate of the index.
NSE:BANKNIFTYShort
by BharatJhunjhunwala