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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
CONCOR gaped up with forming bullish candle & closing at highs.CONCOR: The stock opened with a gap up and the prices continued up during the day. The prices closed near the highs. The prices have been making a falling wedge pattern with falling volumes. The RSI took support at the 40 levels and bounced up, MACD turned positive (though it is below zero line) there is a minor resistance at 585 levels, the stock is expected to retrace to 565 – 570 levels, watching price action entries can be planned for higher targets of 604, 619 & 625 levels. However a move below 540 will negate the bullish view.
NSE:CONCORLong
by BharatJhunjhunwala
HUL retraced from an importan resistance zone. Fall to continue?HINDUSTAN UNILEVER LIMITED: The stock had a fabulous run in the last few months. In the last few weeks, the stock displayed a loss of momentum and correction occurred. Now the stock took a hit at an important pivot and corrected. The stock has minor support at 1995 – 2000 levels below which there may be a further correction to 1920 levels. However, a move above 2100 will negate the corrective view and the stock may continue the trend up.
NSE:HINDUNILVRShort
by BharatJhunjhunwala
Symmetrical Triangle & NR formation indicating weaknessAPOLLO HOSPITALS: Prices are ranging between a symmetrical triangle pattern, this leg up missed the upper boundary of the pattern indicating weakness probably. Symmetrical patterns are neutral patterns, let’s have cues from the indicators. The RSI is into neutral zone has formed a NR, MACD is just at neutral zone. The prices have faced resistance at important levels forming a bearish candle pattern on the chart. Any push below 1440 will be sign of further weakness and the stock may start to descend down. A close above 1490 is required for the bulls to get control.
NSE:APOLLOHOSP
by BharatJhunjhunwala
Taking support a very important level. Price action positiveThe stock has made healthy retracement and have now it’s resting on the Kumo. Today’s price action was quite convincing to re-establish the buyers into the stock. The RSI is taking support on the bullish extreme levels with MACD curling up indicating momentum is picking up. If ONCG gets overall support from Nifty, the stock is expected to pull up strongly from these levels the short term targets may be set at 149-154 zones. 125 levels are important support levels for the stock.
NSE:ONGCLong
by BharatJhunjhunwala
PVR trend HIT or FLOP! At important support!PVR: The stock is in uptrend trading above the kumos. Now at an important pivot the stock ha managed to form a bullish candle. The RSI retraced and took support near the 40 levels which serve as bullish momentum support zones. The MACD is almost into a neutral zone. A channel breakout from the levels may re assert bulls in the stock & PVR may move up further in the short term. Download PRORSI Trading App for high probability trading ideas. Available on Play Store and IOS App Store.
PLong
by BharatJhunjhunwala
Expiry Strategy Nov: Sell 115 Put @ 0.75. Lot Size: 5334Trend continued to be in bearish territory on back of EMA (20 EMA below 50 EMA). Recent correction from the resistance of 140 level where roof of the downward trend line hovers. On contrary, as MACD above zero expect the price to find support around 120 levels. In the recent past, the price comfortably found support around the same level twice. Expect a bounce back in the coming days so Nov expiry would above 120 levels. As I always believe in option selling rather buying based upon the trend, prefers Sell 115 Put around 0.75 level.
NSE:GAILLong
by vigneshwaraj
NIFTY CLOSED LOWER FOR THE WEEK? What does this indicate?NIFTY: Nifty made a lower close this week. The narrow range bar indicative of weak momentum in the index (however it doesn’t signal outright shorts) but longs positions should be tighten at this juncture. Correction may initiate below 11800, which may extend to 11400 – 11300 levels, at this point we can notice institutional support coming up. The RSI is above 60 which indicates the overall trend is up. Counter trend trading strategy may be considered keeping in mind the support levels on 11400 – 11300.
NSE:NIFTY
by BharatJhunjhunwala
1
Bank Nifty made a sensible close by supporting the trend line.BANK NIFTY: Banknifty made a sensible close than the Nifty, the price action supported the breakout trend line and bounced. Also a TS line acted as a good support level. The RSI bounced from the 60 levels, that too is a signature of strength. The lower time frames have to buck up now, the hourly timeframe’s RSI is still wagging between 60-40 levels. 30200 levels on closing basis is important, as long as bank nifty stays above it, the trend in short term shall be positive.
NSE:BANKNIFTY
by BharatJhunjhunwala
Nifty is taking support at momentum! Will it hold?NIFTY: The index managed to pull up during the last hour of today’s trading session. Prices now resting at a crucial juncture (gap area) MACD is above zero line indicating trends is still positive, where as RSI bounced in 60 levels – which reaffirms the overall trend. On the lower timeframe Nifty has to prove it’s bullish worth, failing to do so may drag the index down again. We can see that the KS has almost turned flat while TS has started to turn down.
NSE:NIFTY
by BharatJhunjhunwala