Nifty at all time high and not showing any kind of bearishness , except few small correction (Profit booking can be seen) . It only buy on deep opportunity, Kindly go through my previous posted ideas on nifty to get a clear view ... As all psu banks will be in bull run, like canarabank, sbi, Bank of baroda (Axis also). Targets are on chart...
As per the price action on hourly chart, it is observed that the price action consolidated after a sharp correction to the previous gap up levels. Now price action formed a pennant triangle pattern, indicating continuation of prior strong bearish move. The price action may further fall down to 325-330 levels.
It is a low risk, high reward trade setup.
The stock has been consolidating for the past few sessions after making a lifetime high in a triangle pattern. Breakout from the pattern could push the stock to much higher levels.
For more trading ideas, like and follow.
Voltas testing the resistance of bullish pennant. Seems good if it moves above 918 for a target of 990+ levels. View negated if it moves below 885 level.
Disclaimer: - These views are for educational purpose only and not a recommendation.
Entry at 662
Target 788 ( Set as 161.8% of Wave1 )
Voltas is in a strong uptrend. Price is trading inside an upward channel and formed a bullish pennant. Pennants look very much like a symmetrical triangle but are typically smaller in size, ( volatility ), and duration.
Voltas is in a 3rd Wave and Impulse wave 3 often is the wave...