Banknifty>> expecting bounce from 30950 (may be direct 30800) around...
Then it should bounce for 31250-300 zone.. which will drag it 30600-500 zone
Lets see how banknifty Behave
On Big time frame expecting good down side 30,000, 29600
Reliance is moving in an ascending channel and as expected it has broken the upper boundary of the channel to create the 5th Point of the Wolfe Wave. Many a times, we see Harmonics pattern form inside the Channel. And here a Bearish Deep Crab pattern has completed it's structure of XABCD. It is also observed that the Trend is very steep, it got broken and a retest...
#PNB has given breakout from long downtrend and started forming HHs and HLs on daily time frame.
It's taking support from 20SMA, 50SMA and short term upward trendline.
Even volume is above average. Looks good to go long from current levels.
PRICOL has given a break out from long term downtrend as well as short term consolidation.
Also it cleared 200 EMA on daily timeframe and near term resistance with huge volume.
It might retrace a little bit for good entry opportunities but has 2 major resistance areas at the levels of 44-48.
#CUMMINSIND has given breakout from downtrend, key resistance levels to look for are 585 to 595.
Breakout would be strong if enough volume is seen, currently it's in sideways trading in range.
Breakout from box would give clear picture.
It broke 200ma and tried to trade over 200ma. But got rejected thrice. the first target is 1300.
1400 pe @35-37 is looking attractive.
Disclaimer- This my personal view, please consult your financial advisor before investing.
NSE:NIFTY Immediate support zone@ 11110-11140
Immediate resistance zone @ 11700-11720
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As expected, () nifty gave a slow move towards upside and the same we expected.
It broke the channel but was not able to sustain above it and came back in channel at the end of the day by forming the upper shadow, this upper shadow shows the sellers strength at the level.