The stock fell below a very critical support on intraday basisThe stock fell below a very critical support on intraday basis, probably it was an attempt to shake off weak holder or buyer in it. A rebound was see with a formation of a bullish hammer candlestick pattern. RSI is into oversold bullish zone while MACD has faltered below zero line. In the coming sessions if lows of 115 is kept then we may see prices advancing to 126, 132 & 141 levels.
Prorsi
We may notice that there are multiple of factors supporting SAILIn the coming weeks metals may witness a pull back, like tata steel SAIL is also enjoying a hammer formation on a very strong support level. We may notice that there are multiple of factors supporting SAIL here. The hammer formation further confirms buying here. RSI is just at the bullish oversold extreme though MACD has fallen below 0, a bounce may not be ruled out. 45, 47 & 50 are the most probable target zones while falling below 40 will not be a good news for buyers.
The stock has taken support at the critical level, below thisWe can see that the stock has taken support at the critical level, below this the stock may fall badly & resume it’s trend down. The RSI is holding on to the 40 levels, we may expect the hammer to work and prices should move ahead from this level. The probable target zones in short term may be around 450 & 500 levels while closing below 285 will be not good.
The stock has reached the last stand for buyersThe stock has reached the last stand for buyers, any close below 290 and sustenance below it will push the stock into bear grip. The RSI is oversold and it can remain in oversold condition in bearish condition for extended period. Any pullback may provide shorting opportunity if weakness persists.
12090 will keep providing support to the index breaking below itLike the Banknifty, Nifty is also resting at an support level. 12090 will keep providing support to the index breaking below it Nifty may slide to 11960, 11790 & 11420 levels. While 12300 will act as a strong resistance zone for Nifty. The RSI is into neutral zone between 60-40 levels, while it is also taking resistance at the trend line. The MACD is also facing resistance at zero levels on MACD. The momentum is fading as of now.
Above 31880 levels may act as resistance, giving away supportsThe index closed at a very important level. 30800 level may provide support to the index. The RSI is into neutral zone (a momentum weakness is eminent ) The MACD is below the zero line indicating weakness. Above 31880 levels may act as resistance, giving away supports below 30800 may push the banknifty to 30070, 29630 & 28950.
any dips to support may be an interesting place to createThe stock has closed below and important pivot zone. The next support levels are close to 490 zones, below it the stock may resume trend down again and test 435 – 350 levels. To reclaim bullish structure it has to close above 580levels. The RSI is into bullish zone MACD is displaying positive momentum, any dips to support may be an interesting place to create positions in the stock.
To regain strength the stock will have to close above 24400The stock has taken support at a very important pivot. It made an gap down entry on Friday and was able to pullback. 22660 will serve as immediate resistance in the coming week above which the stock may pull up to 24100, 24600 & 25400 levels. However any failure to cross 22660 and a fall below 21600 may push the prices down to 19700. To regain strength the stock will have to close above 24400 aiming for 26590 levels. The MACD has turned bearish and RSI has lost formidable momentum on bullish side.
504 is an important levels, as long as the stock trades above itThe stock has an splendid move in last few months. Lately there has been some momentum divergence in the stock, RSI & MACD on the daily charts are diverging with price. Though divergence is does not indicate any trend change, but it has to hold on to important supports to maintain its trend up. Furthermore the bearish engulfing candle reassures a probable detour in the coming week. 504 is an important levels, as long as the stock trades above it the levels of 535 – 560 may be probable however giving up the support may attract correction in the stock till 495 – 480 levels.
A minor resistance at 31720 above which the index can rally toThe banknifty bounced from an very strong pivot after budget session. The buyers in the index announced their return with a bang, the weekly charts have formed bullish engulfing candle on support. While on daily charts the prices are close to a minor resistance at 31720 above which the index can rally to 33170 – 34700. However a move below 30770 may lead banknifty to correct to 30230 levels. The RSI is into bullish sideways zone while MACD below zero also signifies the same.
Short term support is at 12040 below it Nifty may fall to 11840.The weekly chart of Nifty displays strong comeback from buyers. The piercing bull candle in uptrend is a clear sign of strength. In the last session Nifty ended after a volatile session creating a narrow range candle, the daily prices halted at 61.8% retracement of the corrective leg. The RSI taking resistance at 45 ma and curling down while MACD is into bearish zone, indicate the momentum needs to be boosted further to maintain the overall trend up. Short term support is at 12040 below it Nifty may fall to 11840. If Nifty is able to maintain itself above 12040 it may rally to 12430 & 13000 levels.
Pullbacks may find resistance at 1455, 1480 & 1545 levelsWe see that reliance is at a longer term support on the daily chart. After the earnings that stock has been melting like ice on fire. The RSI has moved into an oversold zone, so a small bounce is not ruled out, the quantum of bounce back will decide the future of Reliance Industries. MACD is into bearish zone, pullbacks may find resistance at 1455, 1480 & 1545 levels. If the stock successfully breaks there barriers then there may be a good chance of revival, else 1370 – 1280 zones are open.
As we can clearly notice that the stock has taken supportAs we can clearly notice that the stock has taken support at multiple levels and the short term RSI has got oversold. The volumes on the falling candles is not too great. All these indicate that the move down may be corrective. The RSI is into bullish zone with MACD above 50 levels. This also indicates strength. 501 – 502 may be seen as a minor resistance above which the stock can move towards 528, 540 & 546 levels with strength. However a move below 492 levels will negate the bullish view and the stock may hover sideways or even correct from the current levels.
Nifty is able to save 11900 then there are good chances that We could have happier if we could mark the same bullish counts on Nifty too, but the Nifty’s chart is bit confusing. This may be due to the 2020 Union Budget. The markets reacts to an big event like these in just the opposite way before the event, this is because of sentiment overshoot. You may have noticed that generally before a big event the markets correct. While the options premium says everything about the current sentiment spur, the charts speak the fact. Nifty has to save 11900 on closing basis below this level it may drag itself to 11550 & 11210. However if Nifty is able to save 11900 then there are good chances that Nifty may pullup to 12250, 12400 & 12900 levels.
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.
We have an immediate support at 12130 levelsThe index bounced back today after correcting during the week. As mentioned that the narrow range candles have created value area which will act as resistance in the coming weeks. The weekly candlestick pattern is not very encouraging for bulls. We have an immediate support at 12130 levels, Nifty is expected to hold on to this to maintain the gains. Above this level Nifty is safe and can move up to 12340, 12410 & 12450. Nifty may face major hurdle at 12340 levels. As the budget sessions gets closer we may expect a surge in volatility and wild swings.
The stock may meet immediate resistance at 1340 levelsA decent move was noticed in Larsen & Turbo this week. The prices closed above a previous swing, RSI has moved into neutral zone from a bearish area while MACD has moved above zero level. These point towards strength in the counter, with expectation on infrastructure expenditure allocation in budget a up move may be triggered in the stock. The stock may meet immediate resistance at 1340 levels, price action needs to be watched there. Above which the stock may move to 1420, 1450 levels. While 1345 -1330 may provide support to the price below this the stock may fall to 1290 – 1270 levels.
Levels of 560 – 545 may provide support to the stock and it moveThe stock registered a breakout this week and have managed a close above the clouds. The RSI has moved into the bullish zones with MACD above zero. The stock has become a long candidate an pullbacks. Levels of 560 – 545 may provide support to the stock and it may move up to 580, 590 & 620 levels. If the stock fails to hold itself at 545 levels then it may further correct down to 535 & 510 levels.
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.
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.
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.
Ashok Leyland is holing on support, is it enough to carry ....The stock has held on to support levels since couple of weeks. The current momentum is picking up and is expected to move up in the coming weeks. The RSI is into bullish zone and the price is forming accumulation formation. Currently trading at 84 the prices seems to be bit extended. Positions can be created till 82 on corrections above which the stock may rally to 94 & 112 thereafter. 79 levels are key support 76 is critical support levels for the stock. Below which resumption of trend down may occur.
Running into a resistance/supply area.BPCL has been moving sideways to down since last few months. The levels of 480 - 485 will be acting as resistance. We can notice a gap as well. The RSI is trapped into sideways range. The 480 - 485 levels needs to be broken off to re establish trend up, failing which the stock may still correct further,
