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. The stock has to maintain itself above 55 levels, if it holds The stock has been trading with strength since last few sessions. It has been above to maintain above the support levels. An inverse head & shoulder pattern is visible on the daily chart. The breakout took place in the last session. The stock has to maintain itself above 55 levels, if it holds the levels then we may witness emergence of a fresh bull run in it. A minor resistance is placed at 60-62 levels, above which the sky is open for the stock till 76 levels. Below 55 levels it may resume downtrend ok keep trading sideways. The RSI is maintain well above 50 levels from last few weeks and MACD has moved into bullish zone as well. Buying at dips till 55 is suggested.
NSE:TATAPOWERLong
by BharatJhunjhunwala
2
. 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
The RSI and MACD are displaying divergence, if the formation is The weekly banknifty chart has closed negative this week, back to back two bearish candles also indicates momentum suppression in the index. 31800 will provide immideate support to the index, giving away this may push the index to 31300 levels. However the trend is still up and any bounce from the support will push banknifty up 32600, 32800 & 33300 finally. The RSI and MACD are displaying divergence, if the formation is not negated in coming sessions then correction is quite probable.
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
Nifty breaks below an important pivot support. 11700 may supportNifty left behind an important support level. After giving away 12000 levels which was a physiological support level this will act as an important pivot in the coming sessions. Next support can be seen at 11700 (Lead 1) on the charts, expecting some bounce from these levels. Major area of demand is 11420 (hopefully we may visit it). RSI is moving towards 40 levels & MACD as turned neutral with positive bias.
NSE:NIFTYShort
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
Tri Star Doji! Will it allow nifty to make a new high? 11800 ...The movement of Nifty was directionless this week. From last three weeks Nifty has kept traders on the edge and has been teasing both buyers and sellers. We can see a tri star doji formation on the weekly charts at resistance, tough doji does not mean outright sell, it depicts chaos and confusion. We should not discount the fact that the trend is up and yet no confirmation of any selling pressure is seen on the charts. 11800 will be acting as a strong support breaking it may lead to correction to 11570 – 11370 levels. The RSI is flat on the weekly charts, though on the daily charts we notice RSI taking a hit at the 60 levels.
NSE:NIFTY
by BharatJhunjhunwala