BANKNIFTY TRADE SETUP FOR THE WEEK
banknifty saw a crucial break above 20650 last week
after a very longtime we saw a close above "21150"
which will now act as a strong support on daily chart
banknifty next retracement level is never 22050 (38.2%)
when compared to nifty banknifty needs to catch up a lot
nifty is near its 61.8% retracement level
Eicher Motors has been into a consolidation zone forming a triangle. The last 3 candles are formed with good volumes and today’s session managed a close above the MA. RSI is sloping up after bouncing from 40 levels. A strong breakout from the horizontal level will be positive confirming accumulation.
The stock has been playing into a rectangle from last 4 months, several attempts have been made to breakout but didn’t succeed. The prices are close to support as long as it don’t breakout of the range it’s worth waiting for it. Have a look at the RSI, it also meanders between 60-40 levels in a zone indicating total sideways action.
BEL has come out of multi week consolidation pattern. Volume on weekly breakout is high. BEL is all set for 124 level with stop loss below 101. Buy around at 109-106 range.
Note : We have already bought BEL in our portfolio.
Gillette broke out of a multi-month resistance of around 7110 on Friday with a huge upmove. This is a good sign as it marks a rectangle breakout.
However, It is interesting to see if this breakout sustains in near term.
RSI indicates a downturn from this range as it did historically from similar levels.
As per my analysis, the 7100 levels are important to...
Prices have formed Rectangle Pattern and traded below it decisively. One can trade the reversal pattern by initiating the short trade for the target of 322.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.