Pre & Post Budget movements are most rewarding if captured correctly. Since the last two budgets, we are seeing a sharp fall post budget. This time it seems, this may not repeat. Renko charts says so! The market may either continue its upward journey or may trade in a narrow range. So I will either suggest going long on NSE:NIFTY or just SELL PUT options of Nifty...
Renko is often used prior to some big events especially election outcome. Renko bars + Supertrend + RSI is telling to take a short position on NSE:NIFTY.
Will NDA may fall short of the majority? Renko reveals something!
NSE:NIFTY should be in bullish mode next week. Best time to enter is today! Renko daily and RSI based on Renko charts suggesting an upmove atleast for two trading days.
Tomorrow NSE:BANKNIFTY may open with a gap down or flat. This will the best opportunity to enter a long position for 4-5 days.
RSI has entered the oversold entry which can slow down or even stop the falling NSE:BANKNIFTY
NSE:NIFTY can fall for next two days (till F & O expiry) . Best bet for shorting is above 11750 (if its a gap up opening) when it will surely reach an overbought region.
This call is based on tentative Renko Supertrend sell signal (Not yet appeared, but a good chance of appearing tomorrow) as well as a tentative 'Overbought RSI' signal (Again not yet appeared, but...
It seems profit booking may drag NIFTY B to 27500 in 3-4 sessions. Three indicators are confirming these:
1. Renko Daily chart (Brick size = 38)
2. RSI (14) hitting the upper threshold.
3. Aroon Down (Red) crossing Aroon Up (Green).
Once can take a position to gain 600-650 bank nifty points.
Daily Renko Charts (Brick size: 1.97) & Supertrend Combination are giving a buying position for NSE:ARVIND for next week. One can enter a bullish position in Future/Options for August Expiry.
As its a Renko charts, I will not give any stop loss or Target profit. However, I will update about the SELL signal to exit from such position.
Next bullish wave is forming for NSE:BANKNIFTY on Renko charts. Supertrend & Aroon crossover indicates a perfect time to enter in position on Monday. Although, Renko-Supertrend will give exit signal on their own. But, extrapolation of previous Renko Chart resistance indicates a rally till 27250 level which should be a good exit level.
Supertrend and EMA are giving a sell signal on NSE:HAVELLS on Renko Hourly charts. One can aim for 486 (t1), 470(t2) with a stop loss of 500. Although Renko charts give Buy/sell signal on their own that I will update as soon as I receives on chart.
Renko, supertrend & Aroon combo gave a bullish signal on NSE:INFY. Interestingly this is also confirmed by MACD 'BUY' Signal (not shown in this carts).
Buy above 1189 for a Target of 1220(T1), 1236(T2) & 1258(T3).
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