After forming double top on 20th Sep, Bank Nifty on hourly time frame is likely to continue its downward trend till its support region of 38500.
There is also likelihood of it retracing it 40000 levels and then continue it journey downwards.
Rest I think chart is pretty self explanatory.
950 is a strong resistance level.
.
On Friday, IndusInd Bank share tried two three to break this level but failed.
.
So maybe on Monday, it can break the levels 979 is our first Target.
.
On Friday company announced a very good Quarter Results.
.
So maybe there is 1% chances that you can see the profit booking .
.
But trust me if it's goes down you can accumulate...
HDFC bank has broken the daily and hourly resistance but the momentum is towards sideway mode. If it overcome the momentum then go for the below bullish trade...
Script Action Entry SL Tgt 1 Tgt 2
HDFC Bank Buy 1,315.13 1,288.43 1,341.83 1,368.53
After reaching the target comfortably, profit was booked. Now it has shown a nice rejection candle at the upper end of the channel.
If it opens/crosses < 2054, it'll be an opportunity to sell it for a swing trade.
Rejection candle is identified by the long wick on the upside. Bulls tried to push the price above the resistance but bears won ultimately.
Also I'm...
Keep an eye on SUNPHARMA it is on the verge of its breakout from a triangular pattern. There is a concert resistance at 526.90 levels. SUNPHARMA has retested these levels multiple times now and there is a good possibility that it is going to break these levels this time.
.
Reason to Buy:
1) Multiple retesting or concrete resistance levels.
2) Trading over 200 EMA...
It is been observed that the price action moving up making Higher highs and higher lows. It also breaks above new resistance and now it shall further go up
Target: 177
Stoploss: 166
