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Bullish breakout in NSE PSUBANK Index on weekly chartNSE's PSUBANK index (ticker: CNXPSUBANK) was trading in a long head and shoulders consolidation for two years from mid 2019 to mid 2021. The breakout from inverted H&S happened in Oct'21 after which the index began to consolidate in a bull flag type of formation till Aug'22. The index broke out from this consolidation in Aug, gave a retracement back to the consolidation zone and has now finally broken out of this zone. We are bullish on the NSE PSUBANK index in the coming months with immediate target of 3400 followed by 4000-4200 as a major resistance zone as shown in the chart. Stop loss below Sep'22 low of 2856.
NSE:CNXPSUBANKLong
by vipulmehta817
SBIN: Impulsive Wave 5 has Already BegunSBI BANK has given a breakout of the 13-month-old Correction. RSI is above 65 , and the price trading above 200 EMA. At present, SBIN has accomplished the corrective wave (4) and started forming an impulsive wave (5). Price has already crossed the 1.00 Fibonacci extension of waves (1) through (3), so our next target should be Fibonacci's extension of 1.618%. Wave 4 was a choppy move as a triangle. As the price has crossed the 1.00 Fibonacci retracement, safe traders should wave for a pullback. If the price sustains above 442 , traders can trade above the following targets: 555 - 566 - 575+ . Invalidation: The 540 level was strong resistance, but now it is a crucial level. Failure of stability will deactivate this setup. Please note that we can't trade without proper risk management. The absence of risk management can wipe out your whole account. I will update further information soon. :)
NSE:SBINLong
by forextidings
Muhurat Trading picks - 2022What's your Diwali picks ?🤔 comment down below. 1. TATAMOTORS C.M.P - 398.2 TARGET - 447 Potential Upside % +12.26 % 2. M_M C.M.P - 1257 TARGET - 1425 Potential Upside % +13.37 % 3. FEDERALBNK C.M.P - 132.85 TARGET - 150 Potential Upside % +12.91 % 4. SBIN C.M.P - 561.65 TARGET - 640 Potential Upside % +13.95 % 5. BDL C.M.P - 954.85 TARGET - 1078 Potential Upside % +12.90 % 6. PARAS C.M.P - 643.45 TARGET - 740 Potential Upside % +15.01 % 7. ONGC C.M.P - 131.45 TARGET - 148 Potential Upside % +12.59 % 8. POWERGRID C.M.P - 216.6 TARGET - 248 Potential Upside % +14.50 % 9. RECLTD C.M.P - 93.55 TARGET - 105 Potential Upside % +12.24 % 10. BAJAJFINSV C.M.P - 1681.95 TARGET - 1932 Potential Upside % +14.87 % 11. ITC C.M.P - 344.85 TARGET - 389 Potential Upside % +12.80 % 12. VBL C.M.P - 1011.25 TARGET - 1145 Potential Upside % +13.23 % 13. LEMONTREE C.M.P - 84 TARGET - 96 Potential Upside % +14.29 % 14. INDHOTEL C.M.P - 313.55 TARGET - 360 Potential Upside % +14.81 % 15. KPITTECH C.M.P - 711.8 TARGET - 801 Potential Upside % +12.53 % 16. HCLTECH C.M.P - 1025 TARGET - 1175 Potential Upside % +14.63 % 17. VEDL C.M.P - 279.95 TARGET - 323 Potential Upside % +15.38 % 18. HINDALCO C.M.P - 392.1 TARGET - 433 Potential Upside % +10.43 % 19. LAURUSLABS C.M.P - 477 TARGET - 540 Potential Upside % +13.21 % 20. SUNPHARMA C.M.P - 978.95 TARGET - 1144 Potential Upside % +16.86 % 21. IOC C.M.P - 67.5 TARGET - 77 Potential Upside % +14.07 % ⚠️ Important: Always maintain your Risk & Reward Ratio. ⚠️ Purely technical based pick. ✅Like and follow to never miss a new idea!✅ Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes. Eat🍜 Sleep😴 TradingView📈 Repeat🔁 Happy Diwali 🪔🎉✨ Happy learning with trading. Cheers!🥂
NSE:TATAMOTORSLong
by radha_23
2
PostMortem on BankNifty Today & Analysis of 11 NOV 2022What a spirited performance by NSE:BANKNIFTY today! Mega gap up opening at 42163 breaking the all time highs and a perfectly strong buy day today. The attempt to close the gap was short-lived when BN took support at 41929 (The swing high of the last few sessions). This was quite expected after the mega US rally yesterday, SP:SPX up 5.5%, NASDAQ:NDX up 7.49%.  Here bank nifty was already at ATH so this overnight news really helped the NSE:CNXIT index more (up 3.81% today). I have been covering this story for a while now, the expiry trades are at isolation mostly due to positioning and the adjacent days has continuous price action. Let me be very specific here with examples From image below, see the blue encircled portion which is what happened in expiry yesterday. The entire day was in isolation - the day today had no significance to the trades done yesterday. The pink highlight shows how the bank nifty would have continued if there was no expiry positioning. Remember i said this expiry bank nifty will be bearish - it was because of this see orange highlight. The last 1 hour move on wednesday showed us indications that thursday will be bearish. But this had no significance in the overall trend direction. What this does is create an imbalance of information - which leaves a hole in the pocket for traders who cannot digest it. --- Of the bank nifty components we have few anomalies today - lets try analyzing them one by one NSE:HDFCBANK up 5.67% mostly because of the MSCI rebalancing news. The gap up was soft, the news drove the stock up. NSE:ICICIBANK down only -0.46% but the chart pattern of icici vs hdfc shows a mirror like image. The gap up was huge and the fall was rhyming with the hdfc news.  NSE:SBIN also had similar chart patern as icici - mega gap up and a gradual fall to close lower. Both SBI and ICICI would have been unwound to stabilize the bank nifty index when hdfcbk was getting accumulated. Again the institutions would have done this keeping their MTM losses under check If yes - then we can expect a counter move in the next 3 sessions prior to this expiry. Or else the big boys will have to take their losses and move forward. The fall in BSE:KOTAKBANK came after 11.00 only, the intensity of fall was strong - may be the strong hands would have booked profits after the move yesterday. Axis bank gave confusing chart pattern today - jumping up and down after the gap up. The chart isnt bearish today - but i cannot say its bullish also. IndusInd bank closed positive even after a gradual fall. --- If you look that the chart today, the 9.20 straddlers would have made money. the open and close exactly at the same levels. As 80% of the last 2 months move were in the same fashion. Macros overnight creates gap up or gap down and then the trade for the day happens as the same level. Even for a day like today where hdfc bank had news flow and it rallied 6% - the market participants fought hard to keep the open and close in the range by offloading ICICI, SBI, Kotak. Now is not the time for the faint of heart to do options trading - the people who make money are either the news makers or the insiders. Far OTM PE options would have given good naked selling opportunities today. Look at the intraday highs, previous day close and the final close of todays. Here again algos and HFTs would have identified these mispricings before you or me did. --- S&P500 vs bank nifty the spread has closed down a little due to the extra special move yesterday. SPX down -12.16% vs Bank nifty +6.65%. Lets note that US market had a bear rally bounce vs a bull run in India. After yesterday's move, the nearest support is at 3945.86 and resistance at 3991.18. Also note yesterday's move took out the long red candle as of 02 nov 14.30. Nobody can predict, but the bounce we had in US market was because the trades felt the CPI news will prompt US FED to pivot and start doing the QE from the QT now. Guess what will happen if the FED says they are not pivoting? --- 15mts vs 1hr TF bank nifty - both are showing immense bullishness. Notice today's trade staying on top of the swing high of the last sessions - indicating strength. 1D vs 1W also showing strong bullishness. The day's candle is a break away red doji much like a shooting star. But the week's candle is strong green with a long bottom wick. --- Bank nifty support and resistance has been updated new support1: 41929, support2: 41618 resistance: no resistance as at ATH --- PS: Read the standard disclaimer at: bit. ly/3Nm3RER
NSE:BANKNIFTYLong
by viswaram
PostMortem on BankNifty  09 NOV 2022 + Comparison with SPX Bank nifty might have closed in the green today, but i am of the opinion that the price action formed today is negative. I would like to short bank nifty from here especially because its weekly expiry tomorrow. BN opened gap up at 41914 made a strong red candle - keep in mind this is the all time high. Although the first candle was red - its not the base reason why i am short. In fact the price action till 14.25 was bullish. Only the last 1 hour price action made me bearish for this short term. From a fundamental perspective, bank nifty is at ATH, nifty50 is not - thats because the niftyIT index has some catch up to day. Globally none of the major indices are at their ATHs - most of them are down 10 to 25% from the FY22 highs. The first level of support is at 41459 which is quite far from the current levels. So any trigger of bad news or absence of good one can push BN to these support levels. There was a good momentum rally from 12.15 to 14.15 - this even took out the day's high. Most of the investors seem bullish - maybe they are right in the long term. But my job is to make trades looking at the price action. --- Of the major bank nifty components HDFCBk and ICICIBk closed in negative, the fall in ICICIBank was brutal esp the last 1 hour SBI & Kotak closed flattish - but the price action made in the last 1 hour was interesting IndusInd bank closed in positive but this was after a gradual fall from 10.30 peak. Axis bank closed in negative due to the selling in the last 1 hr. The last 5mts candle hit the intraday low --- The reason i am bearish for tomorrow is because of the volumes of call option written in the last 1 hour. If you check the volume chart for almost all the liquid contracts you can understand that clearly. Having said that shorting far OTM CE options would not have worked that well today, thats because the premiums were very low even while the index hit the all time highs. There was a spike in CE premiums at 13.50 5mts candle - from this point onwards the option writers have taken the short bet. I could be immensely wrong also - as any uptick will result in short covering and the index will scale back up. But as i always use to say, our job mandates that we should have a view and we make money if the view is correct. If our view is wrong, we should be able to exit with minimal loss. Ratio spread of PE option would have worked out after 14.30 ie sell 1 lot of 41500 PE and buy 2 lots of 41400 PE (unlimited gain, limited loss strategy) --- SPX500 and Bank nifty have a spread of 22.8% as of today. Lets watch the S&P500 closely today as the mid term elections would create volatility in the market. My support level is at 3737 and the nearest resistance is at 3813 for the 15mts chart --- 15mts chart looks bullish as the ATH is hit. Reiterating my bearish view is only for the immediate short term. 1hr chart also shows bullishness --- Bank nifty support & resistance levels s1: 41459, s2: 41314 r1: no resistance as near ATH --- PS: Read the standard disclaimer at: bit. ly/3Nm3RER
NSE:BANKNIFTYShort
by viswaram