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Bank Nifty- Classic inside bar candle setupbank Nifty made an inside bar red candle today. It is at a strong support of 34360 (monthly S3 pivot support). Inside bar indicates a strong likelyhood of breakout (could be up or down) - tomorrow. So if the price breaches 34360 then we could test 33032 which is the next strong support. PCR is higher today at 0.6 with 34500 and 34000 as potential resistance points in case we see a downward slide. FIIs sold for only 1210cr and were outgunned by DII who bought for 1405cr --net 195cr positive---still we ended up with a red candle today. If FII/DII are net sellers tomorrow, then we could see a breakdown. Otherwise, banknifty is at a relatively strong support level 34360. Let us see if the weak chart shows some more downside before a pause tomorrow.... You can check Nifty & Bank Nifty Nifty & Bank Nifty levels for wed 22Dec2021 - Vix, FII , CPR & options/PCR data. (my twitter handle is @OptionsNo11 ).
NSE:BANKNIFTYShort
by PromodSshrivastava
CIPLA - INSIDE BAR PATTERNCIPLA #CIPLA - MOVING IN A NARROW RANGE - FORMED AN INSIDE-BAR PATTERN INDICATORS RSI IS BELOW 50-LEVEL AND IS BEARISH TT2 TREND IS BEARISH CVD IS NEGATIVE AS PER INSIDE BAR RULES: 1. BUY ABOVE 648 TSL 632 TGTS 657/669.50 2. SELL BELOW 632 TSL 648 TGTS 623/612 KEEP AN EYE!! NOTE - BREAKOUT HAS TO HAPPEN WITH MORE THAN AVERAGE VOLUME AND THE FOLLOWUP CANDLE MUST SHOW CONVICTION!! ***Always keep "buffer" with target and SL level ***in case of GAP opening, the given levels become invalid. ***this is my personal view. Please take advice from your financial advisor before investing.
NSE:CIPLA
by Garey_Singh
POWER FINANCE CORP - INSIDE BAR PATTERNPOWER FINANCE CORP #PFC - SIDEWAYS; INSIDE BAR PATTERN - TAKING RESISTANCE FROM 100EMA INDICATORS: RSI - AT 50-LEVEL; SIDEWAYS TT2 TREND - BULLISH IN 30MINS & DAILY TF CDV - POSITIVE!! AS PER INSIDE-BAR PATTERN STRATEGY: 1. BUY IF 88.50 IS BROKEN TSL 84.50 OR SL 100EMA TGT - 89.55/91.5/93.5 2. SELL IF 84.50 IS BROKEN TSL 80.50 OR SL 100EMA TGT - 82.8/80.5/79.5 KEEP AN EYE!! NOTE - BREAKOUT HAS TO HAPPEN WITH VOLUME AND FOLLOWUP CANDLE MUST SHOW CONVICTION!! ***in case of GAP opening, the given levels become invalid. ***this is my personal view. Please take advice from your financial advisor before investing.
NSE:PFCLong
by Garey_Singh
INDIABULL HOUSING - INSIDE BAR PATTERNINDIABULL HOUSING #IBULHSGFIN - SIDEWAYS; INSIDE BAR PATTERN - TAKING SUPPORT FROM 100SMA INDICATORS: RSI - AT 50-LEVEL; SIDEWAYS TT2 TREND - BULLISH IN 30MINS BUT BEARISH IN DAILY CDV - POSITIVE!! AS PER INSIDE-BAR PATTERN STRATEGY: 1. BUY IF 236.60 BROKEN SL 222.15 TGT - 249/255/263 2. SELL IF 222.15 IS BROKEN SL 236.60 TGT - 213.5/203/193 KEEP AN EYE!! NOTE - BREAKOUT HAS TO HAPPEN WITH VOLUME AND FOLLOWUP CANDLE MUST SHOW CONVICTION!! ***in case of GAP opening, the given levels become invalid. ***this is my personal view. Please take advice from your financial advisor before investing.
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by Garey_Singh
NR7 + Inside bar at Bear Pennant resistance area YESBANK is currently at upper trendline resistance of bear pennant. bear pennant after a sharp downtrend usually results in continuation of the downtrend Also a NR7 + Inside Bar candle formed on daily chart which on breakout on either side give sharp moves on that side most of the times. (Also beware that sometimes it can trap you) In hourly chart the price has taken support of a short term trend line. Strategy: 1) Short on proper break and retest of short term trend line support OR 2) Short on break of NR7 + Inside bar (and retest of previous level) In case of (2) keep in mind there are multiple support levels immediately below breakout candle which can push the price back up. So it is better to wait for the price to pull back to previous level and observe price action on that level to initiate a short. Also keep track of indexes. if they move sharp upside, setup can invalidate. Nothing is guaranteed in market For stop loss use topmost blue line which is safe stop loss level to avoid traps
NSE:YESBANKShort
by prakashgp
Advanced Enzyme Technologies Ltd: Inside bar tradeAdvanced Enzyme Technologies Ltd: Inside bar pattern on 1 hr TF chart with a spike in volumes. Strictly enter and exit strategy. Entry at INR 194.85 (High of the preceding bar) and Exit/ Stoploss (low of the preceding bar) at INR 185.10. “The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.” – Ed Seykota Disclaimer: This idea has been posted strictly for educational purposes only and any investment shall be taken post proper due diligence and consultation of a certified Financial Advisor
NSE:ADVENZYMESLong
by rajesh066060