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After Multiple Attempts Stock Has Finally Broke The Resistance Rupa & Co has experienced multiple attempts to break the resistance at ₹320, forming a strong resistance zone over the past year. The recent price action has shown a significant increase in volume, indicating strong buying momentum. If the stock sustains above ₹320, it could lead to a strong rally. Rupa & Co, a leading player in the Indian innerwear market, is witnessing increased demand driven by its expansion into premium segments and effective marketing strategies. The company’s consistent performance and strategic growth plans make it a compelling buy at current levels.
NSE:RUPALong
by Marketik
Valor Estate Ltd.#### 1. **Price Chart Analysis (Upper Section)** - **Uptrend Channel**: The price is moving within a clearly defined upward channel, indicating a long-term uptrend. - **Support and Resistance**: - **Channel Support**: The price has touched the channel support multiple times, confirming its validity. - **Horizontal Resistance**: There is a horizontal resistance line which was recently broken, suggesting a bullish breakout. - **Chart Patterns**: - **Falling Wedge**: A falling wedge pattern is identified near the resistance breakout, which is typically a bullish pattern. The breakout from this pattern adds further confirmation to the uptrend. #### 2. **Volume Analysis (Below Price Chart)** - **Volume Spike**: There is a noticeable increase in volume coinciding with the breakout, indicating strong buying interest. - **Volume Profile**: The volume profile highlights significant trading activity at the current price levels, providing a strong support base. #### 3. **RSI Analysis (Lower Section)** - **RSI Trendlines with Breakouts**: The RSI is at 54.85, which is in the neutral zone. - **Historical Breakouts**: The chart shows several RSI breakout points. The recent RSI trendline shows a potential bullish divergence as it moves upwards, indicating increasing momentum. - **Volume Highlight**: Volume is also highlighted in the RSI section, showing correlation between volume spikes and price movement. ### Interpretation: - **Bullish Indicators**: - **Channel Uptrend**: The price consistently follows an upward channel. - **Resistance Breakout**: The breakout above the horizontal resistance and falling wedge pattern indicates a potential continuation of the bullish trend. - **Volume Support**: Strong volume during the breakout suggests institutional buying. - **RSI Neutral**: While the RSI is neutral, it is moving upward, indicating potential bullish momentum. ### Potential Actions: - **Long Position**: - **Entry Point**: Considering the breakout and uptrend channel, entering around the current price levels could be a good opportunity. - **Stop Loss**: Placing a stop loss slightly below the channel support or the recent breakout point to manage risk. - **Monitoring RSI**: Watch the RSI for any signs of reaching overbought levels or bearish divergence. ### Conclusion: The chart presents a strong bullish case with multiple confirming indicators such as the uptrend channel, breakout from resistance and falling wedge, and strong volume support. Careful monitoring and strategic entry points with appropriate risk management could capitalize on this bullish trend.
NSE:DBREALTYLong
by brijmohan_h
Stock Market Analysis Report: Cochin Shipyard Limited All aboard the Cochin Shipyard Limited stock, because this ship is ready to sail to new heights! 🚢💹 We’ve spotted some thrilling price action and technical patterns that promise a profitable voyage. Let’s dive into the details. Price Action Overview Chart Analysis Current Price: ₹2,679.95 Daily High: ₹2,679.95 Daily Low: ₹2,405.05 Volume: 13.027M Key Technical Indicators Breakout Point Entry: The chart shows a breakout above the previous resistance level, signaling a strong upward trend. Volume Spike: There is a notable increase in volume, confirming the breakout and indicating strong market interest. Detailed Analysis Breakout Point Entry Formation: The stock has been steadily climbing, breaking through key resistance levels marked as A, B, and C. The latest breakout point entry is a clear indicator of bullish momentum. Significance: This breakout suggests that the stock has the potential to continue its upward trajectory, as it has overcome significant resistance. Volume Spike Volume Increase: The recent volume spike is significant, as it demonstrates heightened trading activity and investor interest. This adds credibility to the breakout and suggests sustained momentum. Implications: High volume during a breakout typically indicates that the new price levels are supported by strong buying pressure, reducing the likelihood of a false breakout. Price Targets and Support Levels Immediate Resistance: ₹2,800.00 - This is the next level to watch for potential profit-taking. Support Levels: Primary Support: ₹2,438.25 - This level should act as a strong support if the price retraces. Secondary Support: ₹2,200.00 - A more conservative support level that aligns with previous consolidation areas. Why did the shipyard stock bring a life jacket to the market? Because it’s ready to float above the rest! 🛟📈 Conclusion Cochin Shipyard Limited is exhibiting a strong bullish trend with a confirmed breakout and significant volume spike. Keep an eye on the resistance level at ₹2,800.00 and monitor the volume to ensure the breakout sustains. Happy trading, and may your investments be as sturdy as a ship's hull! 🌊⚓ Disclaimer This analysis is based on historical data and chart patterns. Always do your own research and consider your risk tolerance before making any investment decisions
NSE:COCHINSHIP
by TRADING-NASA
BANCO PRODUCTS Surges with Breakout Above Key Resistance✅The stock has broken out above the key resistance level around 690-710, indicating a potential continuation of the bullish trend. ✅The ascending trendline provides strong support around the 580-600 range, reinforcing the stock's upward trajectory. ✅The RSI is at 72.78, indicating strong bullish momentum. The MACD histogram shows positive momentum, with a recent bullish crossover further supporting the breakout. ✅The breakout is accompanied by a significant increase in volume, confirming strong buying interest and bullish sentiment. ✅Banco Products has demonstrated consistent growth in revenue and profitability. The company's strong balance sheet and effective cost management strategies contribute to its financial stability. ✅The company is a leading manufacturer of automotive cooling systems and gaskets. Its strong market position and continuous innovation in product offerings provide a competitive edge. ✅The automotive components sector is experiencing robust growth, driven by increasing demand for vehicles and advancements in automotive technology. Banco Products is well-positioned to capitalize on these industry trends. ✅Positive macroeconomic indicators and supportive government policies are likely to benefit the automotive sector. Banco Products' strategic initiatives and financial strength make it a promising player in the industry.
NSE:BANCOINDIALong
by Marketik
This Stock Has Broke A Long-Term Resistance with EMA Support✅The stock has been trading within a rising channel, encountering a 4.6-year-old strong resistance. Recently, the price has broken above this resistance, showing a potential bullish continuation. ✅ Immediate support around ₹180, aligning with the lower trendline. Stronger support near the 50 EMA at ₹154 providing a robust base for potential upward movement. ✅ Noticeable increase in volume with the breakout above the strong resistance, signaling strong buying interest and supporting the bullish outlook. ✅ RSI is currently at 67 trending upwards and indicating increasing bullish momentum without being overbought. The MACD histogram shows rising bullish momentum, with the MACD line close to crossing above the signal line, suggesting a buy signal.
NSE:JTEKTINDIALong
by Marketik
2
The Stock Is Ready To Break Symmetrical Triangle Pattern ✅The stock has been consolidating within a symmetrical triangle, supported by a 15-month-old strong support level. Recently, the price has shown signs of breaking out above the descending trendline, indicating a potential bullish continuation. ✅ Immediate support around ₹460, aligning with the lower trendline. This 15-month-old strong support level provides a robust base for potential upward movement. ✅ Noticeable increase in volume with the breakout above the descending trendline, signaling strong buying interest and supporting the bullish outlook. ✅ RSI is currently at 58.00, trending upwards and indicating increasing bullish momentum without being overbought. The MACD histogram shows rising bullish momentum, with the MACD line crossing above the signal line, suggesting a buy signal.
NSE:ROSSELLINDLong
by Marketik
Breaking Listing Price + ATH After 2.6 Years With Momentum ✅The stock has been forming a large cup pattern over the past 2.6 years and has recently broken its all-time high (ATH), indicating a potential strong bullish continuation. ✅ Immediate support around ₹1,300, aligning with the upper boundary of the cup pattern. This strong support level provides a robust base for potential upward movement. ✅ Noticeable surge in volume with the breakout above the ATH, signaling strong buying interest and supporting the bullish outlook. ✅ RSI is currently at 68.05, trending upwards and indicating increasing bullish momentum without being overbought. The MACD histogram shows rising bullish momentum, with the MACD line crossing above the signal line, suggesting a buy signal.
NSE:POLICYBZRLong
by Marketik
This Stock Is Ready To Give Breakout With Strong Momentum ✅The stock has been consolidating below a descending trendline but has recently broken above it, indicating a potential bullish reversal. The breakout is accompanied by strong volume buildup, adding confidence to the move. ✅ Immediate support around ₹2,000, which aligns with the lower trendline. Stronger support near the 200 EMA at ₹1,989 providing a robust base for potential upward movement. ✅ Noticeable increase in volume with the breakout above the descending trendline, signaling strong buying interest and supporting the bullish outlook. ✅ RSI is currently at 68 trending upwards and indicating increasing bullish momentum without being overbought. The MACD histogram shows rising bullish momentum, with the MACD line crossing above the signal line, suggesting a buy signal.
NSE:KINGFALong
by Marketik
Don’t Miss This Stock Giving Breakout from Long-Term Downtrend ✅The stock has been in a long-term downtrend within a descending triangle but has recently shown signs of breaking out above the descending trendline. This breakout indicates a potential bullish reversal, supported by a 2.8-year-old strong support level. ✅ Immediate support around ₹220, aligning with the lower trendline and strong support level. This provides a robust base for potential upward movement. ✅ Noticeable increase in volume with the breakout above the descending trendline, signaling strong buying interest and supporting the bullish outlook. ✅ RSI is currently at 57.08, trending upwards and indicating increasing bullish momentum without being overbought. The MACD histogram shows rising bullish momentum, with the MACD line crossing above the signal line, suggesting a buy signal.
NSE:CANTABILLong
by Marketik
Riding the Highs: Analysis of Havells' BreakthroughNSE:HAVELLS , a renowned player in the electrical equipment industry, has recently made waves in the stock market with its impressive performance. On February 27th, exactly two months ago, Havells broke out of its all-time high, surpassing strong previous resistance levels. This initial breakout was supported by robust trading volumes, indicating a strong buy-in from the market. 📊 Analysis All-Time High Breakout : Initially, Havells made a significant leap by breaking its all-time high, which had acted as a robust resistance in the past. Consolidation and Support : Following the breakout, the stock experienced a consolidation phase for about two months. During this period, it successfully tested the previous resistance, turned support, multiple times. Formation of a Rectangle Pattern : In the recent trading sessions, Havells has formed a rectangle pattern within this consolidation phase. This pattern typically indicates a continuation in the direction of the prior trend. Breakout with Volume : Just today, Havells broke out from the rectangle pattern and recorded a new all-time high, again accompanied by strong trading volumes. This suggests a renewal of investor interest and a potential upward trajectory. Trading Insights Given the recent breakout with considerable volume and the stock setting new highs, traders might consider this an opportune moment to look into initiating buy positions. Lastly, Thank you for your support, your likes & comments. Feel free to ask if you have questions. "In the waves of change, we find our true direction." Note : This analysis is purely for educational purposes and is not intended as a trading or investment recommendation, as I am not a SEBI registered Analyst.
NSE:HAVELLSLong
by AfnanTAjuddin
🚀 Stock Alert: Paradeep Phosphates - A Prime Buy Opportunity! Attention investors! 📈 Here's a golden nugget for your portfolio: Paradeep Phosphates is flashing a strong buy signal, and here's why: Bouncing Back Strong: The stock has taken robust support at the lower band of its trading channel. Historically, this indicates a potential rebound and signals stability and strength. Crossing a Critical Threshold: It's not just bouncing back; Paradeep Phosphates has also crossed over its 200-Day Exponential Moving Average (EMS). This is a significant move, suggesting a shift towards positive momentum and a bullish outlook. What This Means: Combining these technical indicators, we see a clear signal of an opportune moment to buy. This isn't just about catching a rising stock; it's about strategic entry at a point that suggests promising upward momentum. Action Step: If you've been waiting for the right moment to invest or looking to diversify with a strong candidate, Paradeep Phosphates presents a compelling case. Consider adding it to your portfolio to capitalize on the potential uptrend. Remember, investing is about making informed decisions, and right now, the charts are speaking loud and clear. 📊✨
NSE:PARADEEP
by kausar13n
BF Investment's Breakout to All-Time High With Strong MomentumCompany Overview: BF Investment is a prominent investment company with a diversified portfolio of investments across various sectors. The company has a strong track record of delivering value to its shareholders and is well-regarded in the investment community. Technical Analysis: - All-Time High + Upper Trend Breakout: BF Investment has broken out to an all-time high, indicating a strong bullish sentiment in the stock. The breakout is also accompanied by a breakout from an upper trendline, further confirming the bullish trend. - High Volume & Rise in RSI: The breakout is supported by high trading volume, indicating strong buying interest in the stock. Additionally, the Relative Strength Index (RSI) is rising, showing increasing strength in the stock's momentum. - MACD Crossover and High ADX: The Moving Average Convergence Divergence (MACD) indicator has shown a bullish crossover, confirming the positive momentum in the stock. The Average Directional Index (ADX) is also high, indicating a strong trend in the stock's price.
NSE:BFINVESTLong
by Marketik
Symmetrical Triangle Pattern Breakout & Retest oneRectangle Pattern Breakout: NOCIL has recently experienced a breakout from a strong rectangle pattern, which had been forming over a period of 3.2 years in the chart. This breakout is a significant development and indicates a potential shift in the stock's trend. - Symmetrical Triangle Pattern Breakout: Additionally, NOCIL has broken out from a symmetrical triangle pattern, further confirming the bullish sentiment. This breakout adds to the strength of the rectangle pattern breakout and suggests a strong potential for upward movement. - Retest Confirmation: After the breakout, the stock has successfully retested the breakout level, now turned support. This retest confirms the validity of the breakout and indicates a potential continuation of the uptrend. - Key Breakout Levels: The breakout occurred as the stock crossed the critical resistance level around 295-300. Sustaining above this level confirms the breakout and sets the stage for potential bullish momentum. - Volume Confirmation: Notably, there has been a surge in trading volume since September, coinciding with the breakout. This increase in volume suggests strong buying interest and validates the breakout. - Upside Potential: With the breakout confirmed, NOCIL has the potential to move towards the upside. If the stock can sustain its position above the breakout level, we may see further upside towards the 340 to 400 levels in the coming days. These levels represent potential resistance-turned-support zones, indicating a bullish trend continuation. - Consolidation Scenario: However, if NOCIL fails to maintain its position above the breakout level and trades below the 280 level, we may witness some possible consolidation between the range of 280 to 250 levels. This consolidation phase would provide an opportunity for the stock to gather momentum before potentially resuming its uptrend. ### Conclusion: NOCIL has experienced a significant breakout from both a rectangle pattern and a symmetrical triangle pattern, indicating a strong bullish sentiment. The retest of the breakout level adds further confirmation to the bullish outlook. With strong volume confirmation and potential upside targets, NOCIL presents an attractive opportunity for traders and investors. Monitoring the stock's price action to confirm the breakout and adjusting strategies accordingly will be crucial for capitalizing on this potential uptrend.
NSE:NOCILLong
by Marketik
Breaks Strong Resistance on High Volume, RSI and ADX StrengthensMetropolis Healthcare Breaks Parallel Channel, Strong Resistance on High Volume, RSI and ADX Strengthens Bullish Case 1. Parallel Channel Breakout: Metropolis Healthcare has broken out of a parallel channel pattern, suggesting a potential change in trend direction. 2. Strong Resistance Breakout: The stock has broken a strong resistance level with high volume, indicating strong buying interest and potential for further gains. 3. Rise in RSI and ADX: RSI and ADX are rising, showing strength in the uptrend and supporting the bullish case. 4. Higher Highs and Higher Lows: Metropolis Healthcare is forming higher highs and higher lows, indicating a bullish trend. 5. Moving Averages Support: The stock is trading above key moving averages, such as the 50-day and 200-day EMAs, further supporting the bullish bias.
NSE:METROPOLISLong
by Marketik
Resistance Levels in $NSE:ZOMATODear Followers, I hope this message finds you well. I wanted to provide you with an update on the stock ZOMATO and discuss the current resistance levels that we've been monitoring. After a thorough analysis of the stock's performance and market trends, I wanted to highlight the following key points: Stock Performance: The stock has exhibited consistent growth over the past 1 Year, with a 71% increase in its value. This is a positive sign that indicates strong investor confidence and potential for further gains. Resistance Levels: My technical analysis reveals that the stock is currently approaching a key resistance level at 102-105. This level has historically acted as a barrier to upward movement, as investors have shown a tendency to take profits or hesitate to buy at this point. Market Sentiment: It's important to consider the current market sentiment. Despite the stock's strong performance, there might be some caution among investors due to Profit Booking of Big Players Short-Term Outlook: While the stock has the potential to breach the resistance level and continue its upward trajectory, if its Break resistance of 102-105 then Probably we can 120-130 Level. it's also prudent to be prepared for potential short-term fluctuations as the market digests recent gains. Based on this analysis, I recommend that we closely monitor the stock's movement around the resistance level. Should the stock successfully break through this level and sustain its upward momentum, it could signal a strong buying opportunity. On the other hand, if we observe a significant pullback or consolidation around the resistance and it will try to test Downside of 85-80 Level, it might be a chance to reassess our strategy. As always, I am here to provide you with any additional insights or answer any questions you may have. Your financial goals and risk tolerance are of utmost importance, and I am dedicated to helping you make informed investment decisions. Please feel free to reach out at your convenience, and we can discuss how to proceed based on the stock's evolving performance. Best regards, Ajay Metha
NSE:ZOMATO
by PrachiMetha
$NSE:LAURUSLABS Will Break Resistance ?Dear Followers, I hope this message finds you well. I wanted to provide you with an update on the stock NSE:LAURUSLABS in and discuss the current resistance levels that we've been monitoring. After a thorough analysis of the stock's performance and market trends, I wanted to highlight the following key points: Stock Performance: The stock has exhibited consistent growth over the past 3 Months, with a 23% increase in its value. This is a positive sign that indicates strong investor confidence and potential for further gains. Resistance Levels: Our technical analysis reveals that the stock is currently approaching a key resistance level at 415-430. This level has historically acted as a barrier to upward movement, as investors have shown a tendency to take profits or hesitate to buy at this point. Market Sentiment: It's important to consider the current market sentiment. Despite the stock's strong performance, there might be some caution among investors due to Profit booking at this level. Short-Term Outlook: While the stock has the potential to breach the resistance level and continue its upward trajectory, it's also prudent to be prepared for potential short-term fluctuations as the market digests recent gains. Stock: NSE:LAURUSLABS ______________ Holding Time Frame: 90-120 Days Entry Point: above 430 Stop Loss Point : 400 Target Point: 480,520,550 Based on this analysis, I recommend that we closely monitor the stock's movement around the resistance level. Should the stock successfully break through this level and sustain its upward momentum, it could signal a strong buying opportunity. On the other hand, if we observe a significant pullback or consolidation around the resistance, it might be a chance to reassess our strategy. As always, I am here to provide you with any additional insights or answer any questions you may have. Your financial goals and risk tolerance are of utmost importance, and I am dedicated to helping you make informed investment decisions. Please feel free to reach out at your convenience, and we can discuss how to proceed based on the stock's evolving performance. Best regards, Ajay Metha
NSE:LAURUSLABS
by PrachiMetha
Unveiling MAHSEAMLES' Bullish Patterns: A Breakout OpportunityMAHSEAMLES is a leading manufacturer of pipes and tubes Involved in power, electricity, and other industries. Currently trading at all-time high levels. Let's dive into the technical analysis of MAHSEAMLES to identify potential breakout patterns. 📊 TECHNICAL ANALYSIS MAHSEAMLES is forming a potential breakout pattern on both daily and 75-minute charts, indicating a bullish trend. The stock is currently trading at all-time highs and shows increasing volume. Additionally, technical indicators suggest a strong buy sentiment. 📈 FLAG AND POLE PATTERN The daily chart exhibits a flag and pole pattern, which is a bullish reversal pattern that indicates a potential breakout. The pole represents the stock's upward momentum, while the flag represents a consolidation period. 📈 INVERTED HEAD AND SHOULDERS PATTERN On the 75-minute chart, we can see an inverted head and shoulders pattern, which is a bullish reversal pattern that indicates a potential breakout. This pattern forms when the stock makes a low, then rallies, and then pulls back to retest the low. 📊 VOLUME ANALYSIS Volume is increasing, indicating a strong buying interest in the stock. This is a positive sign for the bullish trend. 📈 PROFIT AND QUARTERLY RESULTS MAHSEAMLES has been reporting excellent profit and quarterly results, indicating a strong financial health. 📊 Final conclusion If the stock sustains above the previous resistance level of 498, it could be a sign of a breakout, and traders may consider taking long positions before the market closes. However, please note that this analysis is for educational purposes only and should not be considered as investment advice. 👉 Follow Me 👉 If you found this analysis helpful, please like and comment below. Your feedback keeps me motivated to write consistently. You can also follow me on TradingView for more articles and trade setups. Profile link: in.tradingview.com 💡 Did you know? A breakout above the flag and pole pattern's resistance level could lead to a potential gain and The inverted head and shoulders pattern is a bullish reversal pattern that indicates a potential change in the stock's trend. 💡I am not a SEBI-registered analyst. It is always recommended to do your own research and consult with a financial advisor before making any investment decisions
NSE:MAHSEAMLESLong
by AfnanTAjuddin
2
FinCables Soaring High - Breakout AlertFinCables, the popular stock, is making waves in the market today! I'm here to provide you with an educational and informative technical analysis of this potential breakout opportunity. Key Details FinCables is trading at an all-time high, indicating strong bullish momentum in the stock. today, we witnessed a breakout of the previous high with an incredibly high trading volume, which further supports the bullish case. The opening today was a gap up, suggesting strong buying interest right from the start of the trading session. The current daily candle resembles a Marubozu, indicating that there is little to no selling pressure in the market today. ✅ Trade Idea: Considering the breakout, strong volume, gap-up opening, and the absence of selling pressure, it seems like an opportune time to consider a buy trade on FinCables. However, always remember to conduct your own research and perform proper risk management before entering any trade Please remember that this analysis is for educational purposes only, and I am not a SEBI registered analyst. If you find this analysis helpful, don't forget to hit the like button and share your observations in the comments below. Your feedback keeps me motivated to write consistently! 📈 Follow me on TradingView for more articles and trade setups: in.tradingview.com 🚀💪 Keep pushing your limits and never stop learning! Happy Trading! 💪🚀
NSE:FINCABLESLong
by AfnanTAjuddin
HCL Range breakout ? Deep dive analysis Key analysis: • Stock has been forming Lower High || Lower Low formation until October 2022 • Formed a strong base by testing the same level twice and reversed with good market participation • Made a tremendous move up until December 2023 and has been in range since then • Interesting point to note is that the last move from range high to range low has taken a good 73 calendar days (46 trading days), however with CMP almost near to range high the move from range low to CMP has just taken 42 calendar days (29 trading days). This indicates healthy momentum with possible strong buying taking place. • Healthy market participation is being observed every time the stock touch the range low with heavy lifting being done • Strong money flow is being observed from March 2023 indicating good buying taking place (even during minor corrections) • Time cycles are also in sync with the last Trough-Peak-Trough (TPT), approximately 139 calendar days ***A break out from the zone here could possible trigger a good move up ***
NSE:HCLTECHLong
by srinivasbusy
BANKNIFTY TIME FRAME 1DAfter breakdown of trendline & breakdown of 42850 level you may see 42500 level. further fall may take Banknity to 41800 level. 41800 is strong support for Banknifty. 41500-41800 its a strong BUY Zone. If Banknifty is reversed from that level then Banknifty maybe show some new high. If it will break that buying zone (41800-41500) or break trendline then you may see some down level 41000, 40600 & 40300 level. In uptrend 43600-43800 its a strong resistance for a Banknifty.
NSE:BANKNIFTYShort
by trading360degreeee
1
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