BankNifty after a long rally from 24244 levels to 27754 looking week at higher levels. It has broken the trendline and showing bearish divergence/crossover as per stochastics and MACD on daily charts. Considering the risk reward ratio its a perfect juncture to remain on short side in BankNifty (sell on rise). Obviously hedge your positions to safeguard your...
1.Indicators are showing bullish signals.
2.Double bottom pattern formed and breakout done.
3.Weekly MACD crossover may happen on upcoming weeks(If weekly closing above 116,it may go further upside)
IDBI going to the new heights!
Go Long on IDBI Bank on monday.
Reasons for Long
1. Stocastic - Oversold
2. RSI - Oversold
3. Morning Star Formation ( Great success rate)
4. Bounced from the trend line
Any opening above 54 can lead to 60 within 2 weeks time frame.
In a very similar to Nifty (I shared an idea on it just 4 hours back), there's an observation of Stochastic Triple Divergence in NSE:DRREDDY indicating a bear trend. A short position is recommended with a target of 2004(t1) & 1904(t2). A stoploss of 2100 is highly recommended. Selling range should be (2040-2070).
Stochastic divergence & crossover alongwith MACD bearish crossover observed in NSE:APOLLOTYRE . Short it at opening price (259-261), for a target of 254(t1), 250(t2) & 246(t3). A stop loss of 262 is highly recommended.
As seen in above charts triple stochastic divergence is seen in NSE:SUNPHARMA giving a confidence of clear bearish phase.
Short NSE:SUNPHARMA at 530 with a target of 511(T1), 498(T2) & 466(T3). Stop loss of 542 is recommended.
Will buy-on-dips strategy work this time?
This is the best setups for bulls - buying on dips and a jhat-pat trade. The resistance turns support at 8,970 (pink line) will be crucial for bears to break. The recent rally in the range of 9,000-9,200 seems to be disheartened for bulls. The rangebound session with index being firm above 9K express positive yearly...
buy around 86.3 sl 84 target1 87.75 target 89.45 target3 91.90
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