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Bank Nifty close to 31000. It's a important support level.In my last Friday’s update I mentioned that we may see banknifty trading at 31000 levels. The index registered a close at 31160 today. Now it’s trading close to a support level the KS line. A major support is at 30600. Most of the time KS acts as a very good support for prices, so a bounce from it is not ruled out. 31600 will be the decider level for coming sessions, a strong close above it will only result in trend resumption. The RSI is pointing down while MACD lags upside momentum.
NSE:BANKNIFTY
by BharatJhunjhunwala
Trading close to a very important level. NIFTY: Nifty took beating from the bears in the last two sessions. Now at a very key juncture, a break and close below the 12000 levels have shattered the physiological support levels, still the bullish nature is not wiped out fully, if the fall continues the index may tumble to 11420 levels, again the levels I am mentioning may be vague & outrageous but still they are valid as long as selling in prominent. A minor support may be seen at 11790 below which the above targets on the downside is open.
NSE:NIFTY
by BharatJhunjhunwala
CONCOR gaped up with forming bullish candle & closing at highs.CONCOR: The stock opened with a gap up and the prices continued up during the day. The prices closed near the highs. The prices have been making a falling wedge pattern with falling volumes. The RSI took support at the 40 levels and bounced up, MACD turned positive (though it is below zero line) there is a minor resistance at 585 levels, the stock is expected to retrace to 565 – 570 levels, watching price action entries can be planned for higher targets of 604, 619 & 625 levels. However a move below 540 will negate the bullish view.
NSE:CONCORLong
by BharatJhunjhunwala
Symmetrical Triangle & NR formation indicating weaknessAPOLLO HOSPITALS: Prices are ranging between a symmetrical triangle pattern, this leg up missed the upper boundary of the pattern indicating weakness probably. Symmetrical patterns are neutral patterns, let’s have cues from the indicators. The RSI is into neutral zone has formed a NR, MACD is just at neutral zone. The prices have faced resistance at important levels forming a bearish candle pattern on the chart. Any push below 1440 will be sign of further weakness and the stock may start to descend down. A close above 1490 is required for the bulls to get control.
NSE:APOLLOHOSP
by BharatJhunjhunwala
Taking support a very important level. Price action positiveThe stock has made healthy retracement and have now it’s resting on the Kumo. Today’s price action was quite convincing to re-establish the buyers into the stock. The RSI is taking support on the bullish extreme levels with MACD curling up indicating momentum is picking up. If ONCG gets overall support from Nifty, the stock is expected to pull up strongly from these levels the short term targets may be set at 149-154 zones. 125 levels are important support levels for the stock.
NSE:ONGCLong
by BharatJhunjhunwala
Expiry Strategy Nov: Sell 115 Put @ 0.75. Lot Size: 5334Trend continued to be in bearish territory on back of EMA (20 EMA below 50 EMA). Recent correction from the resistance of 140 level where roof of the downward trend line hovers. On contrary, as MACD above zero expect the price to find support around 120 levels. In the recent past, the price comfortably found support around the same level twice. Expect a bounce back in the coming days so Nov expiry would above 120 levels. As I always believe in option selling rather buying based upon the trend, prefers Sell 115 Put around 0.75 level.
NSE:GAILLong
by vigneshwaraj
NIFTY CLOSED LOWER FOR THE WEEK? What does this indicate?NIFTY: Nifty made a lower close this week. The narrow range bar indicative of weak momentum in the index (however it doesn’t signal outright shorts) but longs positions should be tighten at this juncture. Correction may initiate below 11800, which may extend to 11400 – 11300 levels, at this point we can notice institutional support coming up. The RSI is above 60 which indicates the overall trend is up. Counter trend trading strategy may be considered keeping in mind the support levels on 11400 – 11300.
NSE:NIFTY
by BharatJhunjhunwala
1
Bank Nifty made a sensible close by supporting the trend line.BANK NIFTY: Banknifty made a sensible close than the Nifty, the price action supported the breakout trend line and bounced. Also a TS line acted as a good support level. The RSI bounced from the 60 levels, that too is a signature of strength. The lower time frames have to buck up now, the hourly timeframe’s RSI is still wagging between 60-40 levels. 30200 levels on closing basis is important, as long as bank nifty stays above it, the trend in short term shall be positive.
NSE:BANKNIFTY
by BharatJhunjhunwala
BHEL: Range Shift Bearish to Bullish?BHEL: After a former failure breakout attempt from the clouds, today’s session made an reattempt to breakout. The RSI is into a bullish zone and also managed to form a PR on the daily charts just near 60, indicating strength. The TK is pointing up with MACD above zero indicating bullish strength in the move. As long as the stock stays above 50 the trend up can be considered safe. We have launched “PRORSI” Trading mobile application providing you the best trading ideas. Download now from Play store or IOS.
NSE:BHELLong
by BharatJhunjhunwala
Bank of Baroda : Getting ready for move up?BANK OF BARODA: The stock is taking support at the KS line, forming a bullish sash pattern. The RSI is into 60-40 zone after getting above 60 levels, the move seems to be sideways with a positive bias. The MACD is into bullish zone above 0. Everything above indicates bullish possibility in the coming sessions. However a move below 93 may negate the view. We have launched “PRORSI” Trading mobile application providing you the best trading ideas. Download now from Play store or IOS.
NSE:BANKBARODALong
by BharatJhunjhunwala
BANKNIFTY Set for New Highs?BANK NIFTY: The index was over performing Nifty for the day, closed positive on weekly basis. Hovering around the breakout levels. Most of intraday’s gain was given away. The trend is up as RSI is well above the 60 levels. Any pullback to 30250 will be a healthy pullback, below it the index may further drift to 29350 levels. Any positive price action between these levels should be utilized for creating longs. Below 29350 the index may get into serious trouble. . Our “ProRSI moblile trading application has been launched on Play Store and IOS, get high probability trading ideas in equities, futures and options. Download Now.
NSE:BANKNIFTY
by BharatJhunjhunwala
Time to say YES to YES BANK?YES BANK: The stock has been in news after RJ’s activity in the stock. On the charts we can see a rounding bottom formation on going on the daily chart which is yet to breakout. The RSI though has changed its nature and has move above 60 and now bouncing on it. Once a breakout is registered the stock is expected to rally and move ahead to 95 and even 133 going ahead. A failed breakout will have a coiling effect and the stock may further start to plummet to the lows. . Our “ProRSI moblile trading application has been launched on Play Store and IOS, get high probability trading ideas in equities, futures and options. Download Now.
NSE:YESBANK
by BharatJhunjhunwala
2
Nifty: Applying breaks to the rally?In continuation of my previous post, there was a concern on the Nifty weekly chart, the RSI on the weekly charts was close to 60 levels. Now the candles on the daily charts in the last two sessions seems to pull breaks on the rally. Though the momentum hasn’t dried up on the daily, the price pattern is giving signs. 11785 is the gap area, a close below this may trigger corrections. Any aggressive longs should be held as of now. It’s not a outright bear call, but a conservative signal.
NSE:NIFTY
by BharatJhunjhunwala