-Bullish Harami on daily chart near weekly support
-RSI looking oversold, can buy from cmp i.e. 1419
-Looking targets of 1490/1550/1600, keep SL of 1320 on closing basis
In last to last week we have caught Head & Shoulder on the daily chart and it is worked well in the last two weeks. In this week bank nifty has traded in a range i.e. 31000 to 30500 and today bank nifty has broken down this range. Bank nifty is closed below its 200 DMA and this is the big negative sign. As per the chart, bank nifty is weaker than nifty.
On MTF price took support from .786 fib level & MACD divergence appeared. On WkTF, MACD divergence also followed and MACD crossover also found on DTF. Highest delivery % found near VWAP 225.34, where the closing price was 221.75. On 17.01.2020 CMP was at 221.6 which is attractive price for the accumulation and continuous bullish volumes also validating the...
Accumulation has increased with increased volume. Price is on the verge to print upward direction after testing the low level near 317 two times and approaching 2nd time near .618 fib level , 2nd time. Entry may be made near 399, keeping SL at 388.5