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Island Top - Reversal Pattern, Rsi DivergenceIsland Reversal,  A significant gap up, or sharply higher price at the open, follows an upward price trend, then reverses to a bearish price trend.  Rsi divergence implies a change in relative strength as compared to price movement.  The price has come out of the regression channel. Probably we are in the 4th wave, which means we have completed the top of the 3rd impulse wave. This would be confirmed if it closed below 21550 in the coming weeks. 
NSE:NIFTY1!
by OK_Rane
Banknifty After Market analysisThe Banknifty recently completed a consolidation phase, forming what appears to be a bullish pennant pattern on the price chart. However, it's important to note that the presence of this pattern alone doesn't guarantee an upward price movement. It is crucial to consider that the market may experience a price correction around the 44730-44750 range, which is a strong resistance zone. To confirm a potential upward movement, we should watch for a scenario where the price breaks through this resistance level and then retests the 44750 mark. If this happens, it could be an indicator of an impending upward trend. Conversely, if the market opens with a gap down, it could invalidate this pattern, and the day's low point would likely become a new resistance level for the Banknifty. It's essential to keep in mind that these are personal observations, and the actual outcome will depend on various factors, including global market conditions and overall index performance.
NSE:BANKNIFTYLong
by Anand_7
Nifty near 21 day EMALast time, we had suggested a possible short covering rally could come in the market if Nifty goes above 19482. That is what we saw on 5th morning, when Nifty opened gap up at 19521... made a low of 19487 and then came the short covering rally. That rally closed the week at 19653 just a tad below 21 day EMA. & there is a big Political NEWS of Israel war looming ahead of us on Monday morning. Traders might not have foreseen this coming and there could be adjustments made possibly Monday morning. It would be best to let the market settle first. There could be cues from price action in Crude Oil prices and Gold prices. If Brent crude goes above 90 then there could be further downside pressure trigger for our markets. If not we might see a bounce back after the initial knee jerk reaction. Important levels which may act as Support and resistance for the day Imp levels on the upside: 19720 / 10854 / 19878 Imp levels on the downside 19576 / 19458 / 19333 ONGC could take support at current levels and look for a push possibly towards 200 - 220 in coming days Take care & safe trading...!!! Like and Follow Disclaimer -The view expressed here is my personal view - Past performance is not a guarantee for future predictions - I have been wrong in the past and can be wrong again in future too - Use this for educational purpose - Any decision you take, you need to take responsibility for the same - It's your hard earned money. Treat it wisely - Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance - if trading in F&O, understand that F&O trading involves risk - Do take proper risk management measures - Do your own analysis and consult your financial adviser if need be
NSE:NIFTY
by indiamarketoutlook