The support of 0.68840 proves to be a tough nut for the bears.
After bouncing back sharply twice, the pair was under the cloud of a bearish trendline for 5 months, which has broken now.
Also, the pair found support at 61.8% of the previous rally, which is a strong bullish sign.
Hence, we expect the trade with bullish bias. The next levels to watch out for are the...
The Index has broken the trendline which paved the bull rally for the past 10 days.
It is consolidating below the trendline and there is a slight chance for a pull back rally to test the broken trendline.
However, the break could trigger a profit booking rally and the index is set for a bearish move for now.
The trendline in the 15-min chart has run its course with a strong bearish candle closing below it.
The price is just consolidating below the line for now.
Hence we expect the pair to be bearish for the short term.
Friday's selloff in Kotak Mahindra Bank due to ING's stake sale has taken it back to its supporting trendline.
Seems that it has already broken the trendline slightly, but will look for confirmation to sell it for targets of 1210 and 1170.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your...
Levels supported by weekly formation of scrip .. placing bet on daily keeping Resistance of 27800 , and looking for the 27000, 26800 26500 for coming weeks.
***Above mention setup is for Educational Purpose only .
Please concern your adviser before taking trade.***
BTST IN RELIANCE
BEARISH TRENDLINE BREAKOUT ON THE UPSIDE
WILL LEAD THE NIFTY BREAKOUT
SYMMETRICAL TRINANGLE ON HOURLY CHART
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...