BharatJhunjhunwala

BharatJhunjhunwala

If we compare percentage wise the fall in Banknifty was less intense than that of Nifty. Nifty corrected 3.71% while Banknifty (that should have been move wild) corrected 3.44% We can see that Bank nifty is also at an important pivot as Nifty is. The RSI has fallen below the 30 levels. If Banknifty fails to save the 28950 levels in the coming week then the...

BharatJhunjhunwala

The charts were providing clear signal of exhaustion in Nifty, the same I have been pointing out in my previous weekly issues. Sellers gripped Nifty very hard today and lead to a 431 point fall. The fall halted at a very crucial pivot zone of 11200. Now we have to watch out how Nifty will behaves on Monday. If it closes below the pivot and registers negative close...

BharatJhunjhunwala

Nifty ended up in a state of confusion. There was no defined action, being the week ending on weekly expiry this was much expected. However Nifty seems to be under pressure. The 12300 levels are intact from last few weeks and has been acting as a effective resistance. If nifty fails to move above 12300 then most probably it will test 11990, 11850 & 11600 in the...

BharatJhunjhunwala

The advance the stock had made in the last few weeks seems to be corrective rather than a attempt to move up. As of the stock has taken resistance at an resistance level and formed a dark cloud cover. A move below 243 will aggravate selling and the stock may test 238, 235 & 227 level. However a move above 251 will negate the bearish view and the stock may render...

BharatJhunjhunwala

The stock has been into a very tight congestion since last 7 months, previously an attempt to breakout was made but failed. From last two sessions the stock is attempting breakout again! What is important to notice that the last swing leg didn’t test the lower line of the rectangle, it indicates valid buying is taking place in the stock. 210 if saved on closing...

BharatJhunjhunwala

The stock took support at multiple support zones and formed a hammer pattern. The RSI is taking support at the 40 levels and bouncing up. MACD is at zero level. The stock may face a little resistance at the falling trend line (marked on the chart) A break above the channel will be a trend resumption signal for the SBI

BharatJhunjhunwala

The stock has been playing into a rectangle from last 4 months, several attempts have been made to breakout but didn’t succeed. The prices are close to support as long as it don’t breakout of the range it’s worth waiting for it. Have a look at the RSI, it also meanders between 60-40 levels in a zone indicating total sideways action.

BharatJhunjhunwala

The stock fell below a very critical support on intraday basis, probably it was an attempt to shake off weak holder or buyer in it. A rebound was see with a formation of a bullish hammer candlestick pattern. RSI is into oversold bullish zone while MACD has faltered below zero line. In the coming sessions if lows of 115 is kept then we may see prices advancing to...

BharatJhunjhunwala

In the coming weeks metals may witness a pull back, like tata steel SAIL is also enjoying a hammer formation on a very strong support level. We may notice that there are multiple of factors supporting SAIL here. The hammer formation further confirms buying here. RSI is just at the bullish oversold extreme though MACD has fallen below 0, a bounce may not be ruled...

BharatJhunjhunwala

We can see that the stock has taken support at the critical level, below this the stock may fall badly & resume it’s trend down. The RSI is holding on to the 40 levels, we may expect the hammer to work and prices should move ahead from this level. The probable target zones in short term may be around 450 & 500 levels while closing below 285 will be not good.

BharatJhunjhunwala

The stock has reached the last stand for buyers, any close below 290 and sustenance below it will push the stock into bear grip. The RSI is oversold and it can remain in oversold condition in bearish condition for extended period. Any pullback may provide shorting opportunity if weakness persists.

BharatJhunjhunwala

Like the Banknifty, Nifty is also resting at an support level. 12090 will keep providing support to the index breaking below it Nifty may slide to 11960, 11790 & 11420 levels. While 12300 will act as a strong resistance zone for Nifty. The RSI is into neutral zone between 60-40 levels, while it is also taking resistance at the trend line. The MACD is also facing...

BharatJhunjhunwala

The index closed at a very important level. 30800 level may provide support to the index. The RSI is into neutral zone (a momentum weakness is eminent ) The MACD is below the zero line indicating weakness. Above 31880 levels may act as resistance, giving away supports below 30800 may push the banknifty to 30070, 29630 & 28950.

BharatJhunjhunwala

The stock has closed below and important pivot zone. The next support levels are close to 490 zones, below it the stock may resume trend down again and test 435 – 350 levels. To reclaim bullish structure it has to close above 580levels. The RSI is into bullish zone MACD is displaying positive momentum, any dips to support may be an interesting place to create...

BharatJhunjhunwala

The stock has taken support at a very important pivot. It made an gap down entry on Friday and was able to pullback. 22660 will serve as immediate resistance in the coming week above which the stock may pull up to 24100, 24600 & 25400 levels. However any failure to cross 22660 and a fall below 21600 may push the prices down to 19700. To regain strength the stock...

BharatJhunjhunwala

The stock has an splendid move in last few months. Lately there has been some momentum divergence in the stock, RSI & MACD on the daily charts are diverging with price. Though divergence is does not indicate any trend change, but it has to hold on to important supports to maintain its trend up. Furthermore the bearish engulfing candle reassures a probable detour...

BharatJhunjhunwala

The banknifty bounced from an very strong pivot after budget session. The buyers in the index announced their return with a bang, the weekly charts have formed bullish engulfing candle on support. While on daily charts the prices are close to a minor resistance at 31720 above which the index can rally to 33170 – 34700. However a move below 30770 may lead banknifty...

BharatJhunjhunwala

The weekly chart of Nifty displays strong comeback from buyers. The piercing bull candle in uptrend is a clear sign of strength. In the last session Nifty ended after a volatile session creating a narrow range candle, the daily prices halted at 61.8% retracement of the corrective leg. The RSI taking resistance at 45 ma and curling down while MACD is into bearish...