It seems bank nifty to make a new higher range of 37000-40000 by July-September. All time based possible corrections are over and bank sector to take off from the existing consolidation with a nice upper break out. BNF will drag Nifty and other sectors also.
Despite the stock was having food momentum, buyer support and volume, I have been staying away from SBI since 30 points run away gap up was formed after the budget event. The huge run away gap up of 30 points to be filled soon. the demand zone for short and long term still remains at 320-350 range.
A time based correction is over due. MACD on daily chart signals weak strength and major hurdles upwards. A doubl top is forming in the daily chart and possible landing level should be 14450 and further correction cannot be ruled out too. Investors be cautious.
Market to be corrected to 14200-13985 in the coming months. It had already started time based correction on Jan 13. Budget created another good piece of market illusion. Think and invest wisely. Protect your capital.
Tatamotors is forming a bullish pennant with last minute buy with three pyramid volume candles and MACD signals buy in intraday and positional. The stock had taken good support on 50 ema throughout the after noon session and closed above the 50ema. Current position is right below the VWAP which shows potential upper break out and hitting of 344-352 levels...
Since Jan 13th Bank Nifty had been trying to pull back 9 times and had failed. Bank nifty is approaching approaching a major monthly support at 31833 now and trying another pull back. So technically, we have entered a major time based correction from Jan 13th I guess.
IndusInd bank is forming a bullish inverted head and shoulder pattern in 15 minutes chart. The neck level is at 940 though the entry as per the pattern too. What are your thoughts..? Is it gonna break the pattern and hit the CLSA revised target of 1150?
It looks like Bank nifty is preparing for a correction and possible short term trend reversal as per the chart. Possible landings at 1, 2 & 3 and if it is a trend reversal, then it should go for 1 -2 years.