2 strong buying candles have emerged with volume which is supported by crossover of 125 EMA on 15 min chart. Mid line of schiff pitch fork is now acting as resistance. Once it takes out center line on 15 min closing basis then expect upmove to continue. Can buy with SL below 235
Distribution in clearly visible on chart. Bearish engulfing, long wicks near 1500-1600 zone is telling that supply is clearly there in counter.
Sell IPCA Lab with stop loss of 1400 on daily closing basis for Target 1150-1050-850
Bajaj Finance is having support around 2200- 2150 zone where counter had observed demand or short covering pressure. It also matches with central line of pitchfork. If it observes this zone and makes a fractal candle on 5 & 15 min chart then can be bought with SL below 2075 for 15-20% upmove
Nifty is likely to open lower which is clear from opening session but pitchfork was already indicating levels of 8350-8280 on chart. 8260-8270 will have to be observed. If it breaks then market is likely to head lowers otherwise we will see rebound from this zone for 9300-9700 levels.
Weekly RSI has first time dropped below 30 since 2008 crisis which is clearly signal of bear market. Nifty had corrected more than 65 % of the value during subprime mortgage crisis. This is certainly a bear market considering reading of RSI. We have corrected 40% and now saw some kind of recovery. Normally 20-35% recovery is seen in price during bear market rally....
8340-8400 could be potential supply zone at higher levels. Nifty has been taking resistance near 65 week EMA on 30 min chart. Pitchfork is also showing resistance near this zone. Let's see whether market can touch and sustain above this zone for 30-45 minutes. If nifty touches this zone and reverses below 8000 then it might be sign of continuation towards 6800-6500 zone.