CNXPHARMA has consolidated for long, it has established a higher bottom formation and has given a good breakout on daily charts. Given that this sector has underperformed and has lot of catching up to do, its a low risk entry at these levels compared to other sectors.
Last week we discussed that banknifty is likely to consolidate in a range and advised to trade the range mostly by selling options. This has played out pretty well.
Looks like 25500 is a good base , both from price action and option OI. Based on that can take long positions with 25450 as stops as mentioned last time. Or keep hedged options long. one strategy...
For #Banknifty the levels of 25720-740 spot is the new make or break zone. A move above that can lead to positional targets of 26000 & 26200.
trading below that expect to large consolidate until 25450 breaks convincingly.
Options data suggest max pain at 25500 for this week. this would imply that we may likely consolidate. Good idea would be to sell a calendar...
BANKNIFTY Yesterday retraced from the the lows of 25900. Forming a double bottom support near challenging the upper trend lines zones of the downward channel. yesterday's point of control remained at 25050 in futures levels and around the 24990 zones in the spot levels.
Now there are two scenarios that can play out. the swing top resistance remains...
Yesterday BANKNIFTY closed around the 50% retracment levels. yesterday's top can be a good SL for a short idea. This will be a good test to see if the levels hold.
A breakout above that can re initiate the bull run. downside trade target remains at 25250 , 25100 and lower.
After a sharp move breaking out the trading channels, NIFTY has seem to hit the resistance zone and is looking to test the retracements. Immediate support is the channel trend line marked in red. below it can move to test the upper channel of the breakout trendline.
A breakout above 8740-45 can see it move upto 8810 on the upside. Strong swing support and downside...
Nifty future yesterday broke the support of 8550 level and moved to 8507 that what the level that we had discussed in the past as well and had it marked. Till now NIFTY seems to be playing within the channels and we saw a sharp bounce from that zone as well giving good contraction play. Support remains at 8500. Resistance level at 8600-40, Market can be shorted on...
BANKNIFTY another interesting study. we may use this channel for the next few trading sessions. channel support comes near 19950 zones.
respected the upper channel line for multiple candles. looks like a good shorting idea below 20230 spot.
Publishing after a break, missed publishing the view on Banknifty , specially the pullback opportunity that it provided with respect to the channel in the charts. A break out above this channel will lead to a new range formation. Hence important to hold above today's open