PromodSshrivastava

PromodSshrivastava

Bank Nifty has taken support of 20EMA in the Wednesday session. On muhurat trading day it has made a small bearish candle just below 13EMA. Today we could see an explosive move. FPI/FII are back to selling spree, so no prizes for guessing which way the markets could explode today. But then, market never ceases to surprise us, really hope today is one such day. Let's see.

PromodSshrivastava

Bank Nifty saw an extremely volatile trading day. It has taken support at 20EMA. Next session will be critical to see if the support holds and we see an uptrend. If selling pressure continues, we could see a breakdown (similar to Nifty) and then a downward trend might continue.

PromodSshrivastava

Nifty closed below PDL, facing resistance of 20EMA on the daily chart. Nifty has to breach the 20EMA line to regain strength and trend upwards. Till then it will continue to retrace and trend downwards/sideways consolidation. Let us see how the sentiments support the Nifty fightback in the next few trading sessions.

PromodSshrivastava

Bank Nifty should show strength if it breaks above 40080/40100 -this level has become a tough resistance. Below this, the CPR pivot is quite narrow and can be breached easily if tested. We could see a trending day as CPR is narrow. Options data indicates max pain at 40000 - this is 100 pts above the morning levels but supports the 40080 resistance theory. What do...

PromodSshrivastava

Nifty must break the 20EMA resistance to show strength and move higher. FII/FPI buying can come as a welcome support if they continue to buy. If Nifty is unable to break the resistance, then we can see continued weakness.

PromodSshrivastava

Strength returned to Bank Nifty - two sessions of closing above PDH. Tomorrow opening above CPR will give a fillip to move into uptrend and close higher. FII/FPI buying (albeit quite muted) if continued, should help Bank Nifty stay up.

PromodSshrivastava

Bank Nifty has taken support at CPR but is unable to breach the virgin CPR of yesterday. Stuck for the moment inside a parallel channel. If it breaks down, then it will again take support at CPR. If it breaks out, then it will go on to face resistance and needs to breach yesterdays' virgin CPR.

PromodSshrivastava

Nifty is well on its way up taking support at CPR (opening above CPR and taking support). Can it sustain the EMA crossover or will the momentum be challenged by FPI/FII selling (which paused today). Let us wait and see tomorrow. Critical to see closing above the two EMAs tomorrow to confirm the uptrend.

PromodSshrivastava

Bank Nifty can reverse the down trend of past several sessions if it crosses the critical 100EMA resistance/39950 level ... if the level is breached and closing is above the level tomorrow, we would witness a trend reversal. Can then look forward to another upward rally beyond 40k with 40k as the base. Do you think Bank Nifty will travel the last leg and cross...

PromodSshrivastava

Bank Nifty has taken support at a Virgin CPR in the last trading session. Indications are clearly bearish with more correction to come (unless FIIs want to start buying). There is a Gap to be filled. Do we see a breakdown and Gap being filled today. Hope it takes longer....lets see.

PromodSshrivastava

If Nifty opens above CPR -only then there is a possibility of taking support and rising higher. Chart tells a strong bearish indication. Unless FII's decide its time to start buying.

PromodSshrivastava

NIfty today breached 20 EMA - a support that it had taken couple of sessions ago. Nifty also breached a critical support level of 17944 (pls refer chart) and taken support at virgin CPR. If todays low is breached, then Nifty could take support at next virgin CPR...here are a few supports available. Next big level to watch out for is 17,439 (pls ref chart), so...

PromodSshrivastava

Bank Nifty has taken support at the 20EMA on the daily charts.If the support holds tomorrow, we could see a halt in the downslide. Let us see. Multiple supports just below 20EMA in case the level is broken.

PromodSshrivastava

Support from 20EMA has held nifty up on daily chart. It did not breach PDL which is a good sign that the bottom is holding. Doji on the weekly chart, also it is far from 20EMA. With heavy selling from FII's tough to be sure about whats coming. Anyway from the daily and weekly charts, possibly we will have a consolidation at these levels with Nifty remaining within...

PromodSshrivastava

Bank Nifty came under profit booking and selling pressure from FII's. A doji on the weekly chart and a bearish strong candle engulfing on the daily chart. Levels are far stretched from the moving averages -20EMA for a while now, time for the twin to meet? Lets see if the bearishness remains on weekly expiry day as well.

PromodSshrivastava

Nifty is in the bullish zone (above a widish CPR) but stuck in a band. Bank Nifty is stuck within the CPR and searching a way to break away. Which way will the move finally happen...anyone's guess until probably the FIIs make up their minds and stop selling!

PromodSshrivastava

Nifty took support at 20EMA (ref daily chart)and is continuing the uptrend. With a wide CPR tomorrow, likely Nifty could trade sideways and consolidate. (unlikely scene for trending Wednesday)

PromodSshrivastava

Bank Nifty remained in a tight range with a tight cpr, could expiry day see a trending day. Likely breakout towards the 20EMA direction. Will the sentiments support the move?