As lockdown get uplifted in various states, Media stocks like PVR, Inox can move higher in anticipation of opening of their business.
The chart also forms a inverse HNS pattern, which is a good bullish pattern.
Multiyear channel resistance breakout is seen in this chart, if you look at the chart, every time the price touches the end of channel it reverse to the other end of the channel and vice versa.
This time a comfortable breakout is seen in daily and weekly chart, we must wait for the confirmation in month chart also.
Every time the price touches the trend line, it is bouncing atlas 500 points higher from that level.
Now, again the price trading near the trend line, we may expect a little bounce upto 36000 levels, breaking the 36k level may lead to short covering pushing the price upto 36500 levels.
As you see in this chart, nifty50 is clearly respecting the parallel channel which start from the previous year march low.
In short it is consolidating in a close range of 15600-15900, breaking the upper side may elevates the price to 16500 levels.
Breaking the lower end of channel will bring down the price to 15500 levels, which act as a strong support as per...
Tired of giving levels for this script because things haven't changed for many weeks.
The price formed a HNS pattern near the tnredline, previously it has bounced out after the similar formation near the demand zone.
So we can expect the similar move in b.nifty on Monday also.
Compared to B.nifty, Nifty50 looks bearish for me, as it forms a triple top at the resistance line.
As you see it is consolidating inside the close 150-200 range, breaking the 15660 levels will lead to further down side upto 15500.
As I said in previous post, bank nifty is sandwiched between the two virgin CPR levels, struggling to break either side.
Today, it is trading near its trend line support from where it bounced many times in the past, so this time also we may expect some bounce from that levels.
Banknifty clearly trading between two Virgin CPR levels, which means it is not likely to break the upper Virgin CPR levels (35700) and lower CPR levels (34800) for this week expiry.
As the open interest data also tells the same story.
Nifty, clearly took support from the trend line which is the previous resistance for a log time. As b.nifty looks bullish, nifty likely to break 16000 levels on Monday, so we can expect 16500 levels in July series.
Despite some good news for the company, today it has fallen about 2.5% intraday.
It took a support from the trend line which acts a resistance previously, so tomorrow it should not break that level, otherwise it may drop to further levels as per the chart.
Its been a month passed but still b.nifty trading between the parallel channel, as the time goes the channel gets broader, not giving any sign of breaking the channel.
I think b.nifty is waiting for some external trigger which can pull or drag the market in either way, until it breaks the 35700 levels the market is "sell on rise" type.
Quarterly expires over...
Nifty broke the parallel channel, but somehow managed close above 15600 levels.
As the global market closed RED in previous session, our market also likely to follow the same trend tomorrow.
Expect a high volatile week.
Banknifty took support from the trend line and broke the previous two upper trendlines, as per the chart the setup looks positive but the global cues are not good, US markets fell more than 1.5% in previous trading session, that may reflect in our market also.
There are some possibilities of breaking lower levels, so be prepare for a high volatile week.