After a very sharp uptrend movement, stock is consolidating sideways for a long time.
If a major resistance is break with high volumes we can see further upside movement for the ATH.
If a major support is break with high volumes we can see further downside movement.
Stock is supported quite a times from 50 EMA and can go long to All time High after a very good Q1 results.
Q1 '21 Results -
Highest ever consolidated net profit at ₹5,904 cr.
Highest ever consolidated revenue at ₹28,902 cr in Q1 FY22, a 145 % rise as compared to ₹11,782 cr in Q1 FY21.
Result is more than 27 % from the estimation.
After a very sharp uptrend movement, stock is consolidating sideways for a long time and now rejected candle at major resistance.
Traditionally, all the indicators are indicating that after a uptrend followed by sideways trend there is a downtrend with lower highs.
If the major resistance is break with high volumes we can see further upside movement.
1 . Down trend line already broke and surpasses the bearish resistance.
2. Currently NIFTY BANK is at very important levels, I.e, Uptrend line resistance and major resistance at 34680, if it breaks the current level we can see long bullish candles to the given levels.
3 NIFTY BANK made a Double Bottom (W) Pattern and it successfully tested the neckline and went...
Symmetrical Triangle Pattern.
Q4 Result on 12th May, stock is shown very less movement and in a range before results.
Wait for the confirmation breakout ,get confirmation from Volume as well to prevent false breakout.