Pre & Post Budget movements are most rewarding if captured correctly. Since the last two budgets, we are seeing a sharp fall post budget. This time it seems, this may not repeat. Renko charts says so! The market may either continue its upward journey or may trade in a narrow range. So I will either suggest going long on NSE:NIFTY or just SELL PUT options of...
Renko is often used prior to some big events especially election outcome. Renko bars + Supertrend + RSI is telling to take a short position on NSE:NIFTY .
Will NDA may fall short of the majority? Renko reveals something!
Tomorrow NSE:BANKNIFTY may open with a gap down or flat. This will the best opportunity to enter a long position for 4-5 days.
RSI has entered the oversold entry which can slow down or even stop the falling NSE:BANKNIFTY
NSE:NIFTY can fall for next two days (till F & O expiry) . Best bet for shorting is above 11750 (if its a gap up opening) when it will surely reach an overbought region.
This call is based on tentative Renko Supertrend sell signal (Not yet appeared, but a good chance of appearing tomorrow) as well as a tentative 'Overbought RSI' signal (Again not yet appeared,...
Breaking of lower band in Keltner Channel as well Fast RSI crossing Slow RSI is an indication of bearish phase in NSE:BANKNIFTY . One can go for short position (2-5 days) with a target of 27600 in NSE:BANKNIFTY . Cheers!
It seems profit booking may drag NIFTY B to 27500 in 3-4 sessions. Three indicators are confirming these:
1. Renko Daily chart (Brick size = 38)
2. RSI (14) hitting the upper threshold.
3. Aroon Down (Red) crossing Aroon Up (Green).
Once can take a position to gain 600-650 bank nifty points.
Daily Renko Charts (Brick size: 1.97) & Supertrend Combination are giving a buying position for NSE:ARVIND for next week. One can enter a bullish position in Future/Options for August Expiry.
As its a Renko charts, I will not give any stop loss or Target profit. However, I will update about the SELL signal to exit from such position.
Next bullish wave is forming for NSE:BANKNIFTY on Renko charts. Supertrend & Aroon crossover indicates a perfect time to enter in position on Monday. Although, Renko-Supertrend will give exit signal on their own. But, extrapolation of previous Renko Chart resistance indicates a rally till 27250 level which should be a good exit level.