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 Nifty...
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, but...
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.
Tomorrow on NSE:NIFTY, if a red bearish bar appears, then it will be a three black crow pattern which will confirm long bearish phase!
However if a big green bar emerged from day's opening price, it will be a Three line Strike pattern, which is a highly bullish pattern with 84% accuracy rate! See also my other posting in link below.
Tomorrow on NSE:NIFTY, if a big green bullish bar emerged from day's opening price (engulfing previous 3 red bars), it will be a Three line Strike pattern, which is a highly bullish pattern with 84% accuracy rate!
However if its a bearish red bar, then it will be a three black crow pattern which will confirm long term bearish phase! See my other posting also on...
Mutiple bearish divergences in stochastics as well as negative MACD crossover makes NSE:RBLBANK as 'SELL' cadndidate!
Short NSE:RBLBANK tomorrow with a target of 507(t1), 501(t2) & 496(t3). A stop loss of 517.3 is highly recommended.