Reliance broke below support at 1710-1713 with an increase in volume
So what comes next, another attempt of testing to cross above 1800 or correction towards 1600 ?
I would be betting for correction with entry around 1710(if I get an opportunity to) with stop above 1740(today's high) and first target of 1650
This gives Reward/Risk of 2:1 which isn't...
Historically important level, resistance-turned-support from 2015-16, of round number 1000 was broken in 2020 and is acting as resistance now.
It has been tested a couple of times now in last few days but yet to get a decisive break on the upside.
Looking to short it above 950 or as close to 1000 as possible. Stop above 1020 on closing basis.
With stop below 447, entry at around current price of 465 and for target of 545, we get a good risk-reward ration more than 1:4
If price breaks below 450 we can look to short for target near next support levels of 320. But that is not the trade at present. Current trade is to buy as near to 450 as possible aiming for target above 500.
Nice support at around 450...
Up move from the 18th March low had a consolidation with a flag formation in the last few days… which has already broken on the upside in the last two days. Safe trade would be to enter when price is above the flag-high (35,800) with comfortable target to the next crucial level of 39,800.
Therefore, one can buy Silver when spot is above 35,800 with a stop below...
On the daily chart divergence in RSI for highs of Dec-2019 and Jan-2020 indicated weakness in the up move within the channel.
Index has broken out of channel in last few days with both daily and weekly RSI now below 50 indicating weakness.
Index expected to continue its move back towards 7700 in next 5-6 months where the HnS pattern would complete.
Looking at the weekly chart from Feb-2018 it looks like index is in the second half of right shoulder of Head and Shoulder Pattern.
The high of left shoulder around 8450-8460 range has again acted as a resistance during the formation of right shoulder high.
This is also 61.8% retracement of price drop from high of mid-July to low formed in mid-October.
CNXMNC index broke the triangle (height of 1775 points) on the downside opening its drop towards 10600 which is also the resistance-turned-support levels broken in early part of year 2017.
Expect major contribution from Consumer Goods stocks which constitute 40% of CNXMNC index weight.
CNXMIDCAP index broke below curcial support level of 16150 to continue its downward journey towards next support level of 14100. Trade on the short side.
Current level is 15700 with target of 14100 and stop above 16150 gives a risk:reward ratio of 1:3.55
Though we cannot directly trade midcap index similar to nifty and banknifty.. Point is to select midcap...
- After quaterly results price held above result day low.
- Consecutive red closing with dropping volume after the results.
- Break above 640 gives a good entry point with stop below result days low of 626.
- If price manages to break above 656, can expect move towards 680-682 level.
CNXPSUBANK breaks below range of 2655-2700
majorly contributed by SBIN which breaks below support of 256
next support for CNXPSUBANK would be around multi-year support level of 1900-2050
which would mean that SBIN expected to test support in 232-235 range