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COVID has impacted our lives in so many ways and Stock markets were no exception which saw drastic falls and steep recoveries as well.
SO I have tried to make a correlation between both.
Major scrips saw a minor downtrend which lasts for few weeks with minor corrections. Similarly COVID 1st wave caused saw minor casualities for few weeks.
The scrip entered into...
BankNifty is mostly concentrated in a parallel channel.
A few breakouts/Breakdowns has been rejected multiple times.
A major uptrend in BN immediately rejected by massive downtrend and pushed in the zone again.
Price levels are again on top of the channel.
If Breakout of the zone failed, Go short. And if Breakout succeeds then go long till 23400-500.
1. Post-COVID Nifty was in a long bull run with no corrective waves so far.
2. In the bull run, there was a rising wedge pattern with price zones getting narrower.
3. The recent corrective wave was the first major correction observed.
4. Corrective wave occurred once NIfty broke the lower support line of the Wedge.
5. Now a broadening falling wedge is in making...
Indiabulls is in a strong bearish trend and now near a strong support zone of 177-178.
A bearish descending triangle with a flat bottom at 178 is visible.
Any move below this level will cause the stock to fall up to 160 levels continuing the bearish outlook.
It can turn the trend taking support from here if the market view is overall positive.
BN is sitting on the strong support of 21300.
Recent highs couldn't be sustained and now it is almost touching its recent lows.
Upcoming days we can see BN try touching its support levels 21300 and then it holds the support, uptrend will be next making right shoulder.
A diamond pattern in visible in hourly charts.
In this pattern prices first broadens inside a zone and then starts narrowing down.
Breakout of the diamond signifies a clear trend then...
Nifty is looking a bit weaker and some lower levels can be expected in upcoming days unless some good news pop up .
Levels to expect:
Rajesh export was in a large consolidation phase and in the process made a rounding bottom formation.
The consolidation phase has official over after a huge breakout.
NELCO is in love with box price action.
Prices consolidate in boxes and then breakout in either direction causes uptrend or downtrend.
Earlier there was a downtrend post every breakout down from the box.
Scrip is in uptrend now, and boxes are shifting to higher price levels.
Next box will be parallel to previous box price zone.
Breakout has happened yesterday...
Ajanta pharma during the downtrend made Lower Highs with a flat Low and thus a triangle formation.
The breakout of the triangle started the uptrend.
In an uptrend, it is following a Higher High, Higher Low formation.
During both the trends, every upmove followed by strong correction waves...
HIgher High Higher low is kind of making a parallel channel, corrective...
ASTERDM has a strong resistance zone near 146 and price is now in a crucial zone.
Uptrand started with a Flag pattern formation and then turned out to be a parallel channel.
A breakdown of the channel rejected sharply and price pulled back into parralle channel zone again.
Now the price may move any side since being near the supply zone and near top of the...
Strong Resistance at 215. Rejected multiple times in past.
Recently broke the resistance but rejected sharply & every retracement was perfectly aligned with fibonacci levels.
LEVLES visible in chart clearly.
Now attempt to move to upper fibonacci levels.
Targets would be :
Took support of bottom line of H&S and rose with good volumes.
Neckline breakout happened yesterday when price crosses above 49 rs levels with good buying pressure coming in.
Immediate targets would be 54-55... If crosses the zone 66-67 on the cards.
A parallel price action zone between 32 to 40.. Price rarely moved out of this zone & any move beyond the zone rejected sharply.
There are multiple attempts to cross the 40 but every time rejected violently.
Once price fell out of 32 support zone .. It corrected sharply following the bullish W pattern.
Now there is another attempt & price is above this zone.....
Scrip is following flag formation since past few months & 3 clear flags visible.
Lower line of flag acts as a strong support.
Upper line of flag acts as a resistance.
Every breakout of the flag upper resistance line turned out to be a big move.
Took support of the lower flag line and now geared up for big next move.
Immediate Target: 252
Banking stocks are looking bullish.
Bank Nifty has corrected itself and now in the support zone , will see a upmove from here.
During BankNifty fall, HDFC bank has made a bearish bat pattern...
Completion of bearish BAT followed by a falling wave.
It is near the strong support zone of 1070-80s of recent months,
Scrip can move up quickly from these...
Strong supply zone near 200.
3 attempts to cross the zone have rejected sharply.
A bearish Gartley pattern has took shape in process...
Neckline of the formation is near 150s. it took support from there and now moving towards supply zone again,
We can go long till 200 and if it crosses the zone strongly , next targets would be 230.
Scrip retraced back sharply from 185 levels , which was the top of the H&S formation.
It broke the lower support line of H&S and fell sharply towards lower levels.
It took support of 140s which is the strong support zone in daily chart.
Neckline levels are lying on 160.
Scrip can move sharply once it breaks the neckline ..
Go Long till top of the head