Nifty need to cross 39 EMA on 15 minute chart, on at least one or two 15 min candles closing basis.
The downward momentum is too strong and markets are highly oversold, approx. 6% correction in a week with no significant pull back.
Keep an eye on 17220-17380 range, breakout may give a decisive move in the direction of breakout.
17450-17550 being resistance levels.
17144 - 17109 - 16990 - 16930 - 16900 supports.
Use this for learning trend lines, trade with utmost caution and after consulting your financial consultant.
17460 has been an important level from Price Volume Profile chart, maximum volume traded since Aug.1 to present.
17030 - 18120 is the broad range, 17270 - 17950 is the important narrow range.
17810 important resistance within this range.
Exceeding and sustaining above 18130 is important fot long side trades.
17998 is an important support, dips should be used to add as long as this is intact.
17850 support loss - short term trades,
Sharp upmove can be expected above 18180-18220 resistance range.
Resistance levels for week 18205,18268,18335,18400,18484
As per this ascending channel we can expect 17060 once 17350 is broken decisively. below the control line, support was touched in the past two occasions.
16915 - 16770 - 16700 can be seen if 17050 is broken.
17915 - 17950 major resistance levels, support may come at 17890, 17803, 17760, 17700
It did made a evening star Doji near ATH levels.
Also made a new ATH closing and managed to close above a resistance trendline too.
17840-17950 range is important for near term direction.
Global concerns are high, trade hedged positions on low volumes.
OI gained 5.89% while the index rose 2.22%, LONG BUILDUP after a few days of shorts covering.
PCR raised 4.79%, to 1.073, it is with in higher zone of the range.
IV gained 2.65 points to close at 19.77, ADR reached 12. SBI, Indusind, ICICI, Kotak major contributors. HDFC Bank too gained a little.
Quantitative indicators are kind of overbought, some cool off...
Silver is trying to recover from over sold zone, a sharp recovery can be expected once resistance line is crossed.
Buy above 24.28, s.loss 23.8,
Target 24.7 - 25.46 - 26.02
i.e. about 66900-69200-69800 in rupees.
Though the BankNifty has been underperforming for past few months, it has formed volatility contraction pattern, going by this the breakout above 36170 whenever it happens, will be wild.
Also this pattern is valid till BNifty holds above 35000 and it should break out within next 3-4 sessions.
closing above 35880 should make way for this breakout,
All important levels are mentioned on chart video.
I have not included any quant based signals today, as those are weird on derivative settlement days.
This post is not an encouragement to trade in highly volatile financial markets, avoid leveraged products if you are not experienced. Do consult your financial consultant before taking any positions.
Nifty showing some resilience at 16700 levels, there are a few signals indicating distribution around current levels.
16700 is strong resistance, while 16490, 16380 and 16180 are immediate supports.
View negates once it closes above 35700 on two consecutive sessions.
To be used for education or research purposes, not an advice to trade.
Supports lie at 35430 - 35300 and 35200,
while 35740 - 36860 - 35980 to act as resistance levels.
Pls carry due diligence before taking any positions, do consult some qualified financial consultant.
contents of this post are for learning or research purposes only.
Spotted a Gramophone Pattern on BankNifty, Coincidently, the day’s low is right at pattern’s low.
If it breaks on the downside i.e. breaks today’s low, we may see a fall of 900-1000 points from the break out level.
That makes our down side target to 34400-34500 range, which is the level that supported BankNifty several times between May and July this year....