INDIGO has been on its own flight path up with occasional massive or 2 corrections.
thought the stock has hit 52 week and all time high, 1750 1760 seems to be major resistance zone as shown.
would advice longs to be careful.
Nifty on weekly is currently below the 100 weekly dma and also morei mportant below the weekly CLOUD.
also it is at Monthly 20 dma. a critical area
if the weekly close happens below the cloud, could signal pending weakness, unless it manages to go into the cloud, signalling support taken.
BANK NIFTY today closed below its 100 weekly mov avg.
previous instances it has rebounded around this zone
but it has also broken the trendline from the 2 previous instances.
this week and next week are crucial to see if we get a bounce
Asian Paints , a night mare for shorters in august (including me) as it just kept going up.
Made a new high on clear divergence in RSI
Price will not be able tp sustain at these levels for long. wait for a break of Tenken (blue line).
expecting a correction to 20 dma sometime and lower to test Kijun Sen (maroon line).
its a positional call. targets 1580 1550 1530
BANK nifty had a big move today on short covering.
FIIs sold in the market where as DIIs bought.
Kinda dubious data.
Bank nifty next resistance is marked by two red lines, which also is the region of the 200 dma.
that can be a tough resistance to cross at one go after a strong pullback from friday intraday.
look to short around the 200 dma resistance zone
RELIANCE closed in the negative in a strong day for the market. it couldnt cross 100 dma which is also the weekly 20 dma
reliance buy is only when it closes above 100 dma.. gap support of the AGM news 1227 1226 is acting as support for now..
if it breaks 1226 it can fill the gap to 1180.