Nifty started a new bullish trend during the first day of february which stopped at near 15450 levels
and since then nifty has been following a falling channel pattern and has corrected almost 8%.
Formation of an inverted hammer that too near the breakout point shows significant selling pressure
i believe, if we break the low of this hammer which is 14420...
:-Gap fill and continue up trend
:-Gap fill+ retest of falling wedge supply zone
times are hard, covid 19 cases are continuosly rising at an alarming rate and this same type of market structure nifty formed last year before crashing down to
near 7500 levels
last trading day foreign investors sold a whopping 3500...
HDFC bank if in a short term down trend since a long time
till now it has been corrected near 12-13%
1300 levels seems a very goodoption to start on collecting for long and short term both
reasons why these levels are good
1) near previous all time highs which mean heavy resistance will be there which indirectly means a good support zone for future bull runs
paralle channel forming in NIFTY since the start
most probably we will be seeing another small downside and then a possible recovery
PS: keep in mind that covid will influence a lot during this period
so trade wisely
MFSL forming double top formation
if it takes support from the blue zone, you can try going long
else, if it breaks the trendline, you can go short
disclaimer: markets can be irrational since budget is near.So trade wisely
#ultratechcement showing weak signs
with nifty breaking its trendline today, market may be bearish for the next week
also, RSI is near 40.
if ultratechcement breaks trendline, you can easily short it for good profits
if it takes support at the support zone, then go for a long position.
market is supreme and we should always respect the trend