scalp3r240

scalp3r240 Updated 

The firm bullish move in the index this week opens up possibilities for it to tread at higher levels in the coming week. On gap down, the index could move towards 20900. Beyond that it should find support at around 20500 (2 weeks' average) On gap up, and above 21500, the index has no major resistance up till 22400 (38.2% retracement)

scalp3r240

The index broke above 22000 with a short covering rally taking it up to 22300. Traders should remain cautious and watch out for any weakness in the index at 22400, which could be a major supply zone giving an ideal level to short owing to some profit booking. On gap up, if sustains above 22400, the index will continue with momentum towards 24400 (50% retracement)...

scalp3r240 Updated 

The massive bull rally closed today with a large sell candle on the hourly chart, with good volume, from 21600 odd levels. There is a minor hiccup at 20900-21000 levels which should serve as pivot point for expiry. If the index sustains above 21000 for some time it can move up to test today’s high of 21600. A decisive move beyond that will take the index up to...

scalp3r240 Updated 

Nifty Bank reached the target of 20150 with almost no breaks. However, it failed to sustain above 20150 suggesting a supply zone at the resistance level. The negative crossover of Stochastics further confirms a possible minor correction in the coming days up to 19000.

scalp3r240 Updated 

Nifty Bank closed above 19000 quite decisively towards the end of this week confirming the pullback rally from 17140. Bulls have a higher ground of taking the index further up to 20000-20150 odd levels once it breaches a minor resistance at 19450-19500. However, the index could slip to 18250 odd levels in case 18700 is breached on the downside. In case the index...

scalp3r240 Updated 

18700 will act as a pivot point for Nifty Bank with upside reaching upto 1800-20000 levels. If unable to sustain above 18700, the bank index will try and take support at 18200, which had earlier served as resistance but quite easily taken out today. A close below 18200 this week will give an upperhand to shorters in the market.

scalp3r240 Updated 

This week Nifty Bank tested the level of 17100, tested earlier on 3rd April. Positive crossover of Stochastics on the hourly chart gives a clear signal to go long (or unwind shorts) for a short pullback towards 18250 odd levels in the coming week. However, the long view is negated if the index fails to sustain above 17800-18000 levels. On the down side, 16100, low...