i had published on 30th that nifty would be on consolidation for days to come and look how exactly the market took support yesterday at fibo support of 18485 level and bounced back. todays analysis is so simple - given the weak fii outlook on indices futures for the expiry, if yesterdays low of 18485 not respected, index will hit the next level of 18435 levels.
The nifty upon a breakout from 18200 levels is likely to consolidate for a few days between 18650 and 18450 and the upon testing the lower end of this consolidation, one can buy with strict SL at 18250 for targets near all time high of 18850 levels
Infy as predicted on friday melt down excellently and i expect downside until atleast 1285 either today or days to come
The recovery of Infy could be potentially used to be sold, given the poor performance of the company and the future commentary of the company. The 1350 and 1366 could be strong resistance for the stock to march higher. shorts could be initiated with these strict SL. for target of 1288 and below.
As expected from my yesterdays post, HDFC bank did not break yesterday's low of 1595 levels and is expected to move higher to 1627 levels and 1635 levels in the near term and upon daily close above these levels one can expect for the retest of the previous swing high. For all longs, Strict SL is 1590 levels.
As predicted in my yesterdays chart, nifty's bull run continues and decisively closed above the previous swing high and momentum is with bulls for the days to come. The next level to take out is 18800 and thereafter 19400 levels. The higher levels may not come straightaway before a small correction. Lets stay long with SL at 18200
The nifty sustaining above the recent swing high of 18450 levels and all time high of 18800 levels is set to reach 19100++ levels and the fibo extension levels suggest the same.
HDFC bank has retested the support and is ready to breakout is my humbly opinion. can anyone confirm this with other technicals.