Nifty price action analysis for today, where it gave a breakout of previous day high and continued to trend upside.
Media and PSU banks have outperformed nifty for the week to a large extent
This week PSU banks have outperformed Nifty to a large extent.
Nifty has broken trendline on 75min TF, this opens possibility of retest of previous swing low.
DXY faced rejection at 50% level for the swing under consideration and is followed up with a strong bearish candle. If continues it's downward journey then the risk on sentiment continues in equity markets.
IOC breaks previous swing high and is heading towards previous swing highs as potential targets on upside.
Canbk has given a closing of 333.70 which is higher than previous swing levels. 341 zone are the all time high zones of Canbk. Crossing 341 resistance zone can lead to creation of new ATH
SBIN gives a weekly closing of 593.60 and also hits a higher high. Previous swing high zone of 622 can be immediate targets.
HCL heading towards next swing high of 1214, 1150 earlier resistance has become support zone.
Break of resistance with strong candle and rectangle box consolidation and breakout
Today post breakout of resistance, with a strong candle, change in polarity was observed.
HUL breaks out of resistance zone of 2340 levels. A retest of this zone could provide good provide good opportunity for longs.
Probable trend based extension targets for Nifty on weekly chart
Since market has no resistance on the upside, the probable upside targets are indicated on the chart using trend based fib extension
If HDFC bank is able to break weekly resistance levels of 1725, the targets of 0.618 & 1 on the extension side open up.
Nifty has many price action concepts today such as trading range bound, breaking resistance, then trendline break with high low high high structure and resistance turning into support finally.
Banknifty gave a shortcovering, can look at today's youtube video explanation of the move using EOD data and OI
Intraday price action analysis of banknifty on a 5 min TF