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
Intraday Price action analysis of Nifty on a 5min TF
If trendline break is confirmed on Monday, targets on downside as follows
SBI life in a strong uptrend, price currently at trendline support. A good RR of 1:3 available on long side if trendline support holds
Banknifty chart analysis post today's expiry. Broadly it is held in a range and trying to resume the uptrend the first signs are the presence of higher low on chart
Strong breakout of the price above resistance line drawn with huge gap up and volumes
Nifty today bounced from a support zone which was earlier a resistance. The same also has a trendline support.
Nifty bounced from support zone and closed above golden ratio level. Probablity to test all time high is now.
Nifty 50 key zones of supply and demand to watch for intraday.
Nifty fut is moving a rising regression channel post the gap up from 26-May-2023
Banknifty facing resistance at 61.8% level. If Banknifty break's 61.8% level, this could mean a channel breakout on the upside and targets of 44200 & 44300 open up.