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.
Nifty is moving in a rising channel in 75min TF and currently near higher end of the channel. Buying on dips should be the strategy till the uptrend is in place.
IndusInd Bank trading just above support zone. Next resistance zone is around 1600.
Nifty today gave a powerful breakout which usually happens when price consolidates near resistance.
Banknifty headed upwards with strong buying and completed the fibonacci trend based extension targets for intraday. The upper zone also happens to be zone of previous resistance.
Ashok Leyland needs to consolidate near highs / resistance zone for the further upside move / breakout to be powerful
Crude oil stuck in a lower range giving comfort to oil importing countries such as India.
Berger paints is heading towards 52 week high of 710 levels. It is outperforming Nifty and among the strong stocks.
Dollar Index chart looks weak as of now, it had broken 61.8% retracement for the upswing in consideration and heading downside. It probably test recent swing lows around 101 levels/