MARKET DOES NOT LIKE GAP SO NIFTY FILLED GAP OF 200 POINTS AND TOOK SUPPORT AT VERY CRUCIAL SUPPORT AREA 11380 TO 11420...NOW IF NEAR TERM RESISTANCE OF 11500 TAKEN OUT THAN NIFTY CAN BE EASILY GO TO 11670 TO 11700 LEVELS...IF NIFTY TAKEN OUT 11380 VIEW WILL BE INVALIDATE
HDFC is the third heavy weight stock in Nifty and is seen to have taken a major support and a strong bounce on weekly timeframe. Stock bounced from Support Zone, Trendline support and Fibonacci 0.618 retracement
HDFC Bank has the highest weightage in Nifty 50 & Bank Nifty Indices. It is at its strong support on weekly time frame. For confirmation one should wait for a bullish candlestick pattern at the support zone. If this stock becomes bullish, it will make both the indices bullish.
HCLTECH is at its strong support and is exhibiting RSI Bullish Divergence. 1000 PE has highest OI. If it can close above nearest resistance like 20 SMA or Trendline resistance, further bullishness can be seen
There's a bearish divergence on hourly chart with Hanging Man/Doji candlestick pattern. Price is also at conjunction of Resistances ( Trendline & Horizontal). A bearish candle already closed below Hanging Man/Doji. For best confirmation of bearishness one can wait for a close below 330 which is a conjunction of both horizontal and trendline supports
BAJAJFINSV bounced back from trendline support with a Bullish Engulfing Candlestick Pattern. Fibonacci 0.618 retracement can also be observed at the trendline support. A close above the horizontal resistance will take the stock to the supply zone at 7600.