#Banknifty #Nifty weekly analysis #Thread
Banknifty broken rising wedge pattern on downside & trading below it.
Till it's below the trendline (chart attached below), it can remain weak
But HDFC Bank's results may change d game
tradingview.com/x/V1NyrtzT/
1/n..
Banknifty broken rising wedge pattern on downside & trading below it.
Till it's below the trendline (chart attached below), it can remain weak
But HDFC Bank's results may change d game
tradingview.com/x/V1NyrtzT/
1/n..
This chart will help to indentify long entry.
If this trendline gets broken on upside (38500/38550) then long entry can b intiated.
Also this can b SL for short.
2/n...
If this trendline gets broken on upside (38500/38550) then long entry can b intiated.
Also this can b SL for short.
2/n...
Last daily candle on banknifty is Hammer, showing some strength.
Before that it has formed evening star Pattern, but it may get negated just like what happened on monthly chart of indices.
3/n...
Before that it has formed evening star Pattern, but it may get negated just like what happened on monthly chart of indices.
3/n...
Oi data monthly, has strong support (max put oi) at 38k & resistance at 38500 & 39k (highest call oi)
So it will b interesting to c who leaves the ground 1st.
4/n..
So it will b interesting to c who leaves the ground 1st.
4/n..
#Nifty on other hand still remains strong.
Not broken the rising wedge pattern as of now.
Also the target of bullish pennant pattern we discussed last time has not reached yet.
So 18320 if crossed then upside momentum can continue
5/n..
Not broken the rising wedge pattern as of now.
Also the target of bullish pennant pattern we discussed last time has not reached yet.
So 18320 if crossed then upside momentum can continue
5/n..
Nifty still moving up in rising channel.
1st sign of weakness will b close below 18150 (rising wedge support trendline).
It's showing negative divergence but it doesn't mean that it's going to fall sharp.
It just means that there is loss of strength.
6/n..
1st sign of weakness will b close below 18150 (rising wedge support trendline).
It's showing negative divergence but it doesn't mean that it's going to fall sharp.
It just means that there is loss of strength.
6/n..
Below this strong support zone are 18k &17950/17800.
From where bounce can come.
So I will b looking for going long if nifty comes in this area.
Existing long has trailing SL of 18150 hrly closing basis.
7/n..
From where bounce can come.
So I will b looking for going long if nifty comes in this area.
Existing long has trailing SL of 18150 hrly closing basis.
7/n..
Oi data nifty suggest strong support at 18k (highest out oi & resistance at 18600 (highest call oi) as per monthly oi data.
So this again shows that major correction should not b there as of now.
8/n...
So this again shows that major correction should not b there as of now.
8/n...
We r at such a stage that we can't b over bullish or bearish at this point.
Because major timeframe structure is strong & there is slight loss of momentum on smaller timeframe.
So grinding may b there at upper levels.
9/n...
Because major timeframe structure is strong & there is slight loss of momentum on smaller timeframe.
So grinding may b there at upper levels.
9/n...
So to conclude it's better to avoid gut feeling & follow d levels or ur trading system & trade small.
Levels already shared in video.
#nifty
#banknifty
#StockMarket
Thread is for educational purpose only.
Don't trade based on this.
Thanks & Gn Frnds.
Levels already shared in video.
#nifty
#banknifty
#StockMarket
Thread is for educational purpose only.
Don't trade based on this.
Thanks & Gn Frnds.
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