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BANKNIFTY Double Bottom BreakoutThe idea here is about Bank Nifty: My view is Neutral for the below observed technical factors. Points as per TA observed on a Weekly daily & Hourly Chart: 1. Cup & Handle formation completed awaiting breakout as per below: 2. Doji candle formation on weekly chart as per below: 3. Bearish Bat harmonic pattern completed on a daily & Hourly chart as per below: 4. Double bottom pattern completed on 1H chart & 07th Nov market opened with breaking the neckline, price was pushed below the neckline in 1st Session, However, price recovered & the day closed above neckline as per below : 5. Divergence observed on 1H chart for RSI, Commodity Channel Index & Momentum as per below: 6. Trading way above 20& 200 EMA on a weekly, daily & 20 EMA support established on hourly chart at the time of publishing. 7. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a weekly, daily & hourly is very strong upward momentum at the time of publishing. 8. RSI is at 66.86 on a weekly Chart, 64.76 on daily & 65.77 on hourly chart at the time of publishing. 9. MACD almost way above signal line on weekly, daily & hourly chart at the time of publishing. Projected Targets: Double Bottom & Bearish Bat harmonic pattern provided in chart. Stop Loss: provided in chart. Entry point: If price sustains above the double bottom neckline in the next trading session then long entry can be confirmed. If price breaks below the double bottom support short entry can be confirmed. Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So Please do your own DD (Due Diligence) before any kind of investment”. Do you like my TA & ideas!! Want to keep yourself updated with current market action? Then don’t forget boost & subscribe for more analysis. The more boost & comments further more motivation for publishing. Let the Trading community & family know about your opinion with comments. Cheers.
NSE:BANKNIFTY
by Tron029
2
BANK NIFTY Comprehensive Analysis Jan 2021Hi we have analyzed this INDEX and there 2 upcoming scenarios which are based on Price Action and Fibonacci projections. both the analysis are having Time forecast as we have analyzed the Target zones by the Fibonacci Time Base tool which is giving us the at most time span to achieve the forecasted TPs the two scenarios are as follow... 1. Long. as we can see the price as touched the 161.8% level (Extension Point), of the Fibonacci projection, and it is the sign of trend continuation or rally extension so we can target the 261.8% of the same projection (40000Rs), which is specified by TP line. 2.Short. as we know this instrument has reached its past ATH, and can be counted as over bought now so we can expect some retracement and correction in the price trend we can target some of its past Resistance areas which can now be counted as its presents support zones and our ultimate scenarios TPs. there 3 main zones which are having confluences with the Fibonacci retracement of same bullish wave, we have not drown the Fibonacci levels as they make the chart a bit befuddling. please comment your opinions about both the scenarios
NSE:BANKNIFTY
by BitonGroup
SENSEX is Falling 01/02/2021as we can see we have bearish Divergence with MACD Signal and MACD Histogram and it is at the end of a bullish trend which is happening post corona Pandemic and it can be interpreted as trend reversal and Distribution time now it can be the time for some correction and retraces we have analyzed the daily Timeframe and used Price Action Strategy to find the accumulation zones these areas are also having confluences with Fibonacci retracement levels which are good areas to target or enter we may have a small bullish Spike but the overall scenario is bearish from now onwards
BSE:SENSEXShort
by BitonGroup
NIFTY 50 - Complete Breakdown of ChartHi Traders, As we breakdown the hourly chart for short term analysis, we have a short term bearish bias on nifty 50 because it is trading below the 50SMA. Nifty 50 has closed below a major support level today. Other Key levels as per hourly chart are between 11458.05 and 11418.18 which can act as a resistance in case of a pullback. We have a support at 10897.84 and 10861.36. Now we will have a look at the daily chart. The daily shows that this counter is inside a support zone(White) and we have a resistance at 11445.87(Green). This resistance can be only for a short term because the daily chart shows we are still in an uptrend because we are trading above the 50SMA. Nifty has broken a trendline to the downside but in can still be a corrective wave. A close below 11077.42(Red) will indicate the start of a downtrend. Note:- This analysis can be used for short term and medium term analysis. We need to breakdown the weekly chart for long term investments. If u have any suggestion on which counter u need an analysis, please comment below. Pls like and follow for more. Happy Trading............
NSE:NIFTY
by Hari_krishnan_S_Kumar
7