Niftybank
Sbi card and payment Sbi card and payment falling despite having a very good result with a good 28.8% eps beaten .In this chart we can see its downward tread if tommorow it give break out on them we creat buy position in it. If sbi card and payment tommorow cross 740 level and sustain ..
then our target for it is 780-850-900
Sl 694
Hold for 10-20 days
For all targets hold for 2 months
Nifty view for 09/05/22Nifty has created a gap an has traded in a range.
It took resisitance from its 20ema on 15 minutes time frame.
Support :- 16200, 15800
Resistance :- 16480, 16620
Market has been trading in a range and has consolidated on previous trading day.
Wait and watch the price action near the levels befote trading the market.
NIFTY FORCAST UPDATE / HOLD- on the weekly chart : this week know a green candle but a big attack from the sellers,
- on the daily chart : the sellers pushs the price down again after yestrday's green candle,
- personal opinion : the price will continue in going down due to the lack of any clear warnings of a reversel in trend ,
- best move : hold your selling position ,
Bang-Bang on Bank ?Bank Nifty has been a outperformer in recent rally in last 6 months but now it seems it gonna break down from the channel too. Channel though is a downward sloping but if it breaks on downside then momentum and volatility will be fast and furious. One strong factor supporting my downside view is that Index has closed below 200 Day Average (Yellow line) for 6th Consecutive session which means weakness. Indicators i.e., MACD and RSI, have already shown bearish crossover of its average. Secondly, index is consecutively trading below short term moving averages 5 and 10 day SMA. So inshort if we break below 35506 then fresh shorts can be initiated. Target would be open while SL is at 200 day average 36940. Cheers!