Banknifty what next??

Posted on 4 Comments on Banknifty what next??
BANKNIFTY

After 4th of June, the trend for Banknifty is not quite clear whether to Buy the Dip or Sell on rise as one day it moves smoothly and the very next day it gets volatile, Kind of non directional within a range considering the previous month’s data.

BANKNIFTY DAILY

This is the daily chart of Banknifty where the 1st Bullish Bat pattern played very nicely on both long as well as short side. Now we’ve another valid Bearish Bat pattern which will stay valid above point B which is [34287] and target for this pattern is the red PRZ zone. [Potential reversal zone].

BANKNIFTY WEEKLY

Banknifty has not only managed to close above B point but also 0.618 retracement [Swing High to Swing Low] which opens the gates for our Target- 36800.

Banknifty OI data shows that there is not much difference between CE and PE writers at 35000 strike at the moment but we’ve 4 trading sessions left and this data keeps on changing.

Open interest

Bearish view-

In a larger timeframe it is just consolidating near a very strong resistance of more than 10 years and we’ve observed that whenever the consolidation happens near ATH the next breakout or breakdown move is quite trendy.

BANKNIFTY MONTHLY

Our Target for Banknifty remains the same 42222- https://www.tradetales.in/banknifty-42000/

Disclaimer- This post is written only for educational purposes. Kindly consult your financial advisor before making any decisions.
PEACE.

Banknifty what next??

Posted on 0 Comments
BANKNIFTY

After 4th of June the Trend for Banknifty is not quite clear whether to Buy the Dip or Sell on rise as one day it moves smoothly and the very next day it gets volatile kind of non directional within a range if we look at the previous month data.

BANKNIFTY DAILY

This is the daily chart of Banknifty where the 1st Bullish Bat pattern played very nicely on both long as well as short side now we’ve another valid Bearish Bat pattern which will stay valid above point B which is [34287] and target for this pattern is the red PRZ zone. [Potential reversal zone].

BANKNIFTY WEEKLY

Banknifty not only has managed to close above B point but also 0.618 retracement [Swing High to Swing Low] which opens the gate for our Target- 36800.

Banknifty OI data shows that there is not much difference between CE and PE writers at 35000 strike at the moment but we’ve 4 trading sessions left and this data keeps on changing.

Open interest

Bearish view-

In a larger timeframe it is just consolidating near a very strong resistance of more than 10 years and we’ve observed that whenever the consolidation happens near ATH the next breakout or breakdown move is quite trendy.

BANKNIFTY MONTHLY

Our Target for Banknifty remains the same 42222- https://www.tradetales.in/banknifty-42000/

Disclaimer- This post is written only for educational purposes kindly consult your financial advisor before making any decisions.
PEACE.

NIFTYBANK, What lies ahead?

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On May 28,2021; Banknifty opened at 35,345 (Highest since mid of March,2021). Though the Index seemed weak, as it approached Point D (35,141) and stalled there.

For the upcoming sessions, Banknifty can be expected to move till 35,768; Where the next Harmonic reversal stands. The price might take a toll, before continuing the trend.

Lastly, After having breached the above levels, 36,850+ can be anticipated and would be a key level to watch. More involvement is expected in the coming week.

Nifty SMLCAP 100

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The NIFTY Smallcap 100 Index is designed to reflect the behavior and performance of the small capitalized segment of the financial market. The NIFTY Smallcap 100 Index comprises of 100 tradable, exchange listed companies.

View- Bullish
Let’s look at the thorough technical analysis of Nifty SMLCAP 100 grab your cup of coffee.

CNXSMALLCAP100 Weekly time frame indicates that a golden crossover was panned out in the month of January later this year. As you can see when that happened earlier on 24th march 2014 it topped out in 2018 and we witnessed a sharp bull phase upside for 4 years (Round figure).
Well, looking at the current scenario this crossover panned out in January and we are now expecting at least 2 to 3 years of bull phase in small cap space.

Also it is very near to it’s top once that happens bulls will have an open arena to crush the bears.

Monthly chart shows that after 1st April,2020 prices did not close below the previous month for even once which shows a very strong trend.

Taking two swings from 2008 top and 2009 bottom previous bull phase ended by completing it’s 1.618 retracement and we saw a long term top.

Now here if we manage to cross the Top Target is going to be 1.618 retracement which is 13644 just like before taking the two swings of 2018 high and 2020 bottom this target is estimated.
If this setup plays out well position yourself accordingly and enjoy the next Bull phase which might last several Years.

Read about Golden crossover at- https://www.tradetales.in/golden-crossover/

Disclaimer- The analysis are only for educational purposes. Trade tales is not liable for your Profit or loss. Kindly refer to your financial advisor before taking any decisions.
PEACE

Nifty Hits All High what NEXT?

Posted on 6 Comments on Nifty Hits All High what NEXT?

Nifty closed at All time high 15435 this Friday after the monthly expiry. Now what next can we expect from the index as it is coming out from nearly 2 months of not clear trend one side but after closing above previous all time highs the sentiment is again bullish.
Well, we are overall bullish on NIFTY but expecting a minor pullback ticket to the next bull phase because a Harmonic Bearish Alt shark was spotted on the index.

As this chart shows that the reversal zone for nifty is 15475 and if we pullback from here the next buying zone is at 14960 which is a very strong support according to technical analysis but if somehow bulls manage to close above 15475 (+- 10 points). This level will act as a very strong support.

Getting to the overall sentiment which looks quite bullish right now and assuming that we close above our reversal area what next might happen??

As you can see in the above chart NIFTY made a similar pattern in October series and after one month of accumulation there was a very strong rally which paused at the end of February 2021 but now the sentiment is again bullish and with fall in coronavirus cases bulls look again ready to hit all the walls of worry. Descending Trendline breakout here followed by a very healthy pullback is cherry on cake.

Also keeping in mind the Fib resistance 1.618 which was at 15413 from where the market got rejected last time and made a short term top is now breached and we are expecting a very strong rally ahead but with shakeouts to flush out the retailers.

All in all; the structure is quite bullish and we are expecting a minor pullback which might offer us a ticket towards next phase of bull market with high reward and low risk.

All these views and charts were shared on our telegram channel and twitter handles well in advance and this move was anticipated by us which gave quite good returns looking at the risk and reward ratio.

Disclaimer- This post is only for educational services, we are not liable for your profit and loss. Kindly consult your financial advisor before taking any decisions.

PEACE.

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