HDFC LIFE INSURANCE

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HDFC Life Insurance after breaking out 646 it’s pre Covid-19 High has sustained very nicely above the breakout level and we can see a nice narrow range price squeeze on the technical chart with follow up attempting a minor breakout soon. #Bullish

HDFC LIFE INSURANCE MONHTLY LOG SCALE

On the Weekly timeframe we can see an Inverse Head and Shoulder Pattern Breakout and the price has sustained above the breakout level very nicely if we try to estimate the technical target for this script so it is 950+

Weekly chart
Source- STATISTA

For queries related to this post or technical analysis you can mail us here at- Info@tradetales.in

Disclaimer- This post is shared for educational purposes only kindly consult your financial advisor before taking any decisions we’re not liable for anyone’s profit and loss.
PEACE.

Banknifty ready to take down previous ATH?

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After facing some heat from the larger Timeframe Trendline resistance Banknifty consolidated for almost 5-6 months if we look at a larger timeframe but in AUGUST it has closed nicely above 35600 which was acting as a resistance.

BANKNIFTY MONTHLY LOG SCALE

As of now chart of Banknifty indicates good accumulation just below the trendline resistance and if it takes out this resistance we can expect Banknifty to reach our previous target which is 42000.
Link- https://www.tradetales.in/banknifty-42000/

BANKNIFTY DAILY

A daily close above 36870 and we are heading towards 42222.
#HarmonicBat

For queries you can mail us here at- Info@tradetales.in

Disclaimer- This post is for educational purposes only kindly consult your financial advisor before taking any decisions we’re not liable for anyone’s profit and loss.
PEACE.

Banknifty what next??

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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??

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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.

Banknifty 42000?

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After underperforming, Nifty for quite a while now; Banknifty has given a breakout on Friday after the monthly expiry of June series. Now in coming months what can we expect from Banknifty?

Pattern name- Crab Harmonic pattern

This is the daily chart of Banknifty where we can see that after breaking out from the B point of Crab pattern, it smoothly retested and started moving up and also slashed the Descending trendline.
Further, we can expect Banknifty to reach the Target of point D of this pattern which is at 42222 and if that happens we can see Banknifty outperforming Nifty for coming months.
Pattern invalidation – DAILY close below point C (32055).

June series top and bottom analysis



June series price action was very volatile in Banknifty but June series top and bottom was well estimated by us as shown in the above chart and now we’re completely bullish on Banknifty and expecting HH and HL with good momentum.

 

BANKBEES

Bank bees look very attractive here at this point for medium term investing for a target of 417- 420.

For queries you can mail us here at- Info@tradetales.in

Disclaimer- This post is for educational purposes only kindly consult your financial advisor before taking any decisions we’re not liable for anyone’s profit and loss.
PEACE.

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