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 chartSource- STATISTA
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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.
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.
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.
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.
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.
