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BankNifty Analysis: Indecision with Bulls and Bears in ControlBased on the provided chart analysis, here is a revised summary of the current market situation: On the daily timeframe, the market formed a perfect Doji candlestick, indicating indecision among market participants. It opened within the previous day's high and fell to 45000, where it found support and staged a recovery in a V-shaped pattern. The market then rallied to 45651 but subsequently fell again in a V-shaped pattern. This double reversal suggests both bears and bulls are strong, seizing control when opportunities arise. The market has established major resistance levels at 45651 and a minor resistance at 45475. Major support levels are seen at 45000 and 44906, with a minor support at 45135. On the 1-hour timeframe, an inside candlestick pattern has formed. Open interest data reveals that the 45300 strike price has a significant straddle of around 20L, while the 45200 and 45400 strike prices show a decent amount of put and call short positions, respectively. The major support level at 45000 has 41L puts, and the major resistance level at 45500 has 37L calls. The PCR (Put-Call Ratio) is 1.45, indicating a bullish sentiment. Analyzing FII (Foreign Institutional Investor) data, it shows that they have a higher number of long positions in calls (7.78L) compared to short positions (4.76L). In puts, FII data shows more long positions (10.1L) compared to short positions (7.6L). FII Futures Data suggests a bullish sentiment with a value of 1173cr, and FII Stock Data indicates a bullish sentiment with a value of 2134cr. Considering the analysis, the market is likely to be range-bound between 45000 and 45500, resulting in frequent reversals. Potential trades can be initiated if the market breaks above 45651 or below 43906. Alternatively, a break above 45364 could lead to an upside trade with a target of 100-120 points, while a break below 45223 could lead to a downside target of 45118. Please note that this analysis is based solely on the information provided and does not constitute financial advice. It is recommended to consult with a qualified financial professional or conduct further research before making any investment decisions.
NSE:BANKNIFTY
by JigarHathiyani
Navigating Bank Nifty's Tides: Breakouts, Halts, and Sideways MaBased on the daily timeframe chart, it is observed that every time Bank Nifty has attempted to break its all-time high, it has either halted or formed an inside bar. Furthermore, the recent volume levels are the lowest seen in months. When comparing the trendline drawn from the last low of 16 march to the volume, it is evident that the volumes are decreasing. This could be an indication of a sideways market since the participants' involvement is limited. However, it's worth noting that the candle formed on Friday was bullish, which adds some confusion. On the 15-minute timeframe, Bank Nifty has formed a double top around 44,800. Additionally, the VIX (Volatility Index) is currently at one of its lowest points. Based on these factors, it seems unlikely that the VIX will experience further downside movement. On the contrary, it is anticipated to move upwards. Looking at the open interest data, it is observed that there is significant put writing at 44,500 (53L) and 44,600 (23.3L), with relatively lower call writing. The only notable resistance is at 44,800, with 24L in call writing and 12.4L in put writing. Surprisingly, there isn't much call writing at the 45,000 level, which is unusual (24.4L in calls and 5.24L in puts). The PCR (Put Call Ratio) is at 1.45, indicating a bearish sentiment. Analyzing the FII (Foreign Institutional Investors) options data, there are 7.48L contracts in long calls and 4.76L in short calls, while for puts, there are 9.37L in long contracts and 7.74L in short contracts. This change in open interest indicates a bullish sentiment. Additionally, the FII futures data shows a positive value of 1539.9 crores, suggesting a bullish outlook. The FII stock data also supports this sentiment, with a positive value of 6397.1 crores. In conclusion, based on the available data, the market appears to be bullish with no significant resistance ahead, except at 44,800 and 45,000 levels. However, historical patterns indicate a tendency for a halt after breaking the all-time high. Hence, it's important to keep this historical behavior in mind. Regarding trades, if Bank Nifty opens flat and breaks the day's high, one can consider going long directly. In case of a gap-up opening, it is advisable to wait for a retest or at least for the gap to be filled before looking for long positions. If the market opens with a gap down, it is recommended to refrain from trading as it may lead to a sideways market.
NSE:BANKNIFTY
by JigarHathiyani
BANKNIFTY Analysis for 30 June 2023On the daily timeframe, the market has formed a halt candle at the all-time high. Given that on Wednesday it opened with a gap up but couldn't sustain the upward momentum and became volatile, it is likely that a retest may occur. This could result in a sideways movement or a slight negative trend. On the hourly chart, the price didn't close above or below the first-hour candle, indicating indecision and lack of a clear direction. On the 15-minute chart, there's a trendline originating from below, suggesting a potential support level. The key levels to watch are 44513 as resistance and 44337, 44191, and 44041 as support. Notably, the 44000 level has a significant amount of call writing at 62L, and the 44300 level has a substantial straddle of 43L and 49L. Additionally, there is a considerable amount of put selling on the 44200 level at 52L. The 44500 level also has a decent amount of call writing at 43L. Analyzing the options data, it seems mixed. The PCR of 1.33 reading indicates a bearish sentiment. FII have Calls of long position of 5.13L and a short position of 2.54L, while puts have a long position of 6.06L and a short position of 4.2L. The mixed data suggests uncertainty in market sentiment. Considering the overall data and chart analysis, the market appears to be in a sideways phase. However, if it breaks above or below the current range, options buying can be considered accordingly. If no breakout occurs, it might be best to refrain from taking any trades. In conclusion, based on the provided information, it seems prudent to avoid taking a trade tomorrow, as the market shows mixed signals in the options and futures data, while the stock data appears positive.
NSE:BANKNIFTY
by JigarHathiyani
Shree Cement: Ascending Triangle Breakout and RetestShree Cement(stock symbol: SHREECEM) has been forming an ascending triangle pattern since April 2022, but recently it broke the pattern with a gap down. However, it managed to recover and is currently retesting the lower trendline. During this retesting phase, the stock is forming dojis, which could potentially act as a trigger for a further move. To implement a trading strategy, a stop-loss (SL) could be placed above the high of the doji, while the target levels are set at 22,623 as the first target and 21,853 as the second target. Note: It's important to keep in mind that financial decisions should not be solely based on patterns or technical analysis, as market conditions are subject to change. It's advisable to conduct thorough research and consult with a financial advisor before making any investment decisions.
NSE:SHREECEMShort
by JigarHathiyani
Astral Ltd. Consolidating at All Time HighAstral Ltd (stock symbol: ASTRAL) initiated its rally on March 29, 2023, and has witnessed a remarkable return of approximately 52% as of today, June 29, 2023. Currently, the stock is consolidating at an all-time high and is poised to make a decisive move either upwards or downwards. The Relative Strength Index (RSI), which had previously indicated an oversold condition, has now cooled off. In the near future, there are two potential scenarios. Firstly, if Astral Ltd breaks above the level of 2023.75, it could lead to further gains and generate favorable returns. Alternatively, if the stock breaks below the level of 1926, it might experience a decline. The downside target in this case is projected to be 1735.45. It is important to note that these projections are subject to market fluctuations and should be carefully considered based on individual risk appetite and investment strategies.
NSE:ASTRAL
by JigarHathiyani
National Aluminum (Flag & Pole)National Aluminum (stock symbol: NATIONALUM) experienced a significant decline from its peak at 127, dropping down to 67. However, it found support at this level and formed a double bottom pattern, with the second low also at 67. Subsequently, the stock began a slight upward movement but has remained within a channel pattern since August 2022 until today, 29th June 2023. Notably, the trading volume has gradually decreased during this channel period. A breakout on either side of the channel is expected to result in a substantial move, with a preference for the downside. For a short position, it is advisable to enter at 79.10, and the first target for this downward movement is set at 71.35. If the decline continues, the second target is projected at 67.25. Conversely, for a long position, the entry price is 86.75, and the first target for an upward move is set at 99.70. It's important to note that National Aluminum is an FnO (Futures and Options) stock, allowing for trading in both equity and FnO segments. Please note that this analysis is based on the provided information, and it's always recommended to conduct further research and analysis or consult a financial advisor before making any investment decisions.
NSE:NATIONALUM
by JigarHathiyani
Tesla BULLISH OUTBRAKE Tesla CEO Elon Musk expressed his intent to invest in India as soon as possible after a meeting with Indian Prime Minister Narendra Modi in New York. Modi's support and push for investments in India have encouraged Musk, who confirmed that Tesla plans to enter the Indian market but did not provide a specific timeline. Tesla's entry into India has faced delays due to negotiations with the Indian government over import duties. The government is requesting Tesla to produce cars locally before considering tax breaks. Musk had a positive meeting with Modi and is optimistic about India's future. Currently, Tesla has a gigafactory in Shanghai, China, and is considering India as a potential location for a new factory. Both China and India are actively seeking to attract investments and promote the electric vehicle (EV) industry. China recently announced the extension of tax breaks for new energy vehicles (NEVs) until 2027. During his visit to China, Musk discussed EV development and Tesla's operations in the country with government officials and praised the quality and efficiency of the Shanghai gigafactory. Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
NASDAQ:TSLA
by legacyFXofficial
18 June 2023 $ONGC: The oil money longNSE:ONGC Reports came out yesterday stating that Russian oil is making up 30% of India's imports as stated India's largest publicly owned oil & natural gas firm. This comes at a crucial period for Russia after being hammered by economic sanctions, as we can tell with the war, it is firmly narrowing down into a war of attrition, and this war can only be funded if Russia feels economic security, this reason so puts greater trust into BRIC stocks and will definitely see some sort of financial injections in the coming year(s). India hosting the largest population in the world is focused on 2 main objectives especially following the recent tragic train crash. 1. How can they lift the largest workforce in a similar manner to China up? 2. How can they compete neck to neck with Shanghai/LA/NYC/London/HK. Possessing a significantly advantageous location on the world map, India's future will soon be determined by policies made NOW. For India to achieve these objectives, at the very baseline, it requires public infrastructure and, none of that can run without the veins of oil. Thus, this bet is betting on India's persistence and future in general on its most necessary growth factor commodity. The balance sheets show a well maintained company with efficient enough statistics. Currently, it's Price-to-sales are about 0.29 with industry average at about 0.66. Meaning at the moment, ONGC is well undervalued. On top of that, its EBITDA is at 11.02 with Industry average at 8 exemplifying the company's healthy financial status and good cash flow. Beta value sits at 0.73 showing low volatility in comparison to the market and lastly, quarterly price to book is at 0.7 showing it is a great stock to buy at it's current value. I have long term entries at this with buys at 150, 152, 146 and 139 respectively. I will be DCAing this over time but I don't expect a drop to these levels any time soon.
NSE:ONGCLong
by bradleyzander
USDINR next moveas of my TA, it is most likely to break trend support, then the rest is on major support, if it gets supported then I need to post another idea if not then it will get support in the lower red Major support, and it will be most chances it will stay there until or unless, there is any major change in international economics if the change happened at the international level, there will more major supports, and don't forget Major green trend support it is not easy to break but if brock and hard close in 1month TF, then we can see a great down move
Short
by vishutanwar
USOIL Medium Term UpdateI promised in the previous post that I would discuss medium-term charts. I've been calling for an abrupt rise in ABC flat for a while now. However, price movements develop much more slowly than the human brain expects. I believe I read about this bias in books by R. Prechter on the fundamentals of Elliott Wave analysis. This time, there is another layer of uncertainty because Brent did not follow WTI in the flash crash on May 4, which marked the local bottom (wave B low) for WTI but not for Brent. While my expectation of the impending impulse wave C matches the WTI chart perfectly, it is not the same for Brent, where I anticipate an ending diagonal to complete the correction. This weekend is the much-awaited OPEC+ meeting. However, as I mentioned in my previous post, I suspect limited progress in production-cut talks or a tepid market reaction to any agreed cuts. OPEC core members are grumbling about the cuts as Russia's seaborne exports hit all-time highs to markets that OPEC countries consider their fiefdom, forcing them to redirect volumes to the EU, missing out on shipping. Therefore I doubt OPEC+ can come up with a decision that will drive oil prices sharply higher in June-July and keep them elevated by the end of the summer. OPEC+ decisions usually lag the market developments and tend to cause short-lived fluctuations at best (though painful when unexpected). Instead, war drums and EU discussions about the 11th sanctions package could be the catalysts. The EU is considering prohibiting EU entities from purchasing refined products made of Russian oil. Read - India can no longer buy cheap Russian crude to produce diesel and ship to the EU. I have some ideas about what it could mean for energy markets in the long run, which I will elaborate on in a website article.
TVC:USOIL
by Fomenka
RELIANCE IND - ON A VERY IMPORTANT KEY LEVELFor more updates, please follow my TradingView page, and if you find the content useful, kindly hit the "thumbs up" button to show your support. If you have any queries regarding trading, please feel free to send me a direct message on TradingView. Additionally, please share this content with your friends who may find it beneficial. Please note that any trading updates provided here are for educational purposes only, and it is always advisable to conduct your own research before making any investment decisions. It is important to ensure that all conditions are met before following any trade plan suggested in this update.
NSE:RELIANCEShort
by Profitlio_Trading