nmcapital44

nmcapital44

We have seen huge rally in nifty from last 4 trading sessions. Nifty have to retrace for further up move. 17700 will be good buying zone.

nmcapital44

On hourly chart you can see double bottom formation. Breakout levels are mentions in the chart.

nmcapital44 Updated 

In our previous analysis we suggested to buy above 36500. Today banknifty made 36887 high. Today banknifty under performed and vlosed below 36900. Trading setup Buy above 37050 Target 35430 Sl 36950 Above 37000 short covering will trigger and we can see a huge rally again. Trend is bullish.

nmcapital44

As you can see in the chart nifty at trend line resistance. Let it break 17500 target 17600. Positional buy above 17600 target 18000, within a week.

nmcapital44

Banknifty finding base from last 7 trading sessions and didn't break previous low. And from last 7 days it is range bound also in wider range. Immediate resistance is placed at 35350 let it break then we can see 35550 and 35700 level. On the flip side 35000 will act as a strong support for this bounce back. Trading level Buy above 35350 Target 35480, 35550,...

nmcapital44

Today's review Due to global clues banknifty open gap up and after whole day consolidation in the last hour gave breakout above 35000 and made high of 35112. What to do on expiry As you can see in the chart banknifty is trading within a channel. Flat opening (Within 100 to 150 point) will be good for initiate buying. We can see 35330 and 35560 level on...

nmcapital44

Banknifty may retest 35200 - 35330 level before expiry. If you get any bearish candle near that level you can sell.

nmcapital44

On Monday's session #nifty closed below 2 months low. Important support of 200 DMA is placed at 16287. Below 16287 nifty will head towards 15900. Intraday setup for Tuesday Sell Nifty below 16400 Target 16300. Below 16300 further down fall.

nmcapital44

Daily chart analysis Today banknifty open below 200 DMA and and closed 1178 points down at 34439. Banknifty managed to hold 34000 mark above took a bounce of 450 point from there. Now for Tuesday 34000 level is very important if it breaks and started trading below 33950 we can banknifty near 33313 followed by 33000.

nmcapital44

37060 is 50% of total fall. Stay alert bear that level. Sharp move possible.

nmcapital44

Nifty is trading near breakout zone. Global sentiments are also positive despite inflation numbers. Next resistance and target is placed at 17700 which is also 50% level of this total fall. Closing above 17700 will take it up to 18300. On the flip side closing below 17400 will make it weak and again we can see 17000 level in this week.

nmcapital44

On weekly chart Gold is holding previous week low and it is in consolidation. One can buy above 1794 for target of 1814. 1755 is very important for gold, if breaks 1755 there will be more weakness and it can drop up to 1745 then 1722. This down movement will be rapid. Above 1802 it will attract buyer and potential target will be 1833. Next week will be important.

nmcapital44

As you can see in the chart Silver is making lower high on weekly time frame and after 3 weeks of down fall we can expect a bounce back from next week. 21.50 is very important support area, if closes below the level will attract heavy selling. Let it consolidate for 1 or 2 days then buy above recent high. We can head back to 23.50 Closing above 22.50 will...