TODAY'S CANDLE IS A SHORT DAY BEARISH CANDLE. ALTHOUGH TODAY'S CANDLE IS BEARISH BUT STILL NIFTY IS IN UPTREND FORMING HIGHER HIGH AND HIGHER LOW WHICH SUGGEST THE UPTREND IS INTACT IN NIFTY WHICH CAN TAKE IT TO NEXT RESISTANCE OF 11550 -11600.
TODAY'S NIFTY WAS UNABLE TO MAINTAIN THE PSYCHOLOGICAL RESISTANCE OF 11500 AFTER GIVING GAP UP OPENING.
ONLY FOR LEARNING
WE CAN SEE THERE IS CLEAR BREAKOUT IN NIFTY BECAUSE NIFTY MANAGED TO STAY ABOVE 11300 LEVEL. TODAY'S CANDLE SHOWS THAT THE STRENGTH EXIST IN TREND BECAUSE IT SHOWED GOOD RETRACEMENT FROM DAYS LOW.
ONLY EDUCATIONAL PURPOSE.
Bank nifty is looking bearish. As it has made series of new Higher and Higher low. But in the month of august it cannot make new higher and and formed a lower high around 22400 level and reversed, which is a good sign of reversal. It is also forming a head and shoulder pattern. 21000 level is being a very strong support where banknifty has bounced back three...
Nifty 50 is facing resistence @ previous swing high and failed to make higher high. Instead it has formed a Double top pattern showing sign of weakness. Nifty is expected to go down where the previous swing low will be the next target.
Disclaimer: This analysis is purely for educational purpose. Do not trade based on this idea.
Bajaj Finance on the verge of breakout once 3520 will crossed then 3875
Can add till 3100 with SL of 3075
View medium term.
*Disclaimer: I am not a SEBI registered person, all the views are for study purpose.