Friends, our last article stock Tata Motors Ltd. has fallen 10% from our levels. The first time we are going to write an article on a 60-minute time period. Hope you will like and learn as well as earn from it.
Technical Overview of Nifty: In the below picture, Nifty Index is trading between a Descending Zic-Zak Channel on the 60-minute time frame. Nifty Index has made the 3rd top on 20th June 219 and has taken resistance from the upper side of the channel (i.e. Trend Line as well). Right now Nifty is trading at the center of the channel. As per our studies, Index can come down to complete their Channel Cycle. Nifty has strong support at 11600 and it is our first target for the downside. If Nifty break down the 11600 in coming days and close below the level then it can show more fall till 11400. Nifty has opened gap up by 250 points on 20th May 2019, now there is a possibility of gap filling. Our view on the Nifty Index is bearish with a small stop loss of 11750.
Below is the Nifty Option Chain, there is heavy call writing happened in Nifty. Options data is also bearish.
Technical Overview of Bank Nifty: If we analyse 60 minutes chart of Bank Nifty Index then everyone can easily identify the chart pattern. Earlier we had caught the same chart pattern i.e. Descending Triangle. Sentiment and technical are looking neutral to negative for Bank Nifty. Bank Nifty is trading near Resistance and not breaking it. There is possibility Bank Nifty will come down to complete their Descending Triangle Cycle. Next strong support is around 30300, if it breaks down then this bank index will come down to fill their previous gap i.e. 29550 to 30100. We can sell Bank Nifty at current market price with the stop-loss of 30840. Targets are 30300, 30000, 29600.
Options data of Bank Nifty is looking mix and match. Not showing clear direction, however technical is strong and technical can change option date anytime.
Disclaimer: The contents produced here are purely for educational purpose. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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