Nifty and Banknifty Analysis for this week.
From 28th Sept to 1st October.
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Technical analysis of Nifty and Banknifty
Daily chart of NIFTY50
On final Day of the week we saw Huge upside in market as Global market , especially USA market went UP. Now what next ??
Nifty50 formed Bullish Marubozu in daily chart suggesting more upside from here. MACD showing bullish sign as well , So Considering only Indian market , I see more upside from here. It will be one sharp upside again only when we see RSi goes 60+
Weekly chart of Nifty50
Just like daily chart ,weekly chart is also giving bullish signal on Nifty. As you can see Bullish Harami pattern is formed in Nifty which suggest more upside ahead. RSI level in Weekly chart has to cross 60+ though for more upside. MACD is already Bullish.
What made market drive much on last trading day was huge rally. But what next ??
Now Nifty bank already gave BREAKOUT on upside , it also formed Bullish Marubozu candle suggesting more upside ahead. MACD is showing bullish sign as well and RSI has to cross 60+ for more upside.
SUPPORT and RESISTANCE
As of now Nifty has strong Trend line Resistance near 11600 and fresh rally on the upside will be only above 11600 mark. On the downside if 11350-11240 broken then we see Nifty heading for 11100 and then ultimate strong support of 10900.
For Nifty bank
On the upside Nifty bank has strong resistance near 23000-23200 zone , but immediate resistance is 22500.
Now for downside 22000 is crucial level as but much crucial and very much deciding factor will be 21000 mark and it will act as make or break level for Nifty bank.
Moving average -:
As of now Nifty50 went pass all moving averages in a day and those which were strong resistance will now act as strong supports . Very crucial support will be 11000 which is 200 day EMA.
Nifty bank went pass all moving averages on Thursday. Immediate support will be near 22000 , which is 50 day EMA.
Heikin Ashi -:
Hekin Ashi shows an accurate trend, but it’s lagging in the Indicator as it follows previous candle prices.
For Nifty50 and Nifty bank
For both Nifty and Nifty bank Hekin ashi candle suggest strong bullish trend.
My view on Nifty and Nifty bank -:
For Nifty50 and Nifty bank
Nifty50 and Nifty bank gave BREAKOUT on the upside breaking all resistance. Global market is positive inspite US president affected by corona. Not much fall there too.
On charts I feel Nifty50 might try to break 11800 and Nifty bank will try to break it’s 200 day EMA near 24500 one more time. It will fail or succeed I don’t know. But there will be attempt for sure in coming days.
After strong one sided move in a day there is a possibility that market might Consolidate. For further downside both Nifty50 and Nifty has to close below Thursdays low.
Stocks of the week
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- HDFC LIFE
This stock is one of the Leader in Insurance sector and currently at very attecative price. If slide then best price to buy this stock will be near 550. Right now it’s trying hard to pass 200 day ema , once crossed then no looking back .
Plus there is one more interesting thing here , it’s cup and handle pattern in the making in daily chart.
PCR ratio suggesting stock is in oversold zone and has to show some bounce here.
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