Nifty and Banknifty Analysis for this week.
From 5th to 11th October.
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Technical analysis of Nifty and Banknifty
Daily chart of NIFTY50
Nifty50 formed Bullish Trend with back to back rising candles 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. Last time I said Nifty will show sharp upside once RSI goes 60+ . Now there is Upside but won’t be sharp as Bulls get exhausted at one point ..so Treat every day as fresh day , don’t go with mindset. Let’s see what Weekly chart suggest.
Weekly chart of Nifty50
Last week post 👇👇👇
Just like the daily chart, the weekly chart is also giving a bullish signal on Nifty. As you can see Bullish Harami pattern is formed in Nifty which suggests more upside ahead. RSI level in the Weekly chart has to cross 60+ though for more upside. MACD is already Bullish.
This was my last week post and see the result today 👇👇👇👇
Now, this is a recent week chart, see the Bullish MARUBOZU after the Bullish Harami pattern. Suggesting further upside. Now MACD was bullish already, but RSI is also 60+. More upside possible here but don’t forget it’s rising for the last two weeks. So we are Bullish but we are cautious.
Bullish Marubozu in weekly chart suggesting more upside ahead , but multiple resistance lined up suggesting need to be cautious on Nifty bank.
SUPPORT and RESISTANCE
As of now Nifty has strong psychological Resistance near 12000 and then 12300-400 where we had lifetime high. On the downside 11800 was strong resistance now became immediate support , after that 11350-400 will be next support
For Nifty bank
On the upside Nifty bank has strong resistance near 200 day EMA. From the same point Nifty bank went down, now same will be next resistance for Nifty bank.
Now for downside 22500 is immediate Support and then 22000 will be crucial support for Nifty bank.
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 and now big rally on the upside breaking all resistance. Global market is positive especially USA market.
Last time with same situation Nifty50 went for intraday fall of 500 points so be cautious near resistance of 12000 and then 12300-400 if crossed 12k. Do not go long or short blindly. On the downside if 11800 broken then Nifty50 will be heading for 11350 or below.
Stocks of the week
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- PNB HOUSING FINANCE
This stock is showing strong upside on chart. Bullish MARUBOZU candle , MACD crossover and RSI is 60+ as well suggesting more upside here. But not just daily chart z weekly and Monthly chart bullish as well.
In weekly chart , stock already broke 50 weekly EMA and again both MACD , RSI are bullish just like Daily chart.
Finally MONTHLY chart trying to give BREAKOUT 👇👇👇
In Monthly one exciting thing to see is the stock has already fallen big from almost 1750. And now stock is at super discount with just 374 price. Took some halt and then formed Bullish Marubozu for the last two months and this month trying to give BREAKOUT on the upside. MACD crossover suggesting a bullish sign in the monthly chart as well.
For me 400-430 will be easy targets and can be seen very soon. After 500-750 will be strong resistance in weekly and monthly chart.
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