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Nifty to go upNifty looks like will go up after the third touch. Though the breakout of the third touch suggests that it may fall, but the fall was more related with the Yes Bank fall or the FII data was suggesting that there is a bullish bias. In my opinion it will further go up till 12K mark again. However there is a alternate scenario. If the YesBank mayhem continues and Govt does not decide quickly the bad news coupled with the COVID19 effect will further take to next support line levels to 10200 levels. There is a minor support zone of 10600, but I do not think it will get stopped there
NSE:NIFTYLong
by sanjoyforever
1
Discount, Sale, Cheap, Affordable..This Chart was prepared at the start of 2019 when I started trading futures on Yes bank and saw a particular pattern which played that no matter what, the stock respects the MAJOR S/D levels. Apart from that, fundamentally, the company`s quarterly results were the cause for the major plummet from mid 200 to the current levels and prior to that the push was based on optimism from RBI giving green signal and again in DEC 2018/ Jan Mid 2019, there was a push in the stock from 180 to 245 based on previous CEO stepping down and being replaced. Hence, this stock is best for those who love volatility because the opportunity is there on both sides and you can tame it well when you know major levels on the stock. However, I am not interested in going short from these levels and I will be buying the dips on every support I can see from here.. this is purely a positional trade and this could take 6 months to a year. First Entry: 128-130 looks good but not promising. Still, to have a taste of it, I would have a minor exposure around that area but given the political situation in India and the volatility coming up, I am expecting one dip for Institutions to load heavy from sub 110 levels. Hence, that's the spot, I will be having major exposure and I will keep on adding until I00. Overall, I am looking for 5000 shares @ that price. hence, a start of 500 will be a pure test @ 128. Good luck ! you don't get the price so cheap. P.S.: I have also heard rumors from Institutional bookmakers that this stock is headed for 750-800 levels in the next 24 / 36 months but for now, let's focus on the current Price action.
NSE:YESBANKLong
by RyanVarghese