A beautiful representation of a reverse head and shoulder pattern on a daily timeframe.
Can be a retesting of a successful breakout, a bullish green candle can confirm this at the end of this month.
If you want to take a fresh entry, do not enter before the 357-358 zone and wait for the retest.
You can accumulate reliance on these levels for absolute long term perspective.
When corona will be over, you won't get this stock at this reasonable price. Good opportunity.
Broke the trend line, fine retest and sudden fall. In such cases of sudden fall which happens very rarely, booking profits at right support is very important and you can find the right targets too. Targets should be the closing of the previous days. You can book profit at the previous day's closing and enter again with smaller stop loss targeting previous days...
Strong support from 21000 , if fail to sustain lower low will create. Then retest and journey might start towards 19000 and 18000 which is very unlikely right now.
If fail to sustain 10900 then downtrend will start in daily timeframe otherwise waiting for another higher high...
Crucial support at 11000 , also broke the trend line , next trading day will tell us completely broken or not. As of now going towards the important support of 10900.
Weekly candle is bearish. Green line is Monthly 100 EMA. If that 20500 level get broken then Banknifty will enter in higly bearish mode and work in second channel or will move towards the bottom. Please ignore the over marked intra-day levels.
Weak , definitely . The question is how much will it retrace ? or it will give breakout ?