If bank nifty closes below 24030 / 24000 If nifty closes below 9828 & 9800 another chances of Nifty going down to 9300
Even after Nifty closed higher by 0.9 % i am still skeptical about Nifty, Bank nifty not able to cross the crucial level of 24246 . There is a divergence in monthly chart indicators with Week/Daily charts . Nifty may cross little above the previous high , or just near the high , creating a kind of “M” formation , If Nifty drops sharply from high level , will confirm the M formation
This is not lucky draw trading, there should be factors to follow it, Or traders with same mentality
As expected Indices dropped sharply , Bank nifty is at its crucial level and also " Double top M " confirmed on Bank nifty chart, If bank nifty does not hold 24050 and 23854 on closing basis tomorrow , ( Nifty 9912 & 9855 ) Bank nifty may drop to 22000 level and Bank nifty will drag Nifty along with it.
Bank nifty did go below 24000 to 23978, closed above the supports, but this move may not sustain, Nifty may drop or more volatility will happen on Nifty, Nifty and Bank nifty are in a range ,Bank nifty is not as strong as Nifty
If you look at the sample chart 20 Day moving average crossed below 50 Day moving average ( see blue circle) and also candle pattern ,
Last Month also it fell below 50DMA. You know what happened.
Did you check individual charts of those 12 Banks in Bank Nifty?
Last month FII increased their stake in Bank of Baroda.
Tata Tele issue is now settled. May be Big Brother will rescue RCOM other than this all negative news for Banks is old and already priced in.
INDUSINDBK reported good results. At least not bad. 11 Banks went up yesterday in Bank Nifty.
It is better to avoid Technical Analysts on TV Channels.
I am not a Bear nor a Bull , " MARKET IS DYNAMIC, I JUST FOLLOW IT " You may like Coffee , I may like Tea, but You may not force me to drink Coffee , I may not force you to drink Tea , its individual choice , which works better for them
Every one who is opposing MODI is expecting Market to go down. That is is biased feeling. bias will only spoil your account.
Apply some Fundamentals as well else you will end up dancing to the every Market Move, and Positional Traders will have last laugh
Thank you for your smile,
posting my trading based on " Fundamental analysis" and Technical analysis
Screen 1 was based on " Technical analysis"
Screen 2 was based on “Fundamental” Analysis
Please tell me which one is Good
If you are visiting MONEYCONTROL website May God Bless you. I can say OMG.
Why you did not liked HDFCBANK, YESBANK, investing in small banks ?
As i said , this was based on Fundamental basis, I am accumulating United bank , my stop loss is its face value ( 10) one or the other day , either it will go up/ start giving dividend or Government will merge this bank with another one .
you can use this https://trendlyne.com/stock-screeners/shareholding-change/8
to find out where the SMART money is going and Invest Accordingly.
I have only Kite and Pi. and NSE option chain
If you have trading account with Full Service brokers you will get all the details.
Zerodha also have smallcase gives those details.