SBI FUTURE WEEKLY / DCB MONTHLY
BANK NIFTY FUTURE WEEKLY
BANK NIFTY FUTURE:
In the attached chart you will observe that after taking support on the lower parallel line (in Blue) of Andrew's Pitchfork, Bank Nifty Future has been showing strength for the past five weeks - with the last week's close (10643) near the high of the week.
One can consider going long - on declines, with stop loss of 10500 ( mid-point of the range shown on chart in Red). On the way up, 11000-11200 is a major resistance for various reasons shown on the chart. However, if Bank Nifty Future manages to break the trend line resistance near 11200 levels, it can then go up to 12000-12500 and face resistance (marked in Red downside arrows) at the median line as had happened in the past. Though this sounds like wishful thinking today, it seems possible in the event - RBI reduces the Bank Rate, as was done by ECB last week.
As Bank Nifty shows strength, the same is ought to get reflected in many of the Bank stocks. I have identified two stocks which are discussed below:
SBI FUTURE WEEKLY:
On the attached chart, you will find that the price is ready to move out of the trend line. One can consider going long – on declines, with stop loss of 2150. On the way up, it will face resistance at 2300-2325 and major resistance at 2540-2550 range.
DCB MONTHLY:
On the attached chart, you will find that the price is in the range of 30 to 75 for the past 28 months. It is now close to breaking the triangle formation when the price moves above 49. Considering that Bank stocks are showing strength, one can consider buying the stock in anticipation of the breakout. The stock closed at 45.50 last Friday. One can consider going long – on declines, with stop loss of 42. Though triangle breakout above 49 gives target price of 94 (shown on the chart), on the way up, it will face resistance at 53 – 66 and 75.
In the attached chart you will observe that after taking support on the lower parallel line (in Blue) of Andrew's Pitchfork, Bank Nifty Future has been showing strength for the past five weeks - with the last week's close (10643) near the high of the week.
One can consider going long - on declines, with stop loss of 10500 ( mid-point of the range shown on chart in Red). On the way up, 11000-11200 is a major resistance for various reasons shown on the chart. However, if Bank Nifty Future manages to break the trend line resistance near 11200 levels, it can then go up to 12000-12500 and face resistance (marked in Red downside arrows) at the median line as had happened in the past. Though this sounds like wishful thinking today, it seems possible in the event - RBI reduces the Bank Rate, as was done by ECB last week.
As Bank Nifty shows strength, the same is ought to get reflected in many of the Bank stocks. I have identified two stocks which are discussed below:
SBI FUTURE WEEKLY:
On the attached chart, you will find that the price is ready to move out of the trend line. One can consider going long – on declines, with stop loss of 2150. On the way up, it will face resistance at 2300-2325 and major resistance at 2540-2550 range.
DCB MONTHLY:
On the attached chart, you will find that the price is in the range of 30 to 75 for the past 28 months. It is now close to breaking the triangle formation when the price moves above 49. Considering that Bank stocks are showing strength, one can consider buying the stock in anticipation of the breakout. The stock closed at 45.50 last Friday. One can consider going long – on declines, with stop loss of 42. Though triangle breakout above 49 gives target price of 94 (shown on the chart), on the way up, it will face resistance at 53 – 66 and 75.
Please do not trade/invest without STOP LOSS.
With Best Wishes,
Ketan Asher.
Good Post Keep it up thanks for sharing the information.
ReplyDeleteHow long do you plan to invest? How much do you expect to earn on this investment?
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