Nifty and BankNifty Monthly Chart Analysis.
Nifty has Broken the uptrend Channel from 2008 Lows. The height of the channel is 4200 so target for this pattern is 5500 Levels. Also to be noted is we are nearing 9800 levels which is the channel bottom link which was broken on 09-Mar-20.
Banknifty MOnthly chart a Uptrend channel support. The surprise part is inspite of this huge fall , the Banknifty has taken support for the channel bottom. Are we going to see a good upmove from BankNifty, only time will answer.
Reliance Weekly. Personally i some how have a feeling Reliance is a lead indicator for overall sentiments of the Market. Given it has broken above the rising Wedge (Bearish pattern) and near to the 52 week high, there is a good chance that market will rebound from the current levels.
The above is the feeling on 26-Apr where i could be completely wrong on my analysis. Only time will answer these questions.
Nifty has Broken the uptrend Channel from 2008 Lows. The height of the channel is 4200 so target for this pattern is 5500 Levels. Also to be noted is we are nearing 9800 levels which is the channel bottom link which was broken on 09-Mar-20.
Banknifty MOnthly chart a Uptrend channel support. The surprise part is inspite of this huge fall , the Banknifty has taken support for the channel bottom. Are we going to see a good upmove from BankNifty, only time will answer.
Reliance Weekly. Personally i some how have a feeling Reliance is a lead indicator for overall sentiments of the Market. Given it has broken above the rising Wedge (Bearish pattern) and near to the 52 week high, there is a good chance that market will rebound from the current levels.
The above is the feeling on 26-Apr where i could be completely wrong on my analysis. Only time will answer these questions.
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