Good Short Covering In Banks & Now Looking Bullish!

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One month has been completed of this financial year and the market has shown too much volatility in this month. Nifty Bank touched 30400 that was the support as per the weekly chart and now it has closed above resistance i.e. 30800. Now, this resistance will work like support but we have to wait for confirmation of up moves. If we talk about the Nifty then it has given breakdown to support before one week and now it is trading above this support.

Nifty 50 : The support has broken in the last week but the candle was Doji and it is the indication of the neutral sentiments. So as per my view, it was not breakdown and Nifty recovered with COVID cases. The Nifty has tried to break the trendline but has not succeeded. On a weekly chart, it has a closed with Inverted Hammer that is the signal of reversal.

NiftyWW

As per swing trading, Nifty is trading in a range and again ready to come down to 14300. If it will come down then there are chances it will make the third bottom. Also, this rally came near month-end so we can say it was short covering due to expiry. Now need a fresh signal for a clear trend.
NiftyDD

Nifty Bank : Here is the same scenario i.e. Inverted Hammer but plus point is it has closed above the resistance. So now this resistance will work as support and banks recovered with the monthly expiry. Monthly option data is looking bullish but is it not worth it. We need at least three days of data to predict the monthly trend of the F&O script.
Niftybankww

On the daily chart, Nifty Bank has worked as per Cup & Handle and given target as well. It is looking bullish as per swing trading.
Niftybankdd

ORIGINAL POST


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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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  • Azhar Siddiqui @Azhar Siddiqui
    is stupid guy ke wajah loos hogaya
    Like 1
  • Azhar Siddiqui @Azhar Siddiqui
    these kind of people should b block
    Like 1
  • Azhar Siddiqui @Azhar Siddiqui
    market is falling not able to sustain I don't understand when people dosent know how to do analysis then y do do it
    Like 2
    • Saksham Ahuja @Saksham Ahuja
      But it was your decision to invest using his analysis
      Like 3
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  • Azhar Siddiqui @Azhar Siddiqui
    as per him short covering is done
    Like 1
  • Zee Zee @Zee Zee
    had a stroke reading his grammar
    Like 2
  • Rocky Khyriem @Rocky Khyriem
    This guy is a joke
    Like 1
    • Azhar Siddiqui @Azhar Siddiqui
      yess he is a joke
      Like 1
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  • Azhar Siddiqui @Azhar Siddiqui
    market is falling n he is saying short covering
    Like 0
    • Sagar Rajput @Sagar Rajput
      @Azhar Siddiqui Short covering done sir, we need some data of May series
      Like 0
    • Azhar Siddiqui @Azhar Siddiqui
      short covering was only of 200-300 points
      Like 1
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