Hello readers,
I don't know why I am feeling scared this week by seeing the charts of banks. Either side breakout would be lethal.
Last week I shared the analysis on ICICI BANK. This week 2 more counters are coming to the list.
In HDFC Bank price range is squaring at 1596. I will be looking for shorting opportunities in this counter in the range of 1590-1600, with a small & logical stoploss.
In SBIN the price range is squaring at 433, along with this the 50% of last month's candle is coming at 434 + on weekly charts it's Bearish C2. Same in this counter I will be looking for shorting opportunities in this counter.
In Banknity price range is squaring at 37018. From one more point from the past price range is squaring at 36940. Although in Banknifty we are long from 36105, and on my, Twitter handle I shared that a significant close above 36105 would open the gates for a new lifetime high. But one needs to be cautious by looking at the current charts of Banknifty.
Now if you look at the chart of Banknifty (shared below), you will see that either side breakout or breakdown will give good enough points this week.
On the upper side, the resistance is standing at 36857,36940, 37018
&
on the downside, support stands at 36645 & 36566.
If Banknifty remains in the marked zone then one can look for short at the upper side & can go long at the support level with small & logical stop-loss.
One needs to stay at caution at these levels.
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