- Nifty has closed above 50 Day SMA.
- Some resistance levels are mentioned in the form of golden ratio, 100 SMA and a resistance line. But if last week's high is taken out we may see a spike above middle bollinger bands of weekly chart as it has happened in the recent the past, see the highlighted areas of last chart.
- TCS CHARTS BEFORE QUARTERLY RESULTS
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- TCS is trading below its trend line in daily chart.
- Price is showing a GAP between 1115 - 1133.
- daily chart is showing a bullish engulfing pattern.
- Volume analysis shows bigger volume for the sell candle then the bullish engulfing pattern.
- TCS will show weakness on closing below 1050 as shown in weekly chart.
- There is an island reversal opportunity in daily chart. Price need to trade above 1133 with good volumes for a sustained up move to happen.
- For bulls of copper triangle breakout has given good gains.
- First resistance level shown last week in CHART-II is taken out by bulls and now if last weeks high gets broken price may hit the second resistance level at 3.7398.
- Contraction continue in four hour chart.
- One hour chart shows bulls staying above 50 Hour SMA with a bullish cross.
- Weakness only below 4800 and 50 Hour SMA.
- Bigger correction may happen once price falls below the support line shown in four hour chart.
- ICICI Bank Hour and 30 Minutes chart with 50 hour SMA, Channel and support level.
- Price trading below 771 and 50 Hour SMA will be negative.
- SBI has given a bearish daily candle. Price is closer to its 100 Day SMA and Golden ratio So chances of a correction is high from the current levels. Even if price moves up it has to close above the ichimoku cloud for a sustained up move to happen. Weekly chart is also closer to the middle bollinger band.
- So in short SBI is giving negative signs close to resistance levels. But there is no breakdown yet. Price is trading well above its 5 Day High EMA so one shall wait for a close below 5 day High Ema to happen.
- NIFTY WEEKEND UPDATE
