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Nifty 50 Range for Today and for Next week Good Morning everyone, We Have seen around 1000 Point corrections in the last couple of months in the Index. the Index is trading on its daily and weekly support. Confirmation Required at this Point. marked the Intraday Range on the chart but the problem is Ranges are big at this point. 250 Point range is quite big for Intraday but we can't do anything about it because the volatility of the Index is too high. Wait for the direction and it comes on breakout or breakdown. High probality Trade is the downside. At this point, we are getting 2 harmonic patterns in the nifty Index A: XABCD pattern which will be activated above 14500 and target will be 14593 B: ABCD pattern which comes with the current downtrend will be activated Lower than 14250 and the target will be 14035 Note: These levels are valid for today and as well as for next week. Trade only when you will get a direction which is come either on breakout or breakdown
NSE:NIFTY
by CodeViser
1
MMTCThe stock has formed a flag pattern on a daily chart and today's movement indicates a flag breakout. The stock has a 52-week high of ~52.55 which is expected to be tested in the April series. Levels: Buy - CMP or place a GTT order for purchase at 44.80 T1 - 47+ T2 - 49+ SL - 42.75 NOTE: These findings and levels are purely based upon the knowledge and understanding of the post publisher. The idea here is to predict the future price movements hence, please do not consider this as stock advice or recommendation.
NSE:MMTC
by mishraparimal09
Punjab National BankThe stock analysis was carried out on Feb 9 in response to a question asked on a social media platform and thereafter it has rallied. Read the reasons behind the pick below. PNB shares appear to be the better option amongst PSU Banks. Reasons supporting the pick: 1. Second largest PSU Bank in terms of market capitalisation. 2. PNB’s merger with United Bank of India and Oriental Bank of Commerce has improved the PAT (profit after tax) for three straight quarters of FY21 i.e 538 cr. in Q1, 576 cr. in Q2 and 747 cr. in Q3. NII has been improved by over 80% on a YoY basis for Q3. 3. FII’s holding has increased from ~1% to ~4% which signals a strong bullish bias towards the bank. Huge volumes of shares are being traded for close to 7 trading sessions 4. Government of India’s emphasis on Privatisation of PSU’s will leave a lesser count of PSU Banks in India and PNB is expected to remain on the PSU Bankside. 5. Stock is trading/consolidating in a lifetime low trajectory of 26–39 for close to a year now. The all-time high of the stock is 279.8 which is far away from the current levels. Therefore keeping the range of 26–39 as a strong base, the stock has only one way to move i.e up. 6. Technically speaking, the stock is trading at 0.64 times its book value and appears to be undervalued given the above-mentioned reasons. The stock has a strong resistance zone at 40.55–42.80 and a strong support zone at 32.50-34.50 levels and hence perfect time to invest would be when the price is close to the support level or breaks the resistance zone i.e above 42.80. The first target for the stock would be 53+ and the second target would be 70+ in months to come. Refer to the chart for levels. Invest and forget, it might give some surprising returns. NOTE: These findings and levels are purely based upon the knowledge and understanding of the post publisher. The idea here is to predict the future price movements hence, please do not consider this as stock advice or recommendation.
NSE:PNBLong
by mishraparimal09