In 1991, a British rock band Queen released an album Innuendo which featured a song 'The show must go on'. Later in 2016, this number was sung by Celine Dion. The song was a huge hit and ruled charts for several days. Indian and US market seems to have taken cue from this song and keeps on singing 'The rally must go on'.
Both the markets are well above the pre-Brexit levels and still no sign of weakness. To us, the traders, price is supreme. One may or may not participate in this rally but cannot deny the fact.
In India, Nifty Future and Bank Nifty Future has been moving in an upward channel for quite some time. Both the indices broke lower trendline of the channel on Brexit day panic only to recover same day to close within the channel.Thereafter, rally keeps on continuing and now we are near the higher end of the channel. Volume was throughout on the lower side excepting 1-2 days.
Formations are now looking interesting to us, those who study charts. Please find below the charts of Nifty Future and Bank Nifty Future.
Disclaimer - The views here expressed and the charts shared are strictly for educational purpose and not guideline for buy or sell. The author will not be responsible for any loss, that may occur.
Both the markets are well above the pre-Brexit levels and still no sign of weakness. To us, the traders, price is supreme. One may or may not participate in this rally but cannot deny the fact.
In India, Nifty Future and Bank Nifty Future has been moving in an upward channel for quite some time. Both the indices broke lower trendline of the channel on Brexit day panic only to recover same day to close within the channel.Thereafter, rally keeps on continuing and now we are near the higher end of the channel. Volume was throughout on the lower side excepting 1-2 days.
Formations are now looking interesting to us, those who study charts. Please find below the charts of Nifty Future and Bank Nifty Future.
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| Technical setup indicates interesting time ahead |
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| Bank Nifty is much more volatile than Nifty |
Disclaimer - The views here expressed and the charts shared are strictly for educational purpose and not guideline for buy or sell. The author will not be responsible for any loss, that may occur.
2 comments:
Nifty analysis representation is really superb. Epic Research also suggests chart recommendation which is helpful in trading.
Banknifty is a sectoral index comprising most liquid and large capitalised Indian banking stocks.For more updates visit CapitalHeight
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