Analysis of Nifty and BankNifty
In this blog, we will study nifty and bank nifty and try to predict the future of the market. This is only study and its result. We are not suggesting any action in the market. Taking any action is entirely your own decision and we are not responsible for any losses incurred out of that.
Nifty
Nifty is near its all-time high. For the last few days it has been moving in the upward channel and on 23/02/2024 it is near to red line which is the resistance line of the channel. But it has not touched it like it did the last 2 times. So there are chances of nifty going up to touch the red line. Of course, it can fail, but Hull Suit is indicating a strong uptrend, and in our software, short-term and long-term trends are also up. But in the coming week if it touches the red line and reverses, then the green line which is the support line is at a much lower level. This pattern will end after a valid breakout on either the upper side or lower side. So no need for any panic selling by investors. Rather if you are a short-term trader/investor you can book a profit when you get a short-term sell signal in our software. Similarly, if you are a long-term investor book profit when you get a long-term sell signal in our software. Till that hold your position. For our software contact us.
Bank Nifty
In Bank Nifty situation is different. It is 4% down from its all-time high. It is also moving in an upward channel but it has touched the red line and reversed from there 2 days back and now moving towards the green line. Its Hull Suit is showing a strong uptrend. In our software short-term trend is UP and the long-term trend is down. Now we have to see if it takes support on the Hull line or if it penetrates and goes down further.
If you use our analysis software in TOT, then there is no need to do any such analysis. It gives you a ready-to-use signal and you have to just follow the same with stop loss and target. Contact us for a demo and details.
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