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NSE Banking: Key resistance to be watched is around 18480-500 levels

HDFC Sec | 09 Jan, 2017  | Follow Author | Add to my Favourites 
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Observation:


Daily Timeframe:
The banking sector has been showing weak strength on the upside bounce back and it is moving as per the negative sequence of lower tops and bottoms.


- Presently, the sector is showing upside bounce back in the last couple of sessions and is now advancing towards the key overhead resistance (brown dashed trend line as per the concept of change in polarity) of around 18480 levels.


- Most of the sector participants like SBIN, Yes Bank, ICICI Bank, PNB, Can Bank, BOI, Kotak Bank, KTK Bank and BOB are all currently showing upside bounce backs from the lower levels.


Weekly timeframe:
After the sharp upside bounce back of last week, the banking sector was able to show minor followthrough upmove during this week and closed with minor gains of around 87 points, as per w-o-w basis.


- A long legged doji candle pattern has been formed this week as per weekly timeframe chart, post sharp upmove of last week, which is suggesting a confusion state of mind among investors.


- Normally, a formation of doji patterns after a reasonable upmove are considered as a warning signals at the higher levels.


Summing Up:


- The Banking sector as per smaller and larger timeframe is positive. But the overall chart pattern is suggesting that the present upmove is unlikely to sustain for long and one may expect resumption of weakness from the higher levels. Next key resistance to be watched is around 18480-500 levels.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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