Bulls Trapped? | What Next? | CA Rachana Ranade

"tomorrow if we are able to close above 16 000 i'm repeating if the market closes above 16 000 tomorrow that is above the 23.6 percent level then i believe that bulls might not be trapped and we may see some sort of relief rally"

"but tomorrow the weekend if it closes below our level this level the lowest point level fifteen thousand seven hundred something whatever uh in fact this low is fifty thousand six seventy one six seventy one is also not that far from here it's barely 150 points from here if it closes below that then i really believe there is a chance that bulls may be trapped"

"so this time i'm showing you an example of slanting support for reliance industries it's on a monthly time frame is equal to it's a super solid support and this time frame and this trend line is also converging with the 200 days moving average and which is also coming absolutely near our trend line so can i say reliance industries which has also corrected quite a bit so here you can see minus 10 and a half percent in one month but do I see it at a very very good support level so answer is yes i can see that there is a very solid support level right now here for alliance industries just 100 or 200 points down maximum downfall is what I can see based on the trend line"

"so are we comparatively safe in bank nifty the answer is yes i don't really see any reason why it should drastically fall below 32 000 that is a very very very comfortable level according to me"

"if tomorrow then I can see that nifty at least this crazy fall somewhere can you at least slow down it may get go sideways maybe a little bit bullish you know kind of a pullback a little bit relief rally is what we call a pullback rally or a relief rally or at least a sideways is what I may see in it sector is what I believe"

"if tomorrow if we are able to close above 16 000 i'm repeating tomorrow if we are able to close above 16 000 i personally believe that the bulls might not be trapped i'm repeating if i if the market closes above 16 000 tomorrow that is above the 23.6 percent level then i believe that bulls might not be trapped and we may see some sort of relief rally"

"and if it closes below 15 670 on the le i mean the latest low that has been made if markets close below that then i'm going to be like because i believe that markets are meant to go up"

"and sdx50 right now is trading a shade above a tad above sixteen thousand it's trading at sixteen thousand and one campaign so looks good it's up almost 200 points up almost to 20 points the same point that I am trying to make closing above 16 000 will be great"

"15 800 highest open interest 79192 okay that's the highest open interest at fifteen thousand eight hundred and i can surely say this the the bulls are trying to defend this support level and they are trying their level best that it doesn't go below that but simultaneously fifteen thousand eight hundred you have a lot of bears as well who are trying to take it down"

"but here you can see strong strong strong resistance at 16 000 and you can see this is the change in open interest 56 000 and here you can see 95 000 almost contracts open at 16 000 level"

"on a lower end as I mentioned 17 15 800 I do see as a solid support hope not but if it is broken then fifteen thousand did I say seventeen thousand I'm not sure fifteen thousand eight hundred solid support is what I can see unfortunately if that is broken next support is at fifteen thousand five hundred as per the option chain"

"3643 is the s2 so nickel 3643 possible if it is able to defend that first target ideally can be 4597 so you can say 4600 followed by 4800 as per the normal fibonacci is what I told right now okay so these could be the possible levels"

"this one at least gives me some smile on the face i don't know what does the company do i have not really checked this company but technically this looks good to me"

"no signs of recovery right now so I do see almost 109 as a support to be more precise to be more conservative I see it somewhere around 106 okay so I would not buy into that right now even if fundamentals are good technically right now hasn't given me any sign of reversal as of now"

"400 pa so 400 pa though still you are on the border line i can say i think try to see see it's a make or break tomorrow that's what i'm trying to tell you right so tomorrow wait if you if you can wait for some more time and see whether it's closing decisively above uh that 600 mark if yes uh 16 000 mark if yes then i think all stocks can show some sort of relief rally"

"i would definitely not go ahead with that in free png hygiene both are fundamentally very strong stocks so i can i mean i will i will hold on to them if i have them and if if if i were to invest i would wait a little bit on in fee as well as pgi and i just as i mentioned i i wouldn't want to make any fresh investment right now"

"this candle standalone candle is more of like an inverted hammer again so let's see if this acts as a sign of reversal or not"

"still in a downtrend here you can see high okay if you just want to see this manually so high lower high and again a lower high i would stay away from this right now"

"again no signs of recovery no i would have i would have again stayed away from this right now"

"visually a kind of a support tested that has closed off of that but huge selling and macd is not good rsi is not good i would want to stay away from this"