NIFTY, ADANIENT, & AXISBANK: Tips & TA

Nifty Extended But In A Limited Price Range

Nifty has made a wammie bottom on the 4-hourtimeframe chart. It is forming on the descending channel.

Currently, Nifty is facing resistance on the upper band of the descending channel. There is a strong resistance as well as a confluence zone of 16400. If nifty breaks the resistance level of 16400, it will be confirmation of an upward march for 16518 – 16708 – 16820.

The upper band reacts as a supply zone to the price. Also, highs price attracts sellers more.
If nifty sustains below 16400, traders can expect the following swing targets: 16161 – 16088 – 16014.

ADANI ENT: Is Preparing For The Final Upward March?

After making a high of 2452, ADANI ENT has started collapsing to corrective previous impulse move. Price has taken support on the 50 EMA and started marching upward. If ADANI ENT sustains above 2190, traders can buy for the following target: 2232 – 2258 above.

Axis Bank: Buy On Dip Is Active

Recently, Axis bank has made a low of 630. Prices are facing resistance at 665. Axis bank has touched the 15-month-old lower band of the value area. If the price breakout resistance of 665, traders can trade for the following targets: 676 – 688 – 700.

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