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Trading Nifty, BankNifty, Bharti Airtel, IDFC and Capital First using RSI

Nifty – In the last session Nifty posted a positive close. A doji bar followed by an bullish candle at a support area confirms demand in the index. Nifty is expected to move up from here. The following levels are to be considered. 11460 levels are critical support levels for the index, if Nifty is able to keep its head up above it the 11800 and 11970 levels are expected in the coming week. Below 11460 levels nifty may extend corrections to 11290 levels.

Bank Nifty – The index have tried to pull up in the last three sessions. We can notice long legged candles in the last three sessions. There long legged candles shows the deliberations of the bulls to loose any control as of now. 27070 is the critical support level for the index, a move below it may drag Bank Nifty down to 26570 levels. However, if Bank Nifty is able to save 27070 levels 28060 – 28560 levels may be prominent for the week.

Bharti Airtel – The stock is forming a bottoming head and shoulder pattern. A breakout is due. A good move above 400 (closing basis) will be bullish and the stock may move up to the minimum pattern target 450 levels. However a move below 360 will result in pattern failure and the stock may resume its trend down.

Capital First: The stock is on a breakout zone support level. A hammer on the support line is a good sign for the stock. Above 625 Capital First is expected to move up towards 670 – 690 zones. However a move below 590 will negate the setup and the stock may start to correct again.

IDFC Bank – The stock is taking support on the previous breakout zone. A bullish engulfing candle to close the week, further strengthens the support levels. A close above 47 levels will be a confirmation and the stock is expected to move towards 49 – 51 zone. However a fall below 43.5 will weaken the support and the stock may enter into corrections again.

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