IDBI bounced almost 30 per cent from its previous support zone and then it has been trading in a narrow contracting trading range since early October. This stock recently occurred in our Bollinger Band Squeeze scanner which suggests that consolidation breakout is near.

A triangle forms when the price action narrows over several price swings. In SBIN, on the daily scale, the contracting triangle is in progress for the last four weeks. The price has reached near the apex point of the contracting triangle, next week it is likely to give a breakout.

The stock's pullback rally, which began from the lower levels, faced resistance near its downward sloping trendline resistance. The stock is consolidating near its trendline resistance zone for the last three weeks and it is likely to break in the coming days.

On the daily scale, after consolidation for three weeks, the stock witnessed consolidation breakout with relatively high volumes.

S&P 500 gave a sharp pullback rally in early November from its previous support zone. The pullback rally halted near 61.8% Fibonacci retracement level of the recent downmove started from its all-time high to low of October 10, 2018. S&P 500 has once again reached near its make-or-break level.

Jindalsaw Limited has given a breakout of the downward sloping trendline with relatively higher volumes.

The Bollinger Band Squeeze occurs when volatility falls to low levels and the Bollinger Bands narrow. A volatility contraction or narrowing of the bands can foreshadow a significant advance or decline.

On November 14, 2018, Bank Nifty came out of weekly contracting consolidation zone. On the weekly time frame, the index formed bullish candle carrying long lower shadow as on week ended November 16, 2018, and for the first time, it has closed above the 21-week exponential moving average (EMA) after September 21, 2018.

PFC witnessed fierce sell-off of 6.03 per cent from its strong weekly downward sloping trend line resistance zone, on Friday.

In the short-term, Rs 575-570 is likely to act as a strong support zone. While the momentum is likely to been seen when the stock manages to sustain above the recent swing of Rs. 637 per share.