RIL has made a Shoulder Head shoulder Pattern which is bearish.The target for the pattern is 925 provided it breaks the previous Gap support of 960 on closing basis.RIL may temporarily go for a “pull back” towards 1007 which is the neckline of SHS pattern.But after the pullback it will try to test 925.
Note The Pullback may not happen also & it may directly test 960 & then 925.
READ THE DISCLAIMER
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application ofTechnical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
Nifty is still moving in a range between 5945 & 5693.
Bullish -Close above 5945
Bearish -Close below 5693
A flag formation in Fresenius Kabi Onco,Buy above 125 for target of 135 +
Breakout will occur from consolidation on a close above 122.Target 140+
Lupin has broken out of consolodation triangle.Look for targets of 465 + with stoploss of 414.
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application ofTechnical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
Nifty is moving in a range between 5945 & 5693.It is being stiffly resisted by the trendline from previous tops (refer previous articles) .
Bullish -Close above 5945
Bearish -Close below 5693
Bank Nifty is also moving in a range.
Bullish above 11980
Bearish below 11480
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application ofTechnical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
Nifty is trading in narrow ranges & readying for breakout.Bullishness is a close above 5945 with volumes.
A close above 11980 will usher bullishness is Banknifty
Gail is moving in creeper mode.Buy near lower trendline of 464-468 .
Financial tech is forming a flag.Buy above 896 & above 932 it will zoom.Stoploss below 860.
Divis is forming a flag.Buy above 706 with a stop below 680
Arvind Mills & VIP Industries shot up which I had recommended earlier.See the previous articles.
The Nifty is being resisted by the trendline .A break above the trendline & preferably above 5945 will usher in Bullishness.”Upthrusts” are formed in Nifty.Upthrust is a terminology used by Wyckoff,where the Price tests or “peeks” above a resistance area & closes below it.It is like a survey party of Scouts who go to the other side of the fence to gauge the strength.
So if at any time we break above the trendline with volume or gap,it will be bullish.
Click on charts to enlarge.
Individual Stocks I will review after a clear breakout.In the meantime I will give three chart patterns which have formed good patterns & can be bought on corrections.
Deccan Aviation previously & now called Kingfisher Airlines is making a A-B-C pattern.Buy current with a stop loss of 42.9 for targets of 52 +.
Havells is forming a series of higher highs & higher lows.Buying can be done on corrections to 382.
Hindustan Zinc has broken out of consolidation with a gap.147.9 will provide strong support .
click on charts to enlarge
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application ofTechnical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed forany consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
Nifty went up by 110.9 points with volumes today.So those who want to take initiative early should consider going long with a stoploss of 5693 ( previous nearest swing low of 19 th April ) or 5753 (20 dma) which suits one’s risk apetite.
Strong Bullishness will prevail above the swing high of 5945.
Click to enlarge
Colgate has broken from a Flag.Buy at current prices with stoploss of 877.9 for targets of 958+ .
Click to enlarge
Vijaya Bank has broken out of Flag formation .Buy at current prices with stoploss of 86.3 for target of 102 + .
Click to enlarge
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application ofTechnical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed forany consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
Picking from where I left,I received a lot of Calls when the Nifty jumped on 13 th April to 5926.
As I had said earlier till we close above 5945 bulls will not gain an upper hand.Also the volumes on that day was low as you can see in the daily chart.
And you see the result,the Nifty turned from there & tested 5711 which I said it would touch since it was the 20 dma.
But why is the Market behaving erratically,i.e if you go long or short,both sides it is dificult to make money.The reason is see the moving averages are intertwined with each other .So they are providing supports at 10,20,50,& 200 dma’s which are at 5842 , 5743 ,5668, & 5617 respectively.
Also see the yellow arrow which shows New momentum Highs .
click to enlarge
Weekly Nifty is also forming a Flag .The weekly dmas are at 5600 (10 wma),5675 (20 wma).
Conclusion Close above 5945 leads to bullishness.Supports exist at 5600-5675 areas.Daily close above 5743 (20 dma ) leads to moves towards 5845 (10 dma).
I am giving the performance of the stocks I had recommended.Patel Engg went up by aprrox 28 % in 3 days,Gruh Finance was frozen at upper circuit of 20 % within a week,Divis Lab 3 % up,LakshmiVilas Bank by around 6 % within a week.
Nifty as I said hovered in the range of 5833 -5945.It broke 5833 temporarily & came to a low of 5822.
Weekly Nifty is showing bearishness via a Prospective Doji star which has taken resistance at the downsloping trendline.Click on chart to enlarge
Daily Nifty is taking support at 10 dma at 5830 .Since it has fallen with volumes on Friday,I am expecting a level of 5711 if 5830 is broken.To be bullish Nifty has to close above 5945.
Since results are expected from Monday onwards,keep your fingers crossed.I will give technicals of Stocks once the direction of Nifty is clear.
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application ofTechnical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed forany consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
Hdfc has formed an Inverted Shoulder Head Shoulder pattern which you can see in the chart below.Neckline is at 686.If HDFC price maintains above 715 which is a DOJI High it can see price of 785 +.At any cost the neckline of 686 should not be broken on closing basis if the Inverted SHS pattern has to remain valid.click on chart
Vadilal has broken from consolidation pattern.Buy above 161 for target of 177+ with stoploss of 148.9 click on chart
If Markets corrects then look to SBI to short.Only if Market corrects,sell SBI below 2742 With stoploss of 2835 for target of 2620.
I am commenting on this counter as I was requsted to write my opinion by my friend from Guntur,A.P
First Looking at the weekly chart ,I am not interested in the counter to go long since it is making lower bottom lower tops.See weekly Chart,click on it.
Now coming to daily charts I am seeing a lot of topping wicks on Japanese Candlesticks.So I would avoid it.Click on chart to enlarge
CONCLUSION Abt EKC Since weekly is bearish,& daily showing upper wicks or tails ,I will avoid the counter.Targets to 94-95 may be possible because of breakout from triangle.The counter may or may not go up.
So no opinion on this.
Divis Labs can be bought at current levels with stoploss of 664.9 for targets of 764 +
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application ofTechnical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed forany consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
As I said yesterday that the Trendline at 5930 is providing stiff resistance to Nifty.It did so today when Nifty Reversed from the Trendline & closed below the close of Yesterday’s Hanging Man,which is a Japanese Candlestick Concept.The Psychology says that the bulls who bought near the Hanging Man’s Head are STUCK “Hanging”.Also the volume was heavy today.So till Bulls Close above the Hanging Man’s Top of 5944.45, & the downsloping trendline ,Bears will gain Control.So I feel Markets Will Pause or Correct.
Click on Charts to enlarge
I will Give Individual Charts again after the Market Resolves itself in some direction.
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application ofTechnical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed forany consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
NIFTY (5910.05 ) Nifty has reversed from the Resistance of the trendline which you can see from the Charts and this was mentioned in my previous charts.It has formed a HANGING MAN in Japanese Candlestick terminology.So if tomorrow the Market closes below today’s close ,then it is bearish.We will wait & see what happens.Click on charts
ARVIND MILLS (70.25) Arvind Mills is forming a Pennant Pattern.Buy at current rates with stoploss of 66.4 for a Target of 79.Click on charts
TINPLATE CO OF INDIA (72) Tinplate is also forming a Flag.Buy above 75.35 with a Stoploss of 69.9 for a target of 85.
.
Cox & Kings is forming a Flag.Buy above 438 with stoploss of 397.9 for target of 500.
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application ofTechnical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed forany consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
Nifty broke 5860.8 & went into Directional mode i.e a day with big Range of 82 points plus.Star performers from my list were Patel Engg which went up by 17 %,Vip Inds 2%,Piramal glass by 4%.The previously recommended on Friday ,Atlanta scrip touched a High of 125 which was just short of my target of 126.
NIFTY (5908.5) How Nifty reacts to 5937 ,previously mentioned Trendline resistance which happens to be the Trendline,needs to be seen.Click on Chart
Gruh Finance (394) looks good after breaking from a Rectangle.Targets of 420 minor resistance & then 440 looks possible.But volume should pick on Upside.Stop loss is 364. But since two big range days have taken place preferably buy on dips if target is not achieved earlier.Click on Chart
Jindal Saw is making a dynamite i.e after the doji ( on Thursday), a small inside day is there ( on Friday),and today again an inside day.So it is called Dynamite Flag pattern.So go long above 206 with stoploss of 200.9 .If it breaks the bottom of 201 first go short with a stoploss of 206.1 Actually a profitable pattern.
Warning sometimes it can trigger on both sides.Click on chart
Lakshmi Vilas Bank broke out of rectangle Pattern.Target of 111 looks good .Cross of 111 will take it to 115.Stoploss of 99.95
I am giving this share as a Short Candidate Only & Only if the Markets turn bearish & instead of Hammering Bullish Shares one should try to short a Bearish Share.(though this is for educational purpose only as to how one should approach the Markets)IB Real Estate has formed a Doji after a big Green Candle Stick.A Doji appears as a Cross which is a Candlestick Terminology.Actually Doji is the most powerful pattern in Candle Terminology.A Doji can call important market tops if they appear after a run.
Doji shows indecision between buyers & Sellers & the Market is at a Crossroad.In Ibreal Stop loss is 137.1 for shorts
.
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application ofTechnical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed forany consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
If VIP breaks above 690 with volumes it may touch 733 as it is forming a Flag.Stoploss is below 651.See chart
Read DISCLAIMER
Nifty moved in a Narrow range on April 1 & closed at 5826.The Weekly Nifty as of now does not show any signs of weakness ,but will face resistance at the Trendline at 5937,The Black Engulfing Candles at 6181.05 & 6335.9
Click on Charts to enlarge
But the Daily Nifty shows that the Market is losing Momentum because we are seeing “Spinning Tops” accorrding to Japanese Candlesticks.It means Market is losing it’s breath.
Also the Range of the Price Bar on Friday was the narrowest in previous 7 days which is Called NR7 Day and also an inside day also called “IR”(inside Range).A break above or below Friday’s High/Low can lead to some directional Movement.The Hi /Lo are 5810.4 & 5860.2
Piramal Glass broke out of Inverted Shoulder Head Shoulder Pattern above the Neckline of 112 with volumes .The Target is 145 .Stoploss is 109 on close basis.
Godrej Inds has formed a Flag & broken out.Target is 203 +. Stop loss is 179.8
Reliance Industries is moving in a range of 1245 & 859 on Weekly Charts.Till it breaks out in either direction nothing meaningful can be construed.
Patel Engg is undergoing Accumulation .In the chart below see the Volumes with Yellow Circles.They are the Volumes which are High compared to other days & on Green Candles.Anyways 132 is a Strict Stoploss for Traders.
Click on the Graph to zoom.
Atlanta broke out of Triangle with Targets of 126-133
Read Disclaimer
ITC is forming continuation Pattern namely Inverted Shoulder Head Shoulder.A close above 181 today,can take prices 200-210 .Clearly marked are Left Shoulder,Head,Right Shoulder .See Chart below
READ the disclaimer
Nifty after breaking from the Triangle Pattern has closed at 5833 on the last day of the Financial Year 2010-11,which also happened to be NAV decider for Mutual Funds.
If it continues it’s Bullish Run, it will face resistance at 5943.A close below 5800 canPause or reverse the current uptrend.See Chart below.
SBI closed at 2765.3 A Powerful Bearish Pattern called Bearish Engulfing Pattern in Japanese Candlestick Parlance has been formed.The Bears will have upper hand in the next few days in this counter.They will be able to Pause or Reverse the trend.For Bulls to gain control,they will have to close SBI above to 2888.5 Till then Bears will have a Heyday.See Chart below.
Disclaimer : These notes/comments have been prepared solely to educate those who are interested in the useful application ofTechnical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for
any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
devadasnayak 