MARUTI on UPTREND ++ Positive Results ++ Volume & OI Gaining
Script: MARUTI
Nifty50 Stock: YES
Sector: AUTO
Results: Published on 27th July. Very Positive Result. Q1 EBITDA RUPEES 19B VS 8.21B (YOY). Q1 NET Profit Rupees 10.1B vs 4.4B(YOY). Profit more than doubles, revenue hits 51% higher
NOTE: Ignore parallel channel! :-)
MARUTI has posted a good Q1 result which should trigger breakout. It's started showing strength and gaining momentum now!
As per OI, 9000 is a major resistance for July & Aug expiry. Call writing been seen at 8800 & 8700 for Aug. 8500 is a major support now for this and next expiry. It seems though that a number of call writers are stuck at 8600! If it sustains at this range (8650 or above) or crosses 8700 then we could see decent short covering rally soon.
It's above 50 & 200 EMA (there was a decent bounce from 200 EMA).
As per chart, strong Breakout could be seen above 9000 And sustaining above 9000-9100 will open up higher levels. ie 9500, 9700 & 10000. Supply Zone will be 8300-8380 on a lower side- Will be buying opportunity!
1st entry should only be above 8700 and 2nd should be above 9000 (on re-test).
CAUTION - TIP of the DAY : For F&O..It's better to enter in long when RSI is above 60 or enter in short when it's below 40. Also keep an eye on OI (open interest) and Volume. Higher is better. If there is not much volume or OI keeps decreasing then better to stay away and wait for them to go up before entering. FYI- For indexes, probability will be higher if you enter when RSI is above 60 or below 40, volume above 50k(for Nifty) or 125 (for Bank Nifty) and OI is at or above 2M.
FYI - MARUTI's RSI is about to cross 60 on daily chart. OI decreased significantly for July (due to call writers covering their positions) and increased (due to longs been added heavily for Aug expiry). I can see huge volume for both expiries in last one hour of closing (on 27th July), expecting to gap up or keep moving higher up from 29th July.
Next on a list is TATA MOTORS - also looking good!
*** For F&O - Always hedge your position or keep SL in the system *** Play Safe! Protect your Capital! ***
Nifty50 Stock: YES
Sector: AUTO
Results: Published on 27th July. Very Positive Result. Q1 EBITDA RUPEES 19B VS 8.21B (YOY). Q1 NET Profit Rupees 10.1B vs 4.4B(YOY). Profit more than doubles, revenue hits 51% higher
NOTE: Ignore parallel channel! :-)
MARUTI has posted a good Q1 result which should trigger breakout. It's started showing strength and gaining momentum now!
As per OI, 9000 is a major resistance for July & Aug expiry. Call writing been seen at 8800 & 8700 for Aug. 8500 is a major support now for this and next expiry. It seems though that a number of call writers are stuck at 8600! If it sustains at this range (8650 or above) or crosses 8700 then we could see decent short covering rally soon.
It's above 50 & 200 EMA (there was a decent bounce from 200 EMA).
As per chart, strong Breakout could be seen above 9000 And sustaining above 9000-9100 will open up higher levels. ie 9500, 9700 & 10000. Supply Zone will be 8300-8380 on a lower side- Will be buying opportunity!
1st entry should only be above 8700 and 2nd should be above 9000 (on re-test).
CAUTION - TIP of the DAY : For F&O..It's better to enter in long when RSI is above 60 or enter in short when it's below 40. Also keep an eye on OI (open interest) and Volume. Higher is better. If there is not much volume or OI keeps decreasing then better to stay away and wait for them to go up before entering. FYI- For indexes, probability will be higher if you enter when RSI is above 60 or below 40, volume above 50k(for Nifty) or 125 (for Bank Nifty) and OI is at or above 2M.
FYI - MARUTI's RSI is about to cross 60 on daily chart. OI decreased significantly for July (due to call writers covering their positions) and increased (due to longs been added heavily for Aug expiry). I can see huge volume for both expiries in last one hour of closing (on 27th July), expecting to gap up or keep moving higher up from 29th July.
Next on a list is TATA MOTORS - also looking good!
*** For F&O - Always hedge your position or keep SL in the system *** Play Safe! Protect your Capital! ***
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