HEROMOTOCORP : SELL SIGNAL To Rs 2598 and Rs 2266Supreme Court bans BS 3 vehicles models for sale and Hero has inventory of 3.5 Lakhs to get rid off.
This will prove as Catalyst for EW to finish its pending C wave.
BSE
Long @ 2407Strategy: Buy @ 2407
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TCS was on uptrend and correcting it's uptrend after hitting 2700 resistance zone. Correction was on running flat correction which was supposed to be completed below 2100 levels. Post 2100 support reach, script was able to jump and tested 2550, We are calling it's five wave impulse move in nested manner. 2407 can provide good support level here to go long.
CrudeOil Elliottwave View: Buy the dipStrategy: Buy the dip
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CrudeOil is in correction phase and looking for W-X-Y correction on weekly chart where target for Y is above 55. On Short term, we are waiting for good opportunity to go long. After breakout of bullish inner channel, we are on sideline and looking to see support on outer bullish channel.
Gail Elliottwave: Waiting for 355 to build long positionStrategy: Buy the dip of 355
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GAIL is trading in consolidation mode after hitting it's target of 400+. We were long from 325 and book profit at 390. We are calling consolidation from 374.90 price and expecting this consolidation will be zigzag correction and can extend to 355.
Strategy: Buy the dip of 355Strategy: Buy the dip of 355
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GAIL is trading in consolidation mode after hitting it's target of 400+. We were long from 325 and book profit at 390. We are expecting this consolidation will be zigzag correction and can extend to 355. Break of current price 375 will expose to 364 and post that 355.
EURINR Elliottwave: Looking for break of monthly trendlineTalking Points:
Technical Strategy: Bearish
Elliottwave Count: Either wave (C) continuation or B wave of (B).
HTG Note:
Larger outlook on weekly chart is showing weakness on long and short term. EURO vs Indian Rupee price is testing weekly trend line. Last time this line was tested on September, 2015 and post that we seen nice pullback towards 77.80 levels. We in HTG consider that was correction and marking as a wave (B). From 77.80, we were seen bear continuation and currently price is testing same weekly trenline. Break of this weekly trendline will be very bearish outlook for Euro. On alternate, if price is start trading higher, we are expecting to see price can go and above 82 levels before it's turn bearish again.
Lower time frame, we are seen reaction near trend line support, however current price is trading in just correction and testing horizontal resistance on 70.15. We are expecting this zigzag correction should be over. To confirm, bear trend is back in force, we need to have channel breakout here @ 70 area. Post this breakout, we are able to mark correction over and can trade for lower target below 68
Action
We initiated short position @ 1.77 with limited stoploss
BSE: CANBK: Correction is due and expected to complete at 276Talking Points:
Technical Strategy: Hold and Buy lower
Elliottwave Count: Correction
HTG Note:
Current price action on Canara Bank (BSE: CANBK) is trading bullish move. However, script was in correction after break on monthly trend line. All PSU bank showing correction in bullish move. We are expecting correction will be on flat correction and should be completed on 276-275 zone.
Action
We are on sideline after booked our loss with 1 rupee on 290 level. Team is looking for lower level, possibly 276 to re-initiate our longs with limited risk.
-- By @hoagtrading (Hoagtrading.com)
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GAIL is breaking correction and can target above 500Talking Point:
Technical Strategy: Confirming it's bullish outlook
Elliottwave View: Reversal confirmed and counting impulsive waves
Analysis
We were tracking GAIL from last few weeks and able to see breakout in coming days. Elliottwave perspective, this script is having impulsive bullish view on larger time frame which can be target above 600. However in shorter time frame, we are waiting to see triangle breakout which can atleast target above 460.
Action
We are long on this script from 425 with stoploss @ 410. Target will be 460-500.
-- By Hoagtrading.com (Twitter: @hoagtrading)
Colgate Palmolive Indian Stocks long biasColgate Palmolive D1 demand already playing out, last couple demand zones worked pretty well. Longs at WK DZ around 875 or at new areas of demand if it keeps on rallying and breaking higher.
Mukta Arts long bias with bigger picture uptrendLongs at Daily and Weekly demand around 90-ish area. Bigger picture uptrend with demand levels being respected
SUPPLY AND DEMAND ANALYSIS HCL TECHNOLOGIES INDIAN STOCK, NSEMonthly demand in control, too low in the monthly supply and demand range.
Weekly ranging between two opposing imbalances.
Since monthly demand is in control and uptrending, longs at daily demand zones. That long happened already at 760. Daily Demand tested twice and playing out.
Waiting for new areas of demand to go long on HCL Technologies, or lower around 759 at weekly demand.
Nifty Forming Gravestone Doji - Indicating Change In TrendOn weekly Chart, it is been observed that there is a formation of Gravestone Doji candlestick that indicates bearishness. It forms in uptrend market to suggest change in trend. As showed in the chart, Nifty is been trending up forming new upside breakouts and waves for a while, it is been now observed with a Gravestone Doji, that indicates change in trend or "Party over for bulls" for a short time.
Gravestone Doji :
1. Formed when opening and closing price are almost equal.
2. Long upper shadow suggests that buying pressure was countered by high selling pressure, rejecting higher prices
3. This candles indicates turning point of a trend, known as bearish reversal candlestick
In all, bulls pressure to take prices up has been completely rejected by sellers waited at resistance, indicating change in trend.
SELL ASIANPAINTS RISK OF RS.20, CMP 1040 TARGETS 1105SELL ASIANPAINTS RISK OF RS.20, CMP 1040 TARGETS 1105/ BELOW 1105 LEVEL WILL TAKE ANOTHER 30 POINTS DOWN UPSIDE ONLY ABOVE 1055
HCL TECH TRIPLE BOTTOMHcl Tech Seems Bottomed out. 3 White (Japan) Soldiers in candle pattern (Marked Rectangle). One can buy at channel breakout above 780+ if Volume supports. RSI now at 54.
SAMKRG PISTONS !! LONG EXCELLENT GROWTH AND LONG TERM TOO LOOKS BRIGHT !!! trading at a PE of 10.5 whereas industrial PE is at 50++ !!! thus long term target of 500++ looks good !! buy on every dip is my call
NTPC in Bearish Butterfly Pattern (SELL)Weakness in buying due to following points:
1. Formation of Bearish Butterfly Pattern at 1.272, creating a high where most profit taking takes place
2. RSI divergence, weakness in trend and buying
3. Touching previous structure support now acting as resistance.
RISK & REWARD: 1:3
NiftyWe have witnessed several Head & Shoulder formations
throughout mid 2015 until date, therefore the probability of the current
head and shoulder formation is over 90%, which clearly suggests that
the current formation of the right shoulder should continue in an
ascending manner within a range of 3.82% which is 285 points.
Therefore, 7985 - 285 Pts = 7700. (7700 to 7985) is the current range
for the Nifty index. This will gradually narrow down to (7800 to 7985)
And (7920 to 7985) before a breakout towards the downside for
-6% towards 7500 handle for the completion of the Head & Shoulder
Pattern.
Technical Analyst :- Jay Khanna JayKhanna@Live.com
INDIGO ShortThis is my first post in tradingview. I am new to trading of any kind.I have been trying to find my way using EWT.
I think the stock is in ABC (Corrective) mode at present. I am unable to figure out if its still in A or it has entered B. I can see divergence in MACD (a. top of wave 3 and wave 5 b. top of wave 5 and current stock position)
I solicit a few things from this awesome forum:
1. Is my wave count (1-5) correct?
2. If yes, Should one enter into a position to ride wave C?
3. If yes, what would be the strategy for that?
4. Also, I see the stock travelling within a band as shown. Does it have any significance?
Thanks
Banknifty 3 YR Long Term Consolidation Breakdown ShortHello
This is an update from my BANKNIFTY Long call from 13700
and my BANKNIFTY short call which is at a breakeven point. The first scenario I had foreseen was a reversal at this lvl. The second was retrace to 17k and then back down. Now I notice a 3y long pattern of consolidation that has been in development ever since BANKNIFTY rallied from 8k to a 200%+ high of 20k. The banking index is looking weak as India continues to cut rates inorder to increase budget by decreasing payments on debt.
In the short term I think that the second possibility of 17k and back down is possible as the price action has been extremely bullish from 13k ranges and shows indications of wanting to test the top of the consolidation triangle at around 16.7k.
Best of luck
BANKNIFTY SHORTThis is a revision of my prv BANKNIFTY chart "https://www.tradingview.com/chart/BANKNIFTY/Qr1NFlnT-Bank-Nifty-Oversold/". I explicitly stated "Oversold" as I viewed the retrace that I had called till 16k as just a retrace and not any strong sign of resurgence in the banking sector. The channel has proved to be strong. 1st Tp 13.2k 2nd Tp 12.3k.
NCC Long Potential 20% TradeAfter heavy consolidation for 2 months I can foresee a potential breakout from the 1 yr+ triangle to supply zone @ apprx 85. SL is at 62. RR Ratio = 1.65. Always the possibility of denial at resistance trendline however this extended period of consolidation gives me the confidence of an overwhelming bullish sentiment
Best of luck!
Nifty short term viewNifty is moving in range of 6960 - 7280 .
Nifty has already made triple bottom pattern on daily chart.
stay long on nifty till above 6960 . further 7100 7190 7280
any break below 6960 then reverse the position and go short on nifty with the target of 6900 6869.
