India
Apollo Hospitals - Short term bearish , Long term bullish trendApollo Hospitals recently broke out of the strong resistance levels at 4700 and went on make all time high. It kissed the major upwards trend line which is a strong resistance line and pulled back little. If it doesn't break above this trend line, expect it to pull back and retest the 4700 support levels in next few months, which will also fill the gap in short term. I'm bullish on long term but bearish short term. Anyone looking for long term positioning can start accumulating at the price of 4600-4800 levels.
ITC Long Term Bullish Trend - Slow upwards grind - BUY zone ITC has been a MEME stock for India stock traders as the performance of this stock has been very poor compared other stocks, even in the hyper bull run over last 18-20 months. But if you're a long investor and looking for defensive stocks with good dividend yields, wanting to preserve capital, ITC would be a good stock in the portfolio. If you notice the ITC chart closely, you can clearly see it has been in upwards bullish channel over last 18-20 months, making higher highs and lower lows. It's getting very close to test the lower channel support line and also 200 DMA support around 215-216 Rupees. If you're a mid term swing trader, you can buy low at the channel and sell when it hits channel upper line. Long term investors can start accumulating at 215-216 levels, as 2022 will be more defensive play and institutions will pile up their money in dividend paying stocks. Key Support line to watch 205 and 200. Key resistance line to watch 266-267.
Bank Nifty - Key Support Level - Bounce or Break Down? Bank Nifty has been in upwards bullish channel since April 2021. Currently its at key Support level - Channel lower trend line. It can either bounce back (Green line) to test upper channel trend line or break down (red line) to test support levels marked in green. Its still in bullish trend, high chances to bounce back up.
NIFTY 50 - Head and Shoulder Pattern - Short Term Target 16600NIFTY 50 formed a Head and Shoulder pattern recently and is also testing the major trend line support. I gave a target of 17650-17600 on Nov 9 before Dec 1st week, which we achieved on Nov 22. I see short term bearish with target of 16600 by or before Jan 2022.
Possible PullbackAt the end of the session price rejection was there indicating possible pullback or reversal I suggest going long and using base of drop on 15Min TF as targets! You expect a drop at the start of the session but it will close at 17100 making it ITM!
Nifty at the crucial make or break point NSE:NIFTY
On Dec 17, Nifty’s close is very significant as it closed at the point where three support points meet.
1. Support at the central line of the downward channel.
2. Support at the 61.8% Fibonacci retracement level (Aug Low - Oct High)
3. Support at the trend line formed by connecting the bottoms of July 28 & Nov 29
Nifty breaking this point decisively can therefore be seen as signal of further down, probably at accelerated pace.
ADANI ENTERPRISES - BREAKOUTAdani Enterprises trying to breakout out of the consolidation phase. If the next two candles are green, expect major upwards momentum. If it fails breakout, it will come back in consolidation rectangle again. Adani gas is also trying to breakout highs, but getting rejected in last 2 days.
ADANIGAS BREAKOUT - Real or Fake? ATGL breakout from side ways consolidation recently and testing the previous all time highs, got rejected twice. Volume has also been very light last 4-5 months, won't be surprised if it pulls back for further consolidation. If it breaks the above trendline for 2-3 consecutive days, expect a major upside.
HGS Daily Breakout - Watch out for trend direction next 2-3 daysHGS break out of the wedge pattern yesterday and formed a bottoming tail, which is bulling. Volume has been above average last 2 days, showing some strength. Likely chances to fill the gap upside at 3236 from current price, as shown in green highlighter. If it fails to move upwards and comes back in the wedge pattern, it will first fill the gap down at 2788 and then it will hit the lower trend line of the wedge and will try to break out again to fill the gap at 3236. If it breaks above the 3236 it will test the all high prices and beyond. Watch out the trend for next 2-3 trading days.
Bharti Airtel - Trying for Breakout - Short term bearish Gapped up and tried to breakout previous high 755, but lost momentum. I see short term bearish with target 720 , 710 and 705 in next 1-2 weeks. But if it manages to close above 760 for 2-3 consecutive trading sessions, expect another upward move.
$BKF Long SetupI am looking at the $BKF (Brazil, Russia, India & China) ETF as a great setup for a buy.
From a charting perspective, it looks like the optimal risk / reward entry. In the macroeconomic context - I would also expect rising commodity prices to pull emerging markets higher.
More on this soon!
Take care and God bless.
Muthoot FInance - Testing Key support levels Muthoot Finance has been hammered recently, which caused to retest the earlier breakout zone ( Box). It also bounced off the key 200 DMA line. Trend is bearish right now and stock is getting into oversold zone. Long term investors can start accumulating at these levels. This stock will bounce off with the Gold levels getting bounced.
IRCTC - Bullish Consolidation - Short term bearish - Target 800 IRCTC is consolidating side ways after a major break out and bull run. I expect it to test the 800 support levels for further strength. 20 DMA is bearish and will crossover 50 DMA soon. If the 800 level is breached it will test 685 Gap fill.
CIPLA - Upward Bullish Trend - Short Term Target 1070-1080CIPLA has been on upwards bullish trend channel, recently it hit the key support trend line and bounced off sharply. I except CIPLA to test the channel upper trend line , with short target of 1070-1080 in next 5-6 weeks. If it breaks above the upper trend line for 2-3 consecutive days, expect a major breakout. But so far it has been in the channel for last 18 months.
SENSEX Support and Resistance (SHORT)To date this market has been one of the easiest to read.
Major retrace to March 21 support expected and on track.
Best, Hard Forky
Move up
Approach
Summit
Bank of Baroda at Buy ZoneBank of Baroda is taking support at Rs 99.50 which is the previous high and 20 days MA. Expect to bounce back to Rs 105 - 106 levels. If BOB breaks over Rs 107 with volume on closing basis, it can reach a target of RS 120 - Rs 130.
Indigo - Breakout ZoneIndigo Arilines In 2nd consolidation phase now. Its testing the resistance at higher levels of the box, if it breaks those levels, can expect another major bull run. But mostly I believe it will be rejected and again it will chop within the box sideways for some more time. Short term bearish, long term bullish.
TatasteelFormed Bull Flag pattern in last 2 years. Right now it's consolidating in Descendant Triangle pattern, which is bearish short term. Need to break the the upper trendline for bullish breakout. Strong support at 1260, if it gets breached next support 1232, 1113 and strong support at 1030. Long term bullish, short term bearish.
Thyrocare - Multiple Bull Flag Breakout - Long Term Bull TrendThis stock is in long term bull trend. You could multiple bull flags in last 18 months. It's always healthy for a stock to consolidate for some time after big breakouts. Right now this stock is in the bull flag formation pattern and about to breakout upwards for explosive moves in next few months. In last few days, momentum has started picking up, expect some good moves for next 1-2 weeks.
Welspun Enterprises - Major Bounce off Support. Welspun Enterprises kissed the major support line yesterday and had a good bounce. Expect some short term bounce for next 1-2 weeks for 10-15% gains, as there's momentum. For next few months it's going to consolidate side ways in range 93-134 before big breakout or breakdown.
Aarti Industries - Short Term Bearish It recently hit all time high and sold off, and now it's forming bear flag. It needs to take out 995, 1028 and 1052 resistance levels to reverse the trend. But short term it looks little bearish, might just consolidate side ways for some more time to pick up a direction - Bullish or Bearish.
Manappuram - Long Term Bullish Channel MANAPPURAM in upwards channel. Expect it to run within this channel. I also see another trendline within the channel marked in blue lines. Though Manappuram sold off recently due to bad results, long term trend is bullish , as gold prices will shoot up high in 2022 due to Inflation across the world and currency devaluation. If it breaks out above the channel, expect a major blast in upwards, target 350-400 in 12-18 months.
