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NSE:TALBROAUTO - Weak hands out ?? ready for next leg upTalbros Automotive Components Limited is an India-based company that is primarily engaged in the manufacturing of automotive components. The Company offers a range of products, including multi-layer steel gasket, exhaust manifold gasket, rubber molded gasket, cylinder head gasket, gasket with electrical controls, edge molded gasket and heat shield. It also offers a range of products, including kingpins, gear blanks, housing and yoke shafts, power transmission parts for hybrid and electric drive, and vehicle structural parts. Its auto component has its presence across automobile categories in two-wheelers, passenger vehicles, commercial vehicles and farm equipment. It offers manufacturing capabilities, including three-dimensional (3D) modeling, dies and tool design, and 3D design. Its gasket manufacturing facilities are located in Faridabad, Haryana; Pune, Maharashtra, and Sitarganj, Uttarakhand. Its forging manufacturing facilities are located in Bawal, Haryana. Source Bloomberg
NSE:TALBROAUTOLong
by Peaceful-Weekend-Investing
USDINR Go ShortUSDINR is at the resistance zone, if manage to close below, we can see a potential downside. This is purely a technical view. Any change in sentiments can affect the price adversely. Please do like and subscribe. Any suggestions or advice is humbly welcomed. Disclaimer:I am not a SEBI Registered Analyst, and the views expressed here are solely my own and for educational purposes only. Make sure you consult your Financial advisor before investing, as I won't be responsible for any losses incurred.
Short
by Kaushik_Karnale
NIFTY - A Speculative IdeaThis idea is based on the Elliott Wave Theory - involving the use of ending diagonal pattern. An ending diagonal suggests an end to the ongoing trend (in short-medium term). It involves 5 sub-waves and is mostly broken downwards (or upwards) with a heavy momentum. Overall the market seems to be completing its 5 waves structure too (wave count mentioned in brackets). This calls for a correction where the market retraces back to a previous support level. The Monthly RSI has also moved downwards while the price made a higher wave (inside the diagonal) - this is considered a confirming indicator for an ending diagonal pattern. However, the idea is derived after ignoring some 'noise' on the chart (wicks). The price is also showing a breakout upward, which could right now be considered a 'false' one. Closing of the price inside the structure is what's important. Most technical analysis would point to a bullish scenario at this point as the market has been soaring for the past few months. So this is clearly a biased analysis which first assumes that the market needs to be in a correction now. Any investment or trading based on this needs to be managed properly with appropriate risk/money management.
NSE:NIFTY
by sKeshav
BankNifty Analysis: Indecision with Bulls and Bears in ControlBased on the provided chart analysis, here is a revised summary of the current market situation: On the daily timeframe, the market formed a perfect Doji candlestick, indicating indecision among market participants. It opened within the previous day's high and fell to 45000, where it found support and staged a recovery in a V-shaped pattern. The market then rallied to 45651 but subsequently fell again in a V-shaped pattern. This double reversal suggests both bears and bulls are strong, seizing control when opportunities arise. The market has established major resistance levels at 45651 and a minor resistance at 45475. Major support levels are seen at 45000 and 44906, with a minor support at 45135. On the 1-hour timeframe, an inside candlestick pattern has formed. Open interest data reveals that the 45300 strike price has a significant straddle of around 20L, while the 45200 and 45400 strike prices show a decent amount of put and call short positions, respectively. The major support level at 45000 has 41L puts, and the major resistance level at 45500 has 37L calls. The PCR (Put-Call Ratio) is 1.45, indicating a bullish sentiment. Analyzing FII (Foreign Institutional Investor) data, it shows that they have a higher number of long positions in calls (7.78L) compared to short positions (4.76L). In puts, FII data shows more long positions (10.1L) compared to short positions (7.6L). FII Futures Data suggests a bullish sentiment with a value of 1173cr, and FII Stock Data indicates a bullish sentiment with a value of 2134cr. Considering the analysis, the market is likely to be range-bound between 45000 and 45500, resulting in frequent reversals. Potential trades can be initiated if the market breaks above 45651 or below 43906. Alternatively, a break above 45364 could lead to an upside trade with a target of 100-120 points, while a break below 45223 could lead to a downside target of 45118. Please note that this analysis is based solely on the information provided and does not constitute financial advice. It is recommended to consult with a qualified financial professional or conduct further research before making any investment decisions.
NSE:BANKNIFTY
by JigarHathiyani
Navigating Bank Nifty's Tides: Breakouts, Halts, and Sideways MaBased on the daily timeframe chart, it is observed that every time Bank Nifty has attempted to break its all-time high, it has either halted or formed an inside bar. Furthermore, the recent volume levels are the lowest seen in months. When comparing the trendline drawn from the last low of 16 march to the volume, it is evident that the volumes are decreasing. This could be an indication of a sideways market since the participants' involvement is limited. However, it's worth noting that the candle formed on Friday was bullish, which adds some confusion. On the 15-minute timeframe, Bank Nifty has formed a double top around 44,800. Additionally, the VIX (Volatility Index) is currently at one of its lowest points. Based on these factors, it seems unlikely that the VIX will experience further downside movement. On the contrary, it is anticipated to move upwards. Looking at the open interest data, it is observed that there is significant put writing at 44,500 (53L) and 44,600 (23.3L), with relatively lower call writing. The only notable resistance is at 44,800, with 24L in call writing and 12.4L in put writing. Surprisingly, there isn't much call writing at the 45,000 level, which is unusual (24.4L in calls and 5.24L in puts). The PCR (Put Call Ratio) is at 1.45, indicating a bearish sentiment. Analyzing the FII (Foreign Institutional Investors) options data, there are 7.48L contracts in long calls and 4.76L in short calls, while for puts, there are 9.37L in long contracts and 7.74L in short contracts. This change in open interest indicates a bullish sentiment. Additionally, the FII futures data shows a positive value of 1539.9 crores, suggesting a bullish outlook. The FII stock data also supports this sentiment, with a positive value of 6397.1 crores. In conclusion, based on the available data, the market appears to be bullish with no significant resistance ahead, except at 44,800 and 45,000 levels. However, historical patterns indicate a tendency for a halt after breaking the all-time high. Hence, it's important to keep this historical behavior in mind. Regarding trades, if Bank Nifty opens flat and breaks the day's high, one can consider going long directly. In case of a gap-up opening, it is advisable to wait for a retest or at least for the gap to be filled before looking for long positions. If the market opens with a gap down, it is recommended to refrain from trading as it may lead to a sideways market.
NSE:BANKNIFTY
by JigarHathiyani
BANKNIFTY Analysis for 30 June 2023On the daily timeframe, the market has formed a halt candle at the all-time high. Given that on Wednesday it opened with a gap up but couldn't sustain the upward momentum and became volatile, it is likely that a retest may occur. This could result in a sideways movement or a slight negative trend. On the hourly chart, the price didn't close above or below the first-hour candle, indicating indecision and lack of a clear direction. On the 15-minute chart, there's a trendline originating from below, suggesting a potential support level. The key levels to watch are 44513 as resistance and 44337, 44191, and 44041 as support. Notably, the 44000 level has a significant amount of call writing at 62L, and the 44300 level has a substantial straddle of 43L and 49L. Additionally, there is a considerable amount of put selling on the 44200 level at 52L. The 44500 level also has a decent amount of call writing at 43L. Analyzing the options data, it seems mixed. The PCR of 1.33 reading indicates a bearish sentiment. FII have Calls of long position of 5.13L and a short position of 2.54L, while puts have a long position of 6.06L and a short position of 4.2L. The mixed data suggests uncertainty in market sentiment. Considering the overall data and chart analysis, the market appears to be in a sideways phase. However, if it breaks above or below the current range, options buying can be considered accordingly. If no breakout occurs, it might be best to refrain from taking any trades. In conclusion, based on the provided information, it seems prudent to avoid taking a trade tomorrow, as the market shows mixed signals in the options and futures data, while the stock data appears positive.
NSE:BANKNIFTY
by JigarHathiyani
Shree Cement: Ascending Triangle Breakout and RetestShree Cement(stock symbol: SHREECEM) has been forming an ascending triangle pattern since April 2022, but recently it broke the pattern with a gap down. However, it managed to recover and is currently retesting the lower trendline. During this retesting phase, the stock is forming dojis, which could potentially act as a trigger for a further move. To implement a trading strategy, a stop-loss (SL) could be placed above the high of the doji, while the target levels are set at 22,623 as the first target and 21,853 as the second target. Note: It's important to keep in mind that financial decisions should not be solely based on patterns or technical analysis, as market conditions are subject to change. It's advisable to conduct thorough research and consult with a financial advisor before making any investment decisions.
NSE:SHREECEMShort
by JigarHathiyani
Astral Ltd. Consolidating at All Time HighAstral Ltd (stock symbol: ASTRAL) initiated its rally on March 29, 2023, and has witnessed a remarkable return of approximately 52% as of today, June 29, 2023. Currently, the stock is consolidating at an all-time high and is poised to make a decisive move either upwards or downwards. The Relative Strength Index (RSI), which had previously indicated an oversold condition, has now cooled off. In the near future, there are two potential scenarios. Firstly, if Astral Ltd breaks above the level of 2023.75, it could lead to further gains and generate favorable returns. Alternatively, if the stock breaks below the level of 1926, it might experience a decline. The downside target in this case is projected to be 1735.45. It is important to note that these projections are subject to market fluctuations and should be carefully considered based on individual risk appetite and investment strategies.
NSE:ASTRAL
by JigarHathiyani
National Aluminum (Flag & Pole)National Aluminum (stock symbol: NATIONALUM) experienced a significant decline from its peak at 127, dropping down to 67. However, it found support at this level and formed a double bottom pattern, with the second low also at 67. Subsequently, the stock began a slight upward movement but has remained within a channel pattern since August 2022 until today, 29th June 2023. Notably, the trading volume has gradually decreased during this channel period. A breakout on either side of the channel is expected to result in a substantial move, with a preference for the downside. For a short position, it is advisable to enter at 79.10, and the first target for this downward movement is set at 71.35. If the decline continues, the second target is projected at 67.25. Conversely, for a long position, the entry price is 86.75, and the first target for an upward move is set at 99.70. It's important to note that National Aluminum is an FnO (Futures and Options) stock, allowing for trading in both equity and FnO segments. Please note that this analysis is based on the provided information, and it's always recommended to conduct further research and analysis or consult a financial advisor before making any investment decisions.
NSE:NATIONALUM
by JigarHathiyani